Merger control in post-communist countries : EC merger regulation in small market economies / Jurgita Malinauskaite.
2011
KJE6467 .M35 2011 (Map It)
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Details
Author
Title
Merger control in post-communist countries : EC merger regulation in small market economies / Jurgita Malinauskaite.
Published
Abingdon, Oxon : New York : Routledge, 2011.
Call Number
KJE6467 .M35 2011
ISBN
9780415486538 (hardback)
041548653X (hardback)
9780203841105 (ebk)
0203841107 (ebk)
041548653X (hardback)
9780203841105 (ebk)
0203841107 (ebk)
Description
xiv, 298 pages ; 24 cm.
System Control No.
(OCoLC)430052143
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Gift
Purchased from the income of the Jaffe Fund
Gift
The Arthur W. Diamond Law Library
Purchased from the income of the Jaffe Fund
Table of Contents
Preface
xi
List of abbreviations
xiii
Introduction
1
1.
Merger movements and motives: introduction to the EU and its enlargement eastward
7
1.1.
Globalisation process and its effects
8
1.2.
Mergers trends and movements
10
1.2.1.
Merger movements in the Baltic countries, Slovakia and Slovenia
11
1.2.2.
Justification for mergers
13
1.2.3.
Different forms of mergers
14
1.3.
Merger motives
16
1.3.1.
Economic motives for merger
16
1.3.1.1.
Efficiencies
16
1.3.1.1.1.
Efficiencies of different types of mergers
17
1.3.1.1.2.
Efficiency motives in the Baltic countries, Slovakia and Slovenia
19
1.3.1.2.
Market power
20
1.3.1.2.1.
Market power and cross-border mergers
21
1.3.1.2.2.
Market power - the Baltic countries, Slovakia and Slovenia
23
1.3.1.3.
The way to enter
25
1.3.1.4.
Acquiring assets at a discount
26
1.3.1.5.
National champion
27
1.3.1.6.
Rescue merger
28
1.3.1.7.
Diversification
28
1.3.1.8.
Other motives
29
1.3.2.
Socio-political motives for merger
30
1.3.2.1.
Employment and regional policy
30
1.3.2.2.
Managerial/personal motives
31
1.3.2.3.
Political
31
1.4.
Limits on merger transactions
32
1.5.
EU policy, basic principles and competition law
33
1.5.1.
The roots of the European integration and the origins of the EU
34
1.5.2.
Enlargement eastward
36
1.5.2.1.
The impact of the enlargement on the EU
37
1.5.2.2.
The impact of the EU on the Baltic countries, Slovakia and Slovenia
39
1.5.2.3.
Specific features of post-Communist countries and their effects
41
1.5.2.4.
Specific features of small market economies
44
1.5.3.
The origin of the competition law in Europe and in the EU
46
1.5.4.
The merger control in the Community
47
1.5.4.1.
The origin of the merger control mechanism within the EU
47
1.5.4.2.
Emergence of merger regulation within the EU
49
2.
Economic approach towards mergers: small market economies
64
2.1.
Economic thoughts towards competition policy
65
2.1.1.
Classical theory
65
2.1.2.
Neo-classical economics
66
2.1.3.
The Chicago school
67
2.1.4.
The Harvard school
68
2.1.5.
Post-Chicago school
69
2.1.6.
The European school
69
2.1.7.
Other economic concepts and theories
70
2.1.7.1.
Workable competition and effective competition
70
2.2.
Efficiencies v market power
71
2.2.1.
Efficiencies from an economic perspective
71
2.2.2.
Market power and the theory of harm
73
2.2.2.1.
Horizontal mergers
75
2.2.2.1.1.
Unilateral effects
76
2.2.2.1.2.
Coordinated effects
77
2.2.2.2.
Non-horizontal mergers
79
2.2.2.3.
Vertical mergers: theory of harm
79
2.2.2.3.1.
Unilateral effects
79
2.2.2.3.2.
Coordinated effects
82
2.2.2.4.
Conglomerate mergers: theory of harm
83
2.2.2.4.1.
Unilateral effects
83
2.2.2.4.2.
Coordinated effects
86
2.2.3.
Constraints on market power
86
2.3.
The trade-off between efficiency and the choice of welfare standard
87
2.3.1.
Total welfare standard
89
2.3.2.
Consumer welfare standard
90
2.3.3.
Balancing weights standard
91
2.3.4.
The trade-off of efficiency of vertical and conglomerate mergers
91
2.3.4.1.
Vertical mergers
91
2.3.4.2.
Conglomerate mergers
92
2.4.
Efficiencies in small market economies
93
2.4.1.
Welfare standard for small market economies
95
2.4.2.
Approaches towards merger control with regard to efficiencies in small market economies
96
2.4.3.
Approaches towards the assessment of the merger-specific efficiency gains
98
2.4.4.
Appropriate approach towards the evaluation of efficiency gains for the Baltic countries, Slovakia and Slovenia
102
2.5.
Concluding remarks
104
3.
Legal approach towards mergers: EU merger control rules and policy
116
3.1.
EU competition policy
117
3.1.1.
Political objectives
118
3.1.2.
Economic objectives
119
3.1.3.
Other objectives of EU competition policy
120
3.1.3.1.
Industrial policy, competitiveness and efficiencies
120
3.1.3.2.
Protection of small and medium-sized firms
121
3.1.3.3.
Promotion of consumer welfare
121
3.1.3.4.
Policy towards small market economies
122
3.1.4.
The evolution of priorities of competition policy over time within the EU
124
3.2.
Development of merger control in the EU
125
3.3.
The concept of concentration within the EU jurisdiction
126
3.4.
Development of jurisdictional issues in the EU
128
3.5.
Procedural issues
129
3.6.
Substantive issues
130
3.6.1.
Market definition in the EU
130
3.6.2.
Substantive tests
133
3.6.3.
The old substantive test of the ECMR and the reforms
134
3.6.4.
The new substantive test of the EMCR
136
3.6.5.
Market power and the theory of harm from a legal perspective
138
3.6.5.1.
Single dominance in the EU
139
3.6.5.2.
Collective dominance in the EU
140
3.6.6.
Countervailing factors
143
3.6.7.
Efficiency gains from a legal perspective
144
3.6.7.1.
Efficiency considerations before the reforms
144
3.6.7.2.
Theoretical approach towards efficiencies
147
3.6.7.3.
Efficiency considerations after the reforms
147
3.7.
Concluding remarks
150
4.
Merger control regimes in the Baltic countries
162
4.1.
Historical background
163
4.2.
A journey to the EU
164
4.3.
Competition authorities in the Baltic countries
165
4.4.
Development of competition policy in the Baltic countries
167
4.5.
Objectives of competition law and policy in the Baltic countries
168
4.5.1.
Political objectives
168
4.5.2.
Economic objectives of competition policy in the Baltic countries
170
4.5.3.
Industrial policy, competitiveness and efficiencies
172
4.5.4.
Protection of consumers or competitors?
173
4.6.
The introduction of merger control regimes in the Baltic countries
175
4.7.
Concept of concentration within the Baltic jurisdictions
176
4.8.
Development of the jurisdictional thresholds in the Baltic countries
177
4.9.
Procedural issues and the reforms
180
4.10.
Substantive issues
182
4.10.1.
Relevant market definition in the Baltic countries
182
4.10.2.
The former substantive tests in the Baltic countries
185
4.10.3.
The current substantive tests in the Baltic countries
187
4.10.4.
`Dominance' in the merger control regimes of Baltic countries
190
4.10.4.1.
Single dominance
190
4.10.4.2.
Collective dominance
191
4.10.5.
Countervailing factors
193
4.10.5.1.
Efficiencies in the Baltic countries
193
4.11.
Concluding remarks
195
5.
Merger control regimes in Slovakia and Slovenia
205
5.1.
Historical background
206
5.2.
A journey to the EU
207
5.3.
Competition authorities in Slovakia and Slovenia
210
5.4.
Development of competition policy and law in Slovakia and Slovenia
211
5.4.1.
Objectives of competition law and policy in Slovakia and Slovenia
213
5.5.
The introduction of merger control regimes in Slovakia and Slovenia
215
5.6.
Concept of concentration in Slovakia and Slovenia
216
5.7.
Development of the jurisdictional thresholds in Slovakia and Slovenia
217
5.8.
Procedural issues
220
5.9.
Substantive issues
222
5.9.1.
Relevant market
222
5.9.2.
The former substantive tests in Slovakia and Slovenia
224
5.9.3.
The current substantive tests in Slovakia and Slovenia
225
5.9.4.
`Dominance' in the merger control regimes of Slovakia and Slovenia
226
5.9.5.
Countervailing factors
228
5.9.5.1.
Efficiency considerations in Slovakia and Slovenia
228
5.10.
Concluding remarks
229
6.
Merger control regimes in other member states of the EU with small market economies
237
6.1.
A journey to the EU
238
6.2.
Competition authorities in Malta and Cyprus
240
6.3.
Objectives of competition law and policy in Cyprus and Malta
242
6.4.
The introduction of merger control regimes in Cyprus and Malta
243
6.5.
Concept of concentration
244
6.6.
Jurisdictional issues
245
6.7.
Procedural issues
246
6.8.
Substantive issues
248
6.8.1.
The substantive tests in Cyprus and Malta
248
6.8.2.
`Dominance' in the merger control regimes of Cyprus and Malta
249
6.8.3.
Countervailing factors
250
6.8.3.1.
Efficiencies
252
6.9.
Merger control in other jurisdictions with small market economies
253
6.9.1.
Luxembourg
253
6.9.2.
Ireland
254
6.10.
Comparative analysis of merger control in the post-Communist countries with small market economies and other member states
256
6.11.
Concluding remarks
261
Bibliography
271
Index
294