December 1999 / January 2000

Belgium:Notification of a merger on the basis of a ‘draft agreement

01 December 2000

Although a 'meeting of minds' within the meaning of Belgian contract law is unlikely to be required, 'draft agreement' should probably be understood as a document which at least includes a certain level of understanding between the parties, ie a document which shows a common approach to the terms of a possible final agreement and the structure of the transaction. In other words, a document, however it is entitled, which is already reasonably elaborated and drafted at a relatively advanced stage of the negotiations. Regarding the declaration requirement, it is to be hoped that the Competition Council will restrict its scope to ancillary restrictions.