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International merger control developments—July 2023

International merger control developments—July 2023 This month has seen the German Parliament approve amendments to the German Competition Act (which includes changes to Germany’s merger control regime), in Spain a reduction in the deadline for mergers notified using the short form method and an extension of the phase 2 deadline and, in the US, the Federal Trade Commission and Department of Justice publishing and consulting on draft merger guidelines. Germany—parliament approves amendments to the Competition Act; increases the target company threshold allowing the FCO to investigate mergers after a sector inquiry has been completed On 6 July 2023, the German Parliament (Bundestag) passed the Competition Enforcement Act, amending the German Act Against Restraints of Competition (the Competition Act) for the 11th time. In relation to merger control, the Federal Cartel Office (FCO) will have the power to call-in mergers following a sector inquiry provided that: (i) the acquirer’s turnover exceeds EUR 50m; and (ii) the target’s turnover exceeds EUR 1m in Germany in the previous financial year. In relation to...

International merger control developments—November 2023

International merger control developments—November 2023 This month has seen the Australian Government publishing a consultation paper on potential reforms to its merger control regime, the merger deadline being suspended in Brazil due to a lack of quorum at the CADE, the Danish Government launching a consultation on amendments to the Competition Act to capture ‘killer acquisitions’, 11th amendment to the German Act Against Restraints of Competition (ARC) coming into force, as well as the government launching a consultation on the 12th amendments to the ARC, amendments to the merger control thresholds in Saudi Arabia, an announcement about changes to the merger control thresholds in the UAE and the launch of a consultation on the phase 2 merger review process in the UK. Australia—government launches consultation on potential reforms to merger control regime In previous monthly merger updates, we have reported on various public announcements made by the Australian Competition and Consumer Commission (ACCC) about the need to reform Australia’s merger control laws. On 20 November 2023, the Australian government published...

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Private Client weekly highlights—19 May 2022

This week’s edition of Private Client highlights includes: (1) The Financial Conduct Authority’s consultation paper CP22/9 on the expansion of the Dormant Assets Scheme; (2) Beard v HMRC, a decision of the First Tier Tax Tribunal which held that distributions paid by a Jersey company out of share premium were dividends of an income nature for UK tax purposes; (3) Analysis of Middleton v Middleton Enterprises (Holdings) Ltd, in which the court held that a series of interest-free loan agreements between a company’s shareholders and the company could be set aside for mistake under the equitable principles applicable to voluntary dispositions as set out in Pitt v Holt; (4) Analysis of Re Cooper deceased (probate) (Cooper (a child) v Chapman, in which the High Court admitted a missing Will to probate; (5) A Taxpayer v HMRC, the first case to consider the exceptional circumstances exemption in the statutory residence test, and (6) In the matter of the estate of Sheikh Saoud Mohamed A A Al Thani (deceased), a decision of...