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Acknowledgements1

CHAPTER Ⅰ Introduction11

1.1 The aim of the book11

1.2 The problems regarding the regulation of transnational mergers12

1.3 The structure of the book15

CHAPTER Ⅱ The unilateral strategy17

2.1 Introduction17

2.2 The concept of extraterritorial jurisdiction18

A） Definition of extraterritorial jurisdiction18

B） Limits of extraterritorial exercise of prescriptive and enforcement jurisdictions19

2.3 The grounds of extraterritoriality21

A） The principle of objective territoriality21

B） The doctrine of effects22

2.4 The unilateral strategy and competition law24

2.5 The US and EC positions for extraterritorial application of competition law25

A） The US approach25

B） The EC approach30

2.6 Extraterritorial application of competition law to merger cases34

A） The position of the US35

B） The position of the EC36

2.7 The demise of the unilateral strategy43

CHAPTER Ⅲ A comparative analysis of EC and US merger control law： The institutional framework and procedural rules49

3.1 Introduction49

3.2 The history of US merger control law51

3.3 The history of EC merger control law52

3.4 Introduction to the EC/US bilateral cooperation53

3.5 The institutional framework54

A） Introductory remarks54

B） The allocation of regulatory powers55

C） The EC administrative regime56

D） The US prosecutorial regime57

E） Determination of the scope of application of merger control： qualitative and quantitative criteria59

3.6 Procedural rules63

A） Notification of merger operations63

B） Investigation period64

C） Notification form66

3.7 Differences between EC and US institutional framework and procedural rules： Possible consequences on the outcome of mergers review67

A） The powers of the European Commission67

B） Role of competitors69

C） Different timetable of merger control proceedings73

3.8 Criticism of the EC Courts regarding Commission’s administration of merger control74

3.9 The new EC Regulation 139/2004 and its impact on EC merger control regime78

3.10 The soft law initiatives of the Commission to amend the EC merger control regime80

CHAPTER Ⅳ A comparative analysis of EC and US merger control law： The substantive rules83

4.1 Introduction83

4.2 Substantive assessment of mergers： Introductory remarks83

A） The US substantive test83

B） The EC substantive test84

4.3 Definition of relevant markets86

4.4 Evaluation of anti-competitive effects of mergers87

A） The US approach87

B） The EC approach89

4.5 A comparative analysis of the scope of application of the market dominance test and of the substantial lessening of competition test92

A） Monopolist scenario93

B） Oligopolist scenario93

C） The EC Regulation 139/2004 and the unilateral anti-competitive effects in oligopolies97

4.6 The Boeing/McDonnell Douglas merger98

A） The decision of the Federal Trade Commission98

B） The decision of the European Commission98

4.7 The General Electric/Honeywell merger100

A） The decision of the Department of Justice100

B） The decision of the European Commission100

C） The judgment of the Court of First Instance102

D） US criticism of the Commission’s decision102

4.8 Regulation of foreclosure effects： is it big really bad？103

A） The theory of conglomerate effects103

B） The theory of conglomerate effects in the case law of the Commission105

C） The theory of conglomerate effects in the case law of the EC Courts106

D） The theory of conglomerate effects in the US111

E） Comparing the EC and US positions for the assessment of conglomerate effects111

F） Critical review of the foundations and practicability of the theory of conglomerate effects113

4.9 The EC and US different approaches to regulation of mergers between large firms： Possible explanations116

A） Goals of competition law116

B） Different perception of market forces120

C） Availability of post-merger remedies121

D） Treatment of efficiencies123

4.10 Final thoughts on convergence and divergence between EC and US merger control laws128

4.11 Conclusion131

CHAPTER Ⅴ A comparative analysis of merger control laws enacted by other jurisdictions133

5.1 Introduction133

5.2 Institutional frameworks134

5.3 Procedural rules136

A） Jurisdictional criteria136

B） Merger notification regimes138

C） Investigation period140

D） Notification forms and filing fees140

5.4 Substantive rules141

A） Substantive tests for the assessment of mergers141

B） Competition harms143

C） Goals of competition law143

5.5 Major implications of differences in national merger control laws144

5.6 Conclusion146

CHAPTER Ⅵ The bilateral strategy147

6.1 Introduction147

6.2 The origins of bilateral cooperation147

A） The first generation of bilateral cooperation agreements148

B） The second generation of bilateral cooperation agreements149

C） De facto application of the principle of comity150

6.3 Contributions of the OECD to the development of international cooperation150

6.4 The EC/US bilateral cooperation151

A） The 1991 Cooperation Agreement151

B） The 1993 Cooperation Agreement153

C） Practical assessment of the EC/US bilateral cooperation in merger control155

6.5 Regional Agreements162

A） The Australia New Zealand Closer Economic Relations Agreement163

B） Asian Regional Agreements164

C） African Regional Agreements165

D） American Regional Agreements166

6.6 European Regional Agreements168

A） Europe Agreements168

B） Partnership and Cooperation Agreements170

C） Euro-Mediterranean Partnership Agreements170

6.7 Competition rules of the European Regional Agreements and regulation of transnational restrictive business practices172

A） Pursuance of different level of harmonization172

B） Objectives of Association Agreements175

6.8 A critical review of competition rules of European Association Agreements and of Regional Trade Agreements175

6.9 A Critical review of the bilateral strategy176

A） Advantages of bilateral cooperation agreements176

B） Disadvantages of bilateral cooperation agreements177

6.10 The bilateral strategy and regulation of transnational mergers185

CHAPTER Ⅶ Multilateral strategy： Instruments of hard law189

7.1 Introduction189

7.2 First attempts to create multinational competition rules190

A） The Havana Charter190

B） The Draft International Antitrust Code191

7.3 The first steps of the proposal for WTO competition rules： From the Van Miert Report to Singapore193

7.4 Arguments for WTO competition rules194

7.5 Arguments against WTO competition rules196

A） Law-making problems196

B） Misapplication problems198

7.6 On the road towards Cancun Conference202

7.7 The failure of the Cancun Conference. Is it the end of WTO competition rules？207

7.8 An alternative approach for the creation of multilateral competition rules： The theory of market access developed by Professor Fox210

A） Interaction between competition and trade law210

B） The set of proposed international principles for regulation of transnational restrictive business practices211

C） Some critical thoughts on the theory of market access213

7.9 Multilateral instruments of hard law as regulatory tools for transnational Mergers. Prospects and problems216

A） Unwillingness of countries to cede sovereignty to international bodies216

B） Aversion to undertake legally binding commitments218

C） The risk of “race to the bottom”219

7.10 Conclusion221

CHAPTER Ⅷ Multilateral strategy： Instruments of soft law223

8.1 Introduction223

8.2 The UNCTAD Set224

A） Goals and contents224

B） The UNCTAD set and regulation of transnational restrictive business practices225

8.3 The initiatives of the OECD225

A） Instruments adopted by the OECD225

B） Evaluation of the OECD activities227

8.4 The International Competition Network228

A） The origin of the ICN228

B） The ICN： A successful venture229

8.5 Soft law international cooperation in the financial services sector230

A） The Basle Committee232

B） The IOSCO233

C） The IAIS234

D） Other relevant initiatives234

8.6 Lessons from international cooperation in the financial services sector235

Building a feasible international framework for regulation of transnational mergers237

8.8 The definition of “transnational” mergers238

8.9 The concepts of legitimacy and efficiency240

8.10 The International Competition Principles241

A） Conflict-of-jurisdiction rules242

B） Principles regarding mergers notification247

C） Principles regarding review period248

D） Principles regarding notification forms249

E） Other procedural principles252

F） Principles regarding remedies256

G） Principles regarding powers of competition authorities257

H） Comments on the Recommended Practices257

8.11 Harmonisation of substantive rules258

A） Problems associated with harmonisation258

B） An innovative approach to harmonisation260

8.12 The extrinsic dimension of efficiency263

A） The principle of conditionality263

B） Technical assistance and capacity building programmes265

C） Peer review systems266

8.13 Arguments for the creation of the International Framework for Merger Control： A Summary268

8.14 Conclusion270

CHAPTER Ⅸ Conclusion273

List of abbreviations283

Bibliographv285

Table of Cases339

Table of International Agreements and Other International Instruments343

Table of Statutes349

List of Important Websites353