New trends in Merger Control: Capturing the so-called Killer Acquisitions... and Everything Else
| Autor | Tânia Luísa Faria, Margot Lopes Martins, Raquel Marques Nunes |
| Cargo | Abogadas del Área de Mercantil de Uría Menéndez (Lisboa) |
| Páginas | 33-53 |
33
Artículos
NEW TRENDS IN MERGER
CONTROL: CAPTURING
THE SO-CALLED KILLER
ACQUISITIONS... AND
EVERYTHING ELSE
Tânia Luísa Faria, Margot Lopes Martins, Raquel Marques Nunes
Abogadas del Área de Mercantil de Uría Menéndez (Lisboa)
New trends in Merger Control: Capturing the so-called Killer Acquisitions… and Everything Else
When assessing an M&A transaction, once it is determined that the transaction is a concentration under com-
petition law, it must be assessed whether the concentration is subject to a mandatory merger control filing.
Until recently, this exercise was — although somewhat complex — quite objective and only the transactions
that exceeded the notification thresholds were caught by the mandatory merger control system. However,
over the last few years there have been wide-ranging discussions about the adequacy of the existing merger
control tools to capture and sufficiently assess the concentrations that could significantly impede effective com-
petition, namely the so-called killer acquisitions. These discussions started to materialize with the European
Commission reinterpreting existing tools to broaden its powers for merger control, ending up introducing more
uncertainty for businesses, increased costs, potential delays to closing and increased burdens in the drafting of
the transaction documents.
KEY WOR DS:
CONCEN TRATION OF UND ERTAKIN GS, MER GER CO NTROL , MERGE R REGU LATION, ARTICLE 22, REFERRAL M ECHANISM , KILLE R ACQUI SITIO NS,
M&A B EST PRACT ICES, PO RTUGUE SE CO MPETI TION ACT, COMPETI TION LAW RISKS .
Novas tendências no controlo de concentrações: capturando as chamadas Killer Acquisitions... e tudo
o resto
Ao avaliar uma operação de M&A, uma vez determinado que a operação constitui uma concentração nos
termos do direito da concorrência, deve ser avaliado se a concentração está sujeita à obrigação de notificação
para efeito de controlo de concentração. Até há pouco tempo, este exercício era — embora algo complexo —
bastante objetivo e apenas as operações que excediam os limiares de notificação eram abrangidas pelo siste-
Actualidad Jurídica Uría Menéndez, 57, septiembre-diciembre de 2021, pp. 33-53
34
Artículos
ma de controlo obrigatório das concentrações. Contudo, ao longo dos últimos anos, houve amplas discussões
sobre a adequação dos instrumentos de controlo de concentrações existentes para capturar e avaliar suficien-
temente as concentrações que poderiam criar entraves significativos à concorrência efetiva, nomeadamente
as chamadas killer acquisitions. Estas discussões começaram a materializar-se com a abordagem da Comissão
Europeia no sentido de reinterpretar os instrumentos existentes para alargar os seus poderes de controlo de
concentrações, acabando por introduzir mais incerteza para as empresas, um aumento dos custos, potenciais
atrasos no closing e aumento dos encargos na elaboração dos documentos da transação.
PALAVRA S CHAVE :
CONCEN TRAÇÃO DE EMPR ESAS, CONTROLO DE CO NCENT RAÇÕE S, REGU LAMENT O DE CONC ENTRA ÇÕES, ARTIGO 22, MEC ANISM O DE REME SSA,
KILLER ACQU ISITI ONS, BOAS PRÁTI CAS EM SEDE D E FUS ÕES E A QUISIÇÕES , LEI DA CONCORRÊN CIA, RIS COS J US-CONCO RRENC IAIS.
FECHA DE RECEPCIÓN: 15-11-2021
FECHA DE ACEPTACIÓN: 16-11-2021
Faria, Tânia Luísa; Martins, Margot Lopes; Nunes, Raquel Marques (2021). New trends in merger control: capturing the
so-called killer acquisitions… and everything else. Actualidad Jurídica Uría Menéndez, 57, pp. 33-53 (ISSN: 1578-956X).
The rationale behind the existence of a merger control system is to prevent, a priori, the imple-
mentation of mergers that may distort competition or hinder the proper functioning of the internal
market. Thus, by granting a mandatory nature to the merger control filing, the European Union
(“EU”) and national legislators aim to be able to deter concentrations with a negative impact on
competition.
In this sense, several tools have been created to automatically capture the transactions that are
most likely to raise competition concerns.
Based on such tools, when assessing an M&A transaction, it must be assessed whether the trans-
action is a concentration under competition law, and if the concentration is subject to a mandatory
merger control filing. Until recently, this exercise was — although somewhat complex — quite
objective and only the transactions that amounted to a lasting change of control and exceeded the
notification thresholds were caught by the mandatory merger control system.
In fact, from a competition standpoint, the concept of concentration encompasses transactions that
constitute a lasting change in the control structure of the undertaking at stake and, as a conse-
quence, possibly, in the structure of the relevant market1. Therefore, the concentration is deemed
to occur whenever there is an acquisition of control leading to a durable change of control over
certain assets with a market presence that could constitute an undertaking for competition pur-
poses2.
As a second step, it must be determined whether the concentration is subject to a mandatory
merger control filing or not. To this end, in almost all jurisdictions, the notification thresholds are
the tool used to determine the transactions that may potentially cause competitive concerns, and
as such, must be subject to mandatory merger control.
1 Recital 20, Preamble, Regulation 139/2004, of 20 January 2004, on the control of concentrations between undertakings.
2 Article 3(1), Regulation 139/2004, of 20 January 2004, on the control of concentrations between undertakings.
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