欧盟与美国并购监管比较及借鉴

上海交通大学硕士学位论文欧盟与美国并购监管比较及借鉴姓名：沈豪杰申请学位级别：硕士专业：国际金融法指导教师：徐冬根200612084200612205200612122006121262015WTO“”7RESEARCHOFLESSONSTHATDRAWSFROMTHECOMPARISIONOFLEGALADMINISTRATIONOFM&ABETWWENUSAANDEUROPEUNIONABSTRACTAbout20yearsagooreven15yearsago,“M&A”wasaveryalientwordformostpeopleofChina,buttoday,Merger&Acquisitionbecomemoreandmorepopularandattractsmoreandmorepeople’sattentionthesedaysbecauseofitshigheffectivenessofmakingaenterprisebeingvigorandstrong.Especially,governments,entrepreneurs,andscholarskeenlykeeptheireyesonit.AlongwiththeprocessofChina’sintegrationintoWTOandtheretreatofnationalownedcapitaltoattractmoreforeigninvestmentandprivateownedcapitalstojointherecombinationofnationalownedenterpriseswhichadvocatedinthe“fifteenthnationalconference”,anewtideofM&Awillcomesurely.Duringtheprocessofenterprises’mergerandacquisitioninChina,manyproblemsunavoidablyemerged,suchastheproblemofirregularityofgovernment,theproblemofsettlementofstaffsofenterprisesbeingacquired,theproblemofantimonopoly,theproblemofdebtconflict,ect.Iftheseproblemscannotbesettledappropriately,andifthereisnorelativeandcomprehensivelegalsystem,itwillbesureofthattherenovationofnationalownedenterpriseswillfail,andthestepsofM&AforChina’senterpriseswillbebaffled.So,itisobviousthathowimportantthelegaladministrationis.However,astothelegaladministrationofM&AinChina,neitherthesubstantiveregulationnortheproceduralregulationissophisticateenoughtoaccordwiththeneedofM&AcomparedwithUSAorEurope.So,whatshallwedo?Andhowdidthewesterncountriesundertaketheseproblemsinthehistory?Whatcanwelearnfromtheirexperiences?Thepurposeofthisarticleistogivetheanswer.KEYWORDS:Merger&Acquisition;legaladministration;anti-monopoly;substantialstandard;10200420042005IBMMERGER&ACQUSITION2004TCLLajoux•DavidM.Schweiger1112345121.1118901914719501976Hart-Scott-Rodinoantitrustimprovementact198023MergerGuidelines196819821984199711.21.2.111001021001021DepartmentofJusticeandFederalTradeCommission:“HorizontalMergerGuidelines”.April2,1992,amendedApril8,1997.2AmericanBarassociation.SectionofAntitrustlaw,Monogragh7MergerStandardunderU.S.Antitrustlaw,1980.101319113Claytonact191419145641950--CellerKefauverAnti-mergerAct71976----Hart-Scott-RodinoAntitrustImprovementAct110001980AntitrustProceduralImprovementsActof198075533774345H.Heolzer,NenuereInitiativenzumUS-AntitrustrechtuberblickWuw11/1980,73249314DOJFTC1914FTC5FTC1FTCDOJ1.2.219686016175%CR475%CR44%CR44%CR410%CR42%CR415%CR41%1275%CR475%,6MCHoward.Op.cit11115CR45%CR45%CR410%CR44%CR415%CR43%CR420%CR42%CR425%CR41%238107%2%7273125%50%,10%75%8875%2319826882827MCHoward.Op.cit11716182HHIHHIX6ABCDEF50%18%13%10%5%4%HHI=50*50+18*18+10*10+5*5+4*4=3134CR4=50+18+13+10=91DE5CR5HHIHHI=50*50+18*18+13*13+15*15+4*4=3234CR4=50+18+13+15=96HHICR41482HHI882HHIHHI1800HHI50//501000HHI1800HHI100//100HHI1000219825%3198212384051784198419821982198219841HHI1800HHI10023198219841984199219921984912914418312HHI3451.2.36400GDP80%90%1933TheSecuritiesActof19331934TheSecuritiesExchangeActof19341968TheWilliamsActof196819331934SEC1968193413D14D13D14D13D5%5%105%10%2413D14D14D-114D-113D20601.2.41919821.2.51988OmnibusTradeandCompetitivenessAct5021-Exon-FlorioAmendmentCommitteeonForeignInvestmentintheUnitedStatesCFIUS-199125%25%20%InternationalBankingActof19781.3Boeing/McDonnellDouglasDisneyland/VOA202070--10841992196482849292199210199930721199220801987222.1theTreatyofRome858685861990985862.21185Anti-cartelRule128585385858586Anti-dominanceRule86852.31957196611P.SSudanrsanam23818212EuropeanballageCorp.ContinentalCanCoIncv.Commission8282821381818281198912214064/89199092119981310/97200112ECMergerRegulation2002610Airtours/FirstChoiceSchneider/LegrandTetraLaval/Sidel14GE/Honeywell()20031127,139/20042.42.4.14064/8919891112811:(),8213:200130314TheNewECMergerRegulation:“Willithelpbusinesstomergerwithgreatercertaintyorhasitraisedtheregulatoryhurdle?”(1)legalandeconomicalindepedence(2)15(3)JVJOINTVENTURE321b81(cooperativeJV)(concentrativeJV)406412150221532/32.4.219971310/9719971989406419971310124162122531325001198919971519944064/893143161310/973(2)1(b),(fullfunctionJV)199949025(one-stop-shop)1232.4.3139/2004(onestopshop)4064/8919971310,139/200412,,,17,2.52.5.18619574064/89331973(ContinentalCan),86(abuseofadominantposition)188686(ancillaryrestrictions),4064/891973,17139/20041518,,,,86261719894064/892.5.24064/89223()()()19904064/89(communitydimension)MarketDominanceTestMDMD86(1)MD(2)(3)(4)2.5.3139/2004(dominancetest)(substantiallesseningofcompetition/SLC)(1)(2)(3)191989,40%(singlefirmdominance),40%40%(tacitcoordination)(collectivedominance)19GreenPaper,170.Availableat(unilateralbehavior)332Heinz/Beech-NutHeinz()13%Beech-Nut17%Gerber()70%HeinzBeech-Nut(coordination)HeinzBeech-NutHeinzBeech-NutGerberHeinz70%30%Heinz/Beech-Nut4064/891991199881019992001382000Carrefour/Promodes40%20-30%Volvo/Scania3,,4064/89139/2004223,4064/8928(unilateraleffectdoctrine)139/200425,,,4064/89MarioMo