As Japanese markets mature, there are many mergers taking place in markets that are highly concentrated. Indeed, in 2016, plans for five large-scale mergers captured world attention and required a second review by JFTC; these being in the oil wholesale industry, the steel industry, the regional banking sector, and the can manufacturing industry. Although there have been no significant changes in guidelines on corporate mergers in recent years, there has been an intermittent and increasingly marked tendency for reviews to explicitly take account of economic analysis, and the outcomes of economic analysis are now clearly presented - even in major merger cases. In addition, in recent years there have also been certain changes in the direction taken in JFTC’s evaluation and regulation.
The seminar was targeted at personnel from corporate legal affairs and corporate planning teams, as well as lawyers, and used case studies of key mergers in recent years (including those announced in June 2017) to look at the two sets of guidelines on corporate mergers and trends in reviews and decisions. It also explained, from a practitioner's perspective, the economic analysis that has become so important in merger reviews, as well as how to make best use of it. In the lecture, a comprehensive explanation was given on the details of the required procedures and merger guidelines to ensure that participants could grasp the overall picture of JFTC merger reviews. A thorough explanation was also given of recent case studies; trends in JFTC reviews and regulations; the use of economic analysis, as well as tips for handling reviews. The latest version of our experience and expertise in merger reviews, accumulated over more than 15 years, was also presented.
1. Summary of antitrust merger regulation
2. Procedures for merger reviews: Pre-notification consultation and the review process
3. The concept of "substantially restricting competition in prescribed areas of trade"
4. Re: Prescribed areas of trade
(a) Hypothetical test for monopolistic operators
(b) Product range/geographical range
5. Re: Analysis of competition (substantive decision on competition)
(a) Scenarios of independent actions and cooperative actions
(b) Criteria for safe harbor
(c) Status of corporate groups involved in the deal and the situation of competitors
(d) Imports
(e) Market entry
(f) Competitive pressures from adjacent markets
(g) Competitive pressures from users
(h) Efficiency
(i) Management situation of corporate groups involved in the deal
6. Vertical mergers/mixed mergers
7. Measures to resolve issues (to eliminate substantial restrictions on competition)
- Question and Answer session -
日本市場の成熟化に伴い市場集中度が高い市場における企業結合が数多く行われるようになり、2016年においては、石油元売業界、鉄鋼業界、地方銀行業界、製缶業界において世間の耳目を集めるような5つの大型合併が計画され、公取委の第2次審査が行われていました。企業結合に関わるガイドラインには、近年、大きな変更は見られませんが、経済分析を明示的に考慮した審査が行われる傾向は、断続的に著しく高まっており、主要な企業結合事例においても、明示的に経済分析の結果が示されるようになりました。また、近年、公取委による評価や規制の方向性に一定の変化が生じていました。
本セミナーでは、企業法務・経営企画担当者、弁護士を対象として、近年の主要な企業結合事例(2017年6月発表分を含む)を題材としながら、2つの企業結合にかかわるガイドライン、審査・判断の傾向、そして、著しく重視されるようになった企業結合審査における経済分析やその活用方法について、実務者目線に立った解説を行いました。講演では、公取委の企業結合審査の全体像について理解することができるよう、手続・企業結合ガイドラインの内容を一通り解説しました。また、最近の事例、公取委の審査・規制の傾向、経済分析の活用、審査対応のヒントをちりばめて解説しました。企業結合審査に15年以上も関わってきた経験や知見の最新版をお伝えいたしました。
1.独禁法上の企業結合規制の概要
2.企業結合審査の手続:届出前相談と審査の流れ
3.「一定の取引分野における競争を実質的制限することとなる」の考え方
4.一定の取引分野
(ア) 仮想的独占者テスト
(イ) 商品範囲・地理的範囲
5.競争分析(競争の実質的判断)
(ア) 単独行動と協調行動のシナリオ
(イ) セーフハーバー基準
(ウ) 当事会社グループの地位及び競争者の状況
(エ) 輸入
(オ) 参入
(カ) 隣接市場からの競争圧力
(キ) 需要者からの競争圧力
(ク) 効率性
(ケ) 当事会社グループの経営状況
6.垂直型企業結合・混合型企業結合
7.問題解消措置(競争の実質的制限を解消する措置)
~質疑応答~