News

Canadian Bank Mergers Blocked

Premium 01 December 1999

The proposed Bank of Montreal/Royal Bank of Canada and Toronto Dominion Bank/Canadian Imperial Bank of Commerce (CIBC) mergers were cancelled in December following a decision by Canadian Finance Minister Paul Martin to reject the two deals.

Finland: New merger control regime

Premium 01 December 1999

The merger guidelines correspond to a large extent to the relevant EC rules. The first cases have been notified to the FCA.

Franchising: The unintended franchise

Premium 01 December 1999

The court was sympathetic to Mitsubishi’s plight, concluding: 'While we understand Mitsubishi’s concern that dealerships in Illinois are too easily categorised as statutory franchisees, that is a concern appropriately raised to either the Illinois legislature or Illinois Attorney General.'

Portugal: Unilateral restrictive commercial practices

Premium 01 December 1999

The aim of Decree-Law 140/98 was largely to clarify certain doubts arising out of the application of the prior statute. In fact, as regards the prohibition of discriminatory practices and the refusal to sell, it specifies that they only refer to relations between entrepreneurs.

Newell Co/ Rubbermaid Inc

Premium 01 December 1999

The European Commission has cleared a $5.8 billion merger between US-based companies Newell Co and Rubbermaid Inc., both active in the consumer products sector.

Italy: Impact of merger on local market: referral to Autorità

Premium 01 December 1999

The new provision should allow competition in local markets to be assessed by national competition authorities, which are best placed to perform this role, thereby sparing the (limited) resources of the Merger Task Force.

Lucas Varity/ Meritor

Premium 01 December 1999

Lucas Varity sold its heavy vehicle braking system to US firm Meritor in a multi-jurisdictional transaction which involved merger clearances in the US, Germany, France and the UK.

AOL buys Netscape

Premium 01 December 1999

America Online is set to acquire Internet firm Netscape Communications Corp in a $4.28 billion stock swap.

Siebe & BTR merger in Britain

Premium 01 December 1999

UK firms Siebe PLC and BTR PLC are planning a £3.42 billion merger to create the largest automation firm in the world.

Scottish Power/ Pacificorps

Premium 01 December 1999

Scottish Power PLC has announced that it is to merge with United States firm PacifiCorp to create one of the ten largest utilities in the world, with a stock market value estimated at $19.6 billion.