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INTRODUCTION1

1.GLOBALIZATION:HOW AND IMPACT11

Part Ⅰ12

A.What is Globalization?12

1.Globalization:Factors Contributing to the Phenomenon13

2.Globalization as Denationalization14

3.Globalization and the Limits of National Laws14

a.Absence of Vision15

b.Absence of Dispute Resolution Techniques16

4.Globalization:A Normative Concept that Promotes Global Welfare16

B.Global Consumer Welfare as a Global Public Good17

1.Defining Global Consumer Welfare18

2.Defining Public Goods19

a.Supply Problem19

i.The Free-Rider Problem19

ii.The Prisoner's Dilemma20

3.Defining Global Public Goods22

a.Intermediate Global Public Goods22

b.The Supply Problem of Global Public Goods23

4.Global Public Good Qualities of Global Consumer Welfare24

a.Supply Problems25

i.Free-rider Problem25

ii.Prisoner's Dilemma26

C.Concluding Remarks27

Part Ⅱ27

D.Why Merge?27

E.Growing Trend of Transnational M＆As30

1.Growing Concentration in the Global Market32

a.Financial Industry32

b.Airline Industry34

c.Telecommunications Industry37

d.Petroleum Industry38

e.Automobile Industry39

f.Pharmaceuticals41

2.Effects of Growing Concentration42

F.Merger Review:Objective44

G.Proliferation of Merger Control Laws:Why?45

1.Benefits of Merger Control Laws46

2.Deregulation Paved the Way for Competition47

3.External Pressure for Reform47

H.Costs of Proliferating Merger Control Laws49

1.Cost to Merging Parties49

2.Cost to Competition Agencies52

3.Diverse Approaches;Diverse Outcomes53

4.Friction among Jurisdictions54

5.Limits on Sovereign Control55

I.Gaps in Global Governance and the Need for an IMCR55

Table 1.M＆As in Major Overseas Markets in 2000 by Number of Deals58

Table 2.Worldwide Antitrust Merger Notification Systems59

2.US ANTITRUST AND MERGER CONTROL LAWS60

A.Raison d'？tre of Antitrust and Merger Control Laws61

1.Origin of the US Antitrust Laws61

a.The First Merger Wave:1889-190262

b.Formation of Trusts63

2.The Birth of Federal Antitrust Laws:The Sherman Act(1890)64

a.Enforcement of the Sherman Act69

b.Sherman Act and the Merger Wave72

3.The Clayton Act,191474

a.Private Parties and State Attorneys General Right to Challenge75

B.Dual Federal Antitrust Enforcement Agencies76

1.The Federal Trade Commission Act,191476

a.Institutional Framework of the FTC77

b.Authority of the FTC78

2.The Establishment of the Antitrust Division of the DoJ:193378

3.Interrelation Between the Antitrust Division and the FTC79

C.The Development of Merger Analysis Jurisprudence80

1.Clayton Act During the War Era:1914-195080

a.The Second Merger Wave:1925-193081

b.The Third Merger Wave:1940-194781

2.The Celler-Kefauver Antimerger Act,1950:Amendment to the Clayton Act84

a.Merger Analysis Under §7 Clayton Act:Sole Reliance on Market Share85

i.Brown Shoe Co.v.United States(1962)86

ii.United States v.Philadelphia National Bank(1963)87

iii.United States v.Von's Grocery Co.(1966)88

b.The Fourth Merger Wave:Mid-1960s89

3.The DoJ's Merger Enforcement Guidelines 196890

4.Antitrust Revolution91

a.US v.General Dynamics:Demise of the 1968 Guidelines91

b.The Chicago School92

c.Reaganomics92

D.Merger Enforcement Guidelines93

1.The DoJ's Merger Enforcement Guidelines 1982:Efficiencies Recognized94

a.Product Market95

b.Geographic Market95

c.Determination of Market Concentration95

2.The DoJ's Merger Enforcement Guidelines 198497

a.Market Definition and Measurement97

b.Treatment of Foreign Competition98

c.Efficiencies98

d.Failing Divisions of Healthy Firms98

3.DoJ/FTC's Horizontal Merger Enforcement Guidelines,1992/199798

4.Antitrust Enforcement Guidelines for International Operations,199599

E.Premerger Notification Regime and Review Process103

1.Hart-Scott-Rodino Antitrust Improvement Act,1976103

a.Title Ⅰ of the HSR Act104

b.Title Ⅱ:The Premerger Notification Act104

i.Notification Thresholds105

(a)The Size-of-Person Test106

(b)The Size-of-Transaction Test106

ii.Filing Fees106

iii.Transactions Subject to Foreign Antitrust Reporting Requirements107

iv.Exemptions From Premerger Notification Requirements107

v.Application of HSR on Foreign Persons107

c.Title Ⅲ:The Parens Patriae Act108

2.Merger Review Process109

a.Relevant Markets111

i.Relevant Product Market111

ii.Relevant Geographic Market112

b.Identification of Competitors113

c.Market Shares113

d.Assessment of the Likely Adverse Effects113

e.Market Entry Conditions114

f.Efficiencies Defense114

g.Failing Firm Defense115

F.Co-ordination Among State and Federal Antitrust Agencies115

1.Association of State Attorneys General(NAAG)117

2.NAAG Voluntary Premerger Disclosure Compact118

3.Information Sharing Protocol120

4.NAAG,DoJ/VFC Protocol for Joint State/Federal Merger Investigations121

a.Confidentiality122

b.Procedure Involving the Merging Parties122

c.Conduct of Joint Investigation122

d.Settlement Discussions123

e.Statements to the Press123

G.Commentary:Lessons to be Learned124

1.Raison d'？tre of Antitrust Laws124

2.Development in the Merger Analysis Jurisprudence125

3.Enforcement Guidelines126

4.Dual Federal Antitrust Enforcement Agencies126

5.Coordination Among the State and Federal Antitrust Agencies126

6.Premerger Notification Regime128

a.Notification Thresholds128

b.A Two-Tier Merger Review Process128

c.Triggering Events129

d.Tiered Fee Structure129

e.Voluntary Disclosure of Other Antitrust Agencies Involved129

7.Summary of the Lessons Learned129

3.EC COMPETITION AND MERGER CONTROL LAWS131

A.Foundation of the European Union and Its Supranational Institutions132

1.The European Coal and Steel Community:Treaty of Paris(1951)133

2.The European Economic Community:Treaty of Rome(1958)133

a.The Council of Ministers134

b.The Commission135

c.The European Parliament136

d.The Court of Justice137

B.Enhanced Economic Integration137

1.European Free Trade Association(1960)138

2.New Membership of the EEC138

3.The Single European Act(1987)138

4.The Treaty on European Union(Treaty of Maastricht,1992)139

5.European Economic Area(1994)139

6.The Treaty of Nice(2001):The EU's Enlargement141

C.EC Competition and Merger Control Laws142

1.Origins of the EC Competition and Merger Control Laws:The ECSC Treaty142

2.The Treaty of Rome143

3.The 1966 Memorandum145

4.Continental Can(1973):Application of Article 82 to Concentrations146

5.Commission's Proposals for Coherent Merger Control:Political Gridlock148

6.Philip Morris(1987):Application of Article 81 to Concentrations149

7.Merger Wave:1987-151

8.The Need for a Community-Wide Merger Control Regulation152

9.The Rebirth of Proposals for Merger Regulation153

D.Merger Regulation:Instrument for Transnational Merger Review154

1.One-Stop-Shop154

2.Community Dimension:Notification Thresholds155

3.Exceptions to Community-Dimension157

a.Referral to National Competition Authority:The "German Clause"157

b.Jurisdiction Over Mergers Without Community Dimension:The "Dutch Clause"157

c.Legitimate National Interest:The "British Clause"158

4.Premerger Notification158

5.Merger Analysis159

a.Substantive Evaluation159

i.Pure Competition Standards v.Industrial Policy160

ii.Dominant Position163

iii.Relevant Product and Geographic Markets163

iv.Market Shares164

v.Significant Impediment to Effective Competition165

vi.Efficiencies Defense165

vii.Failing Firm Defense166

b.Initial Review166

c.Second-Phase Investigation167

6.Extraterritorial Application of the Merger Regulation168

E.Cooperation between the Commission and ESA:The Lead Jurisdiction Model170

F.Recent Developments in the EC Competition Policy:Establishing a Network for Cooperation172

G.Commentary:Lessons to be Learned175

1.Creating a Global Supranational Institution for Merger Control175

2.Delegation of Merger Review to a Supranational Institution176

3.Recent Reform to the Competition Policy:Adoption of a Lead Jurisdiction Approach177

4.Protocol 24:The Lead Jurisdiction Model177

5.Notification Procedure Under the Merger Regulation178

6.Decision-Making Procedure Under the Merger Regulation179

7.Summary of the Lessons Learned181

4.COMPARISON BETWEEN THE US AND EC MERGER CONTROL LAWS183

A.Objective of Competition Laws in the US and the EU183

B.General Procedural Dissimilarities185

1.Powers of the Relevant Agencies185

2.Private Parties Right to Challenge186

C.Premerger Notification Procedural Dissimilarities188

1.Information Requirements:One-Step Filing v.Two-Step Filing188

2.Notification Thresholds189

3.Triggering Events190

4.Review Period191

D.Substantive Evaluation192

1.Points of Convergence193

a.Substantive Test:Dominant Position v.Substantial Lessening of Competition193

b.Definition of Relevant Markets195

2.Differences195

a.Defining Market Concentration195

b.Efficiencies Defense196

c.Failing Firm Defense198

E.Concluding Remarks198

5.RECOGNITION OF LIMITS:NEED FOR COOPERATION AND CONVERGENCE199

A.Convergence Through Cooperation at a Bilateral Level199

1.US-EU Cooperation Agreement200

a.Notification201

b.Exchange of Information201

c.Cooperation and Coordination in Enforcement Activities201

d.Positive Comity202

e.Avoidance of Conflicts over Enforcement Activities:Traditional Comity202

f.Confidentiality of Information202

2.Advantages of the US-EU Cooperation Agreement202

3.Limits of the US-EU Cooperation Agreement203

a.The Boeing-McDonnell Douglas Case(1997)203

b.GE-Honeywell Case(2001)208

4.Limits of Bilateralism210

B.Convergence Through Harmonization at a Multilateral Level212

1.Havana Charter212

2.The Treaty of Rome(1958)213

3.United Nations Conference on Trade and Development(UNCTAD)213

4.Organization for Economic Cooperation and Development(OECD)214

5.Australia-New Zealand Closer Economic Relations Trade Agreement216

6.North American Free Trade Agreement(NAFTA)217

7.MERCOSUR:The Southern Cone218

8.WTO Fourth Protocol's Reference Paper on Pro-Competitive Regulatory Principles218

a.Adoption Technique219

b.Success of the Reference Paper220

C.Concluding Remarks222

6.THE WTO AS THE CUSTODIAN FOR THE IMCR224

A.Creation of the WTO224

1.Organizational Structure226

a.Membership226

b.Ministerial Conference226

c.General Council227

d.The Secretariat227

2.Dispute Resolution Mechanism227

a.Consultation228

b.Panel Proceedings228

c.Appeal228

d.Implementation229

B.Competition Law in the WTO229

1.WTO's Working Group on Interaction Between Trade and Competition Policy231

2.EU's Support for Competition Law in the WTO233

3.US Position on Competition Law in the WTO236

C.Concluding Remarks240

7.PROPOSALS ADVANCED FOR TRANSNATIONAL MERGER REVIEW241

A.International Competition Policy Advisory Committee242

1.Bridging the Differences Between Systems243

a.Increased Transparency243

b.Development of Disciplines for Merger Review243

c.Continue to Enhance Cross-Border Cooperation244

2.Enhanced Work Sharing:Seamless Multijurisdictional Merger Review245

a.Work Sharing at the Remedy Stage245

b.Work Sharing at the Review Stage246

3.Reform of the Merger Review Process247

a.Casting the Merger Review Net Appropriately:Notification Thresholds248

b.Authority to Override Thresholds248

c.Filing Fees248

d.Two-Stage Review Process248

e.Review Periods and Timing249

f.Triggering Events249

g.Notification Forms and Information Requests249

4.International Mediation of Competition Disputes250

5.Separate Statement by Eleanor Fox250

6.Critique/Comments251

B.Draft International Antitrust Code:The Munich Group253

1.Scope and Notification Thresholds253

2.Premerger Notification Procedure254

3.Appraisal of Concentrations254

4.Decision-Making255

5.Global Welfare/Interest of Other Nations255

6.International Antitrust Agency255

7.International Antitrust Panel256

8.Critique/Comments257

a.Notification Thresholds257

b.Premerger Notification Procedure258

c.Time for Decision-Making258

d.Separate Body for Providing Exemptions258

e.Lack of Mechanism for Coordination and Dispute Resolution258

C.OECD259

1.Critique/Comments260

D.American Bar Association260

1.Reporting Requirements261

2.Conflicts in Enforcement/Enhanced Inter-Agency Consultation261

3.Confidential Information262

4.Private Suits262

5.Discovery Abroad263

6.Agencies to Publish Detailed Merger Enforcement Guidelines263

7.Critique/Comments264

E.Campbell and Trebilcock265

1.Harmonization of Domestic Laws265

a.Procedural Harmonization265

i.Premerger Filing265

ii.Waiting Period266

iii.Fixed Time Limits for Decision-Making266

iv.Confidentiality Rules266

b.Substantive Harmonization266

2.Use of Lead Review Jurisdiction267

a.Lead Jurisdiction as a Coordinating Agency267

b.Lead Jurisdiction Appointed Through Consultation268

c.Lead Jurisdiction Appointed by an International Authority268

3.Decision-Making by Supranational Institution269

a.Supranational Investigation and Adjudication269

b.Supranational Dispute Resolution269

4.Critique/Comments270

a.Harmonization of Domestic Law270

i.Procedural Harmonization270

ii.Substantive Law Harmonization270

b.Lead Review Jurisdiction Models271

c.Decision-Making by Supranational Institution272

F.Eleanor M.Fox272

1.Premerger Notification273

a.Premerger Notification Form273

b.Common Clearing-House274

c.Triggering Events275

d.Time Periods for Review275

e.Notification Thresholds275

2.Substantive Standards and Begger-Thy-Neighbour Policies276

3.Resolution of Conflicts276

4.Critique/Comments277

a.Premerger Notification277

b.Common Clearing-House278

c.Notification Thresholds279

d.Substantive Standards280

e.Resolution of Conflicts280

G.Eleanor M.Fox and Janusz A.Ordover281

1.Critique/Comments282

H.Baker,Campbell,Reynolds＆Rowley282

1.Pre-filing Consultations with Merging Parties283

2.Pre-notifiable Transactions284

3.Disclosure of Domestic Notifications284

4.Two Stage Premerger Notification284

5.Time Limits285

6.Notification Forms(Stage One)285

7.Supplementary Requests for Information(Stage Two)286

8.Information Sharing and Confidentiality286

9.Interagency Communications287

10.Enforcement Guidelines288

11.Announcement of Filings and Decisions288

12.Clearance and Authorizations288

13.Critique/Comments289

a.Pre-filing Consultations with Merging Parties289

b.Pre-notifiable Transactions290

c.Disclosure of Domestic Notifications290

d.Concluding Remarks290

I.Andre Fiebig291

1.WTO Premerger Office292

2.International Merger Control Regime292

3.Drawbacks293

4.Critique/Comments293

8.INTERNATIONAL MERGER CONTROL REGIME295

A.Implications of the Review of the Proposals295

1.Procedural Elements296

a.Premerger Filing Stages296

b.Harmonized Premerger Notification Form296

c.Requirement to Disclose other Agencies Involved296

d.Waiting Period Before Consummation297

e.Fixed Time Limits for Decision-Making297

f.Disclosure of Confidential Information297

g.Triggering Events298

h.Notification Thresbolds298

i.Nature of the Regimes(Voluntary/Compulsory)299

j.Transparency and Merger Enforcement Guidelines300

k.Foreign Nation's Interest/Global Impact300

l.Central Filing System301

m.Dispute Resolution Mechanism301

n.Interagency Coordination302

o.Pre-filing Consultation302

p.Public Notification of Filing and Decisions302

2.Model for an IMCR:Supranational Institution v.a Lead Jurisdiction303

a.A Democratic Form of Governance305

b.A Socially Responsible Form of Governance305

c.An Organic Form of Governance306

3.Substantive Law306

B.A Draft IMCR307

1.Draft Agreement on Competition Law308

2.Draft Annex on Transnational Merger Review310

C.Test Case for the IMCR318

CONCLUSION321

Bibliography325

Annex:Summary of the Proposals Reviewed and the IMCR351

Table of Cases357

Name Index361

Subject Index363