竞争法(双语)课程08-antimonopoly--law4-集中

JUFEYuLing1Part2AntimonopolyLaw:ChinesePerspectiveJUFEYuLingLearningObjectives(1)DifferentiateConcentrationofUndertakingsfromM&A(2)ExplainHowtoFileaConcentrationNotification(3)ExplaintheFailingFirmDefense(4)ExplainHowtoCalculateMarketConcentrationJUFEYuLingContent1.ConcentrationofUndertakingsinAML2.TheCataloguesofConcentrationofUndertakingsinAML(merger)3.TheMotivesandJustificationsofConcentration4.Howtoconcentratelegallyandreasonably?5.FurtherExplanationofHorizontalMergers3JUFEYuLing4Chapter5ConcentrationofUndertakingsJUFEYuLing1.ConcentrationofUndertakingsinAML(1)DistinctionbetweenM&AincompanylawandAML1)Incompanylaw,M&Aemphasisonthechangeoftheshareholders.•Merger•Acquisitions•Consolidation5JUFEYuLingMerger,consolidationandacquisitions“Merger”meansonecorporationswallowstheother,buttheshareholdersoftheswallowedcompanyreceivesharesofthesurvivingcorporation.(吸收合并)A+B=A“Consolidationmeans2companiesjointogethertocreateanewcorporation.(新设合并)A+B=C“Acquisition”meanstheobtainingofcontrollinginterestinacompany.(控股合并)Itoccurswhenonecompanyorcorporationtakescontrolofanotherone.6JUFEYuLing2)InAML,ConcentrationofUndertakings(mergers)means(i)themergerofundertakings;(ii)theacquisitioncontroloverotherundertaking(s)byanundertakingbyacquiringequitiesorassets;or(iii)theacquisitionofcontrolover,orthepossibilityofexercisingdecisiveinfluenceon,otherundertaking(s)byanundertakingbycontractorbyanyothermeans.7JUFEYuLing8InterlockingDirectorates(董事兼任)Occurswhenanindividualservesontheboardofdirectorsoftwoormorecompetingcompaniessimultaneously.Theseareprohibitedifthetwofirmsmeetcertainsizerequirements.JUFEYuLing2.TheCataloguesofConcentrationofUndertakingsinAML(merger)(1)HorizontalMergersoccurbetweenfirmsatthesamelevelintheproductionanddistributionchain.(2)VerticalMergersoccurbetweenfirmsatdifferentlevelsintheproductionanddistributionchain.(3)ConglomerateMergers9JUFEYuLing10ConglomerateMergersConglomerateMergersoccurwhenafirmseeksto:Extenditsproductintoanewmarketbymergingwithafirminthatmarket.Extenditsproductlinebymergingwithafirmalreadyproducingthatproduct.Diversifybyacquiringafirmthatdealsinunrelatedproducts.JUFEYuLing3.TheMotivesandJustificationsofConcentration(1)Themotivesofconcentration——aimtoseekimprovedfinancialperformance.Economyofscale;Economyofscope;Increasedrevenueormarketshare;Cross-selling;Synergy;Taxation;GeographicalorotherdiversificationResourcetransfer;Verticalintegration11JUFEYuLing3.TheMotivesandJustificationsofConcentration(2)JustificationsofConcentrationMergingpartiesmayreducetheircostsbycombiningcomplementaryassets,eliminatingduplicateactivities,orachievingscaleeconomies.Concentrationsalsomayleadtoenhancedproductqualityortoincreasedinnovationthatresultinlowercostsandpricesorinmorerapidintroductionofnewproductsthatbenefitconsumers.12JUFEYuLing4.Howtoconcentratelegallyandreasonably?(1)Procedure1ThebusinessoperatorsfilesaconcentrationdeclarationtoMOFCOM.MOFCOMconductsapreliminaryexamination.Thebusinessoperatorsmayimplementtheconcentration.•NofurtherexaminationshallbeconductedorwheretheAnti-monopolyLawEnforcementAgencyfailstomakeadecisionwithinthetimelimit.(30days)13JUFEYuLing4.Howtoconcentratelegallyandreasonably?(1)Procedure2ThebusinessoperatorsfilesaconcentrationdeclarationtoMOFCOM.MOFCOMconductsapreliminaryexamination.MOFCOMdecidestoconductfurtherexamination.•Itshall,within90daysfromthedateofdecision,completetheexamination.•Thebusinessoperatorsshallrefrainfromimplementingtheconcentrationwithintheperiodofexamination.14JUFEYuLing(1)Procedure3NationalSecurityReviewIncasetheacquisitionofdomesticenterprisesbyforeigninvestorsorothermannerstoconcentratereferredtonationalsecurity,besidesbeingreviewedaccordingtothislaw,shallbecarriedoutnationalsafetyreviewaccordingtorelatedregulations.15JUFEYuLing（2）ReviewProcessbyMOFCOM商务部经营者集中反垄断审查流程图补充提交文件资料递交申报书送达书面通知审查结果决定禁止集中或附加限制性条件的决定向社会公开申报人行政事务服务中心反垄断局监督部门部领导社会公众JUFEYuLing(3)Reviewdeadline第一阶段第二阶段延长阶段30日第25条90日第26条60日第26条JUFEYuLingHowtoextendthetimelimit?Underthefollowingcircumstances,thetimelimitmaybeextendedtoadd60days:(i)theundertakingsconcernedagreetoextendthetimelimit;(ii)thedocumentsormaterialssubmittedareinaccurateandneedverification;(iii)othersignificanteventsoccurredafternotification.18JUFEYuLing(4)HowtoDecideConcentration?1)TheFactorsAffectingtheReview(i)marketshareintherelevantmarketandtheirabilitytocontrolthemarket;(ii)concentratedegreeoftherelevantmarket;(iii)effectonthemarketentryandtechnologyimprovement;(iv)effectonconsumersandotherundertakings;(v)effectonnationaleconomicalimprovement;(vi)otherfactorsshallaffectthecompetition,beconsideredbytheantimonopolyexecutionauthorities.19JUFEYuLing2)TheConsequencesofReviewa)agreetheconcentration(takendecisionnottoprecedereview)b)approvalwithrestrictionsandconditions:whereaconcentrationwillreducethenegativeeffectoncompetition.theantimonopolyexecutionauthoritiesshallannouncethedecisionsofprohibitionorconditionalconcentrationtopublic.c)prohibittheconcentration20JUFEYu