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USA: Fine for partner who wrongly certified HSR filing

Premium - 01 June 1999

The action against Blackstone and its partner highlights the important responsibility that an individual assumes when certifying the completeness of an HSR filing. The individual must be satisfied that an adequate search has been undertaken for all potential 4(c) documents. In addition, the Director of the FTC’s Bureau of Competition, William Baer, was at pains recently to make it clear that the FTC can be expected to take action even if there has not been reckless disregard or intentional omission of 4(c) documents. Baer also noted that he received a lot of ’thank you’ calls from corporate counsel following the announcement of the Blackstone settlement, because they had been having trouble getting their clients to take their 4(c) obligations seriously.

Venezuela: US soda ash producer guilty of abusing dominance

Premium - 01 June 1999

With this decision, the Antitrust Agency has introduced gretaer competition to the Venezuelan soda ash dense market.

Franchising: Franchising legislation in Asia takes its cue from US

Premium - 01 June 1999

The increased regulation of franchising seems at odds with foreign direct investment, something Asia needs now more than ever. Whatever the explanation, franchisors must now maintain a close watch on Asia.

Eaton/Aeroquip-Vickers

Premium - 01 May 1999

US engineering group Eaton is to acquire Aeroquip-Vickers in a US$1.7 billion deal which is expected to create unparalleled strength in the mobile hydraulics sector.

TRW/Lucas Varity

Premium - 01 May 1999

Automotive and space technology provider TWR Inc has beaten Federal-Mogul in its bidding war for British autoparts and aerospace group LucasVarity plc.

Valmet/Rauma

Premium - 01 May 1999

The European Commission has cleared a merger between two Finnish paper and pulp machinery manufacturers, Valmet and Rauma.

MS/PMSI

Premium - 01 May 1999

The UK Monopolies and Mergers Commission recently ruled that the merger between pharmaceutical business information firms IMS Health INC and Pharmaceutical Marketing Services INC (PMSI) could reduce competition in pharmaceutical data services, and required IMS to divest the Source Dispenser business and to give undertakings in relation to supplying these services.

AT&T/BT

Premium - 01 May 1999

The European Commission has cleared the US$11 billion joint venture between BT and AT&T to create the world’s largest carrier of transit services.

Telecom Italia/Olivetti

Premium - 01 May 1999

Italian telecommunications group Olivetti has launched a £37 billion hostile takeover bid for Telecom Italia, formerly the state monopoly provider. The bid will require Olivetti to divest its stake in the Omnitel mobile phone and the Infostrada fixed-line network. This will be the largest corporate takeover in Italian history if successful.

BNP/Société Générale/Paribas

Premium - 01 May 1999

French banking group Société Générale has announced plans to merge with Compagnie Financière de Paribas.