M&A에 대한 각국의 기업결한 신고 및 심사제도와 사례

Antitrust filing and review system on M&As is an important part of competition laws in many jurisdictions. An antitrust filing should be made with competition authorities in various jurisdictions with a certain M&A if the parties to the M&A meet the merger filing threshold, which usually consists of the amount of global and local turnover and/or total assets of the respective parties. If a certain M&A is subject to the pre-closing filing obligation, the parties cannot consummate the M&A transaction during the waiting period. Gun-jumping (i.e., consummation before getting the clearance) is prohibited in most of the jurisdictions. In the merger review, the competition authorities starts with defining the relevant market which is affected by the M&A. The competition authorities consider various factors in assessing the anti-competitiveness of a particular M&A such as market concentration,unilateral and co-ordinated effects, new entry, existence of neighboring markets,efficiency and failing company defense. If an M&A is determined to have anti-competitive effect in any relevant market, the competition authorities may impose merger remedies including prohibition of the transaction, divestiture and/or certain behavioral remedies.