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ICN MWG Teleseminar, November 14, 2013
Practical Aspects of International Cooperation
in Merger Cases:
Investigations
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Agenda
• Dr Stanley Wong, Stanley Wong Global (moderator)
• Chris Whitcombe, Sophie Perrussel (UK Office of Fair Trading)
• Katherine Celeste (US DOJ)
• Joseph Krauss, Hogan Lovells US
• Lindiwe Khumalo, Competition Commission of South Africa
• Paulo Silveira, Brazilian Administrative Council for Economic Defence (CADE)
• José Alexandre Buiaiz Neto, Pinheiro Neto Advogados
• Jean-Yves Art, Microsoft
• David Anderson, Berwin Leighton Pasiner LLP
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Chris Whitcombe and
Sophie Perrussel (OFT)
Cross-agency information sharing:
Ecolab/Permian Mud case study
ICN MWG Teleseminar on International
Cooperation in merger control
Investigations and information sharing
14 November 2013
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Features of the case
What makes this a good candidate for
cooperating?
● Global supply chains
● Strong concerns raised by third parties
● Early contact and parties granted waiver fairly
early
● Review
● OFT phase 1 merger investigation
● DOJ in depth review
● Clear purpose
● Reach consistent and robust decisions through
greater understanding of the cross-cutting issues
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● Start of cooperation is not dependent on waivers
● Information shared:
● Non-confidential:
● Theories of harm
● Third party questions
● Progress and timing of investigation
● More confidential:
● Parties’ internal documents
● Working papers
● Remedies in US
Information shared and use (1)
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● Benefits:
● Different disclosure requirements and resourcing
o US had access to many more documents
● Confirmed part of the deal would be remedied
Information shared and use (2)
● Sharing timings means not
wrong footed
● Sounding board
● Ensure consistency
o This doesn’t mean
coming to the same
decision
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● Limitations:
● Cannot rely on unseen evidence
● Waiver did not cover third party responses (only
anonymised discussions)
● Important to still come to own independent view
● Even where markets are global, merger looked at to
some extent through a national lens
Information shared and use (3)
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Washington, D.C.
14 November 2013
ICN – Merger Working Group Teleseminar on Investigations
Joseph G. Krauss
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Information in Foreign Jurisdiction and Its Use By
Requesting Agency
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www.hoganlovells.com
Restrictions on Disclosures
• Private parties have relied upon protections against
disclosures of confidential information to give them
comfort that highly sensitive business secrets will
not be disclosed.
• Principal protections:
– Confidentiality protections
– Statutory restrictions
• It is important that parties see authorities abide by
these restrictions in order to encourage future
cooperation
– Actual practice instills confidence
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www.hoganlovells.com
Information that Generally Can Be Shared By Foreign
Jurisdiction Without Violating these Restrictions
• Information that can be shared varies by jurisdiction – different rules and practices
• Generally the following can be shared without waivers: – Publicly available information
– Notification of the opening of an investigation
– Process to be followed, including any applicable deadlines
– Applicable legal standards and relevant legal and economic analysis
– Agency generated information – analytical thinking, without disclosing confidential non-public information
– Possible Effective remedies
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www.hoganlovells.com
Information that Can Not Be Shared By Foreign
Jurisdiction Without the Parties’ Consents
• Actual merger filing itself – filing form and attachments, as well as any voluntary submissions made by the merging parties – Example of key documents submitted in the US – Item 4c and 4d
documents
• Responses to 2nd Requests, subpoenas, civil investigative demands, or other compulsory process – Will include ordinary course business documents that reveal important
facts regarding competitive dynamics in industry
• Testimony given – sworn depositions or statements provided by merging party executives and third-party witnesses
• Economic analysis prepared by the merging parties
• Identities of third-party complainants/witnesses and the substance of the information submitted by those third-parties
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www.hoganlovells.com
General Recognition of Benefits from Sharing
Information to Competition Authorities
• Sharing of information allows investigating agencies to identify issues of common interest, improve their analyses, and allow for more effective remedies
• Echoed in DOJ/FTC FAQs issued with Model Waiver, 9/25/13 and ICN Report on Waivers of Confidentiality in Merger Investigations: – “From the agencies’ perspective, sharing information can
increase the quantity and quality of the information on which to base their decisions, leading to more informed decisions and effective coordination between the agencies, promoting convergence, minimizing the risk of conflicting outcomes, and expediting merger review.”
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www.hoganlovells.com
But there are also Potential Benefits for the
Merging Parties
• Speedier review – identification of potential issues
and relevant analysis
• Eliminate issues more quickly
• Facilitate a common analysis and can produce more
consistent decisions
• Result in more consistent remedies
• Reduce costs for the merging parties
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Waivers and Its Uses
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www.hoganlovells.com
Issues raised by Waivers Require Felxibility –
Adapt to Specific Situations
• Waivers can be very effective tool, but they do raise potential issues that private parties will consider before granting such a waiver. – Local rules regarding confidentiality and the authorities history and
effectiveness of treating information as confidential. • Concern that highly sensitive business information not fall into public domain
or hands of competitors.
– Issues of legal privilege – are the rules regarding privilege similar or will divergent treatment of privileged materials lead to claims of waiver of that privilege by other jurisdictions?
– Scope of the investigation -- • A particular merger might raise different issues, in different relevant markets,
in different jurisdictions. Therefore, information presented to one authority might not be that useful to another authority that may be examining different markets.
– The use of the information provided.
• Waivers may not be necessary in all cases
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SHARING OF INFORMATION
COMPETITION COMMISSION SOUTH AFRICA
14/11/2013
CO-OPERATION ON MERGER
INVESTIGATTION
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Merger cooperation
• South Africa has engaged with:
1. SADC region such as Namibia, Botswana and Swaziland mainly informally.
2. Other agencies, e.g., EC, Brazil, ACCC – mainly used informal tools (no waivers).
• Tools used: formal and informal
• Waivers arranged by attorneys of the merging parties, e.g. we had a formal waiver with ACCC
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Cases in which SA cooperated with other agencies 2009 -2013
CASE AGENCY TOOL INFO SHARED
Nestlé and Pfizer EC
ACCC
Informal
Formal (waiver)
Exchange of vies on review of
transaction and possible
remedies.
Metropolitan and Momentum Swaziland,
Namibia
Informal
Informal - M0U
SA sharing the approach taken
on transaction.
DCD Dorbyl and EBH Namibia Informal SA sharing the approach taken
and possible remedies.
Wal-Mart and Massmart Brazil
Namibia
Informal
Informal - MOU
Public interest concern
specifically given issues raised by
union in SA.
Kansai and Freeworld Namibia Informal - MOU Sharing the possible remedies .
Clover SA and Nestle Water
Division of Nestle South Africa
Namibia Informal - MOU SA sharing the approach on
transaction.
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Why do we cooperate on the control of international mergers?
• To ascertain in which jurisdictions the transaction is notified or notifiable;
• To exchange views on the approach to investigations, theories of harm, evidence and possible remedies; and
• To enhance our understanding of the nature of markets also assist others on a common approach in defining markets.
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Conclusion
• Benefits:
1. Agencies can adopt similar approaches to market definition or theories of harm – to the extent that the market dynamics are similar.
2. It shortens the learning curve; and
3. It assists in reducing the time taken to complete the review.
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Chris Whitcombe (OFT)
Analytical assistance:
non-case related cooperation
ICN MWG Teleseminar on International
Cooperation in merger control
Investigations and information sharing
14 November 2013
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Modes of non-case cooperation
● Multi-lateral support
● ICN MWG teleseminars, meetings and work product
● Informal support mechanisms
● Bilateral meetings/seminars
● Supporting each other with requests for advice and training
● Relationship building among case teams
● Formal programmes of experienced agencies
supporting new agencies
● Memorandums of understanding
● Mentoring
● Aid agency funded
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IFUSE OFT-CCP Workshops
● Funding and support provided
by the UK’s Department for
International Development
IFUSE programme
● ICN MWG hypothetical case
and economic guidance used
● OFT workshops at the CCP on
the role of economists and
economic analysis in merger
control
● Idea raised between OFT and
CCP at ICN’s annual
conference in Brazil
See https://www.gov.uk/government/policies/helping-developing-countries-economies-to-grow/supporting-
pages/the-investment-facility-for-utilising-uk-specialist-expertise-ifuse
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● Support based on a new
agency's priorities in merger
analysis
● Scope to cover a wide range of
analytical issues in mergers
● Time to build in-depth capability
into specific areas of analysis
● Provides development
opportunities for staff at
established authorities
Benefits of non-case cooperation
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● Matching agencies together –
knowing who to partner with and
making that initial contact
● Financial costs
● Case team availability given case
work
● Other priorities of both
established and new agencies
Barriers to non-case cooperation
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● Promoting cooperation throughout
agencies from management to case
handlers
● Putting systems in place to support
cooperation
● Among agencies: conferences and long-term
partnerships between merger groups
● Within agencies: international teams and
mergers international liaison officers
● MWG work product and support
reduces workload for case teams
● Working with aid agencies and
NGAs to increase funding and
support
Overcoming the barriers
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International Mergers: Brazilian experience in the use of waivers
Paulo Burnier da Silveira
Head of International Unit
MWG teleseminar / 14 November 2013
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Introduction
• Recent experience
– New competition law
– Pre-merger control
• Challenge and opportunity – International cooperation
• Exchange of information – Non-confidential information
– Confidential information
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Waivers
• Benchmarking
– Sister agencies
– International organizations
• Adjustments – National provisions
– Language barriers
• Brazilian model of waiver – Bilingual (Portuguese/English)
– Advocacy for its use
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When to use waivers
• Parallel merger review – Assessment of related jurisdictions – Active: notification form or media clipping – Passive: sister agency
• Contact before waivers – Discussion of previous cases (i.e. same companies or markets) – General discussion of market conditions – General discussion of methodology used to relevant market definition
• Contact after waivers – Competition concerns – Market findings – Information provided by companies
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Recent experience
• Three ongoing cases
• Two concluded cases – Syniverse/Mach – Munksjö/Ahlstrom
• Importance of cooperation
– Source of information (number of competitors and clients)
– Assets in Europe
– Design of remedies
• Waivers
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Final remarks
• Waiver as powerful instrument
– Exchange of information
– Timing of investigations
– Coordination of remedies
• Positive outcomes – Faster review
– Consistency of findings/remedies
– Trust building relationship
• Agency/agency
• Agency/companies
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International cooperation as instrument of effective enforcement
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Using waivers
José Alexandre Buaiz Neto
14 November 2013
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Agenda
• New competition law in Brazil
• Perspectives
• Main concerns
• Potential issues
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New competition Act – effective since May 2012 • Change in merger review process. • Waiting periods and expeditious proceedings. • Negotiation of remedies. • Participation of third parties in the process.
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Perspectives • Useful in complex cases involving multiple jurisdictions. • Difficulties on aligning expectations. • Difficulties on aligning approach. • Waivers may be an important tool to authorities and to companies to expedite analysis of transactions and negotiation of remedies.
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Main Concerns • Confidentiality. • Potential delays or “excessive” analysis. • Third party interventions. • Alignment of arguments.
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Potential Issues • Open negotiation of terms – draft model is important, but some level of flexibility should be available. • Waiver of confidentiality – need to align different approaches to confidentiality. • Timing – need to align timing for review and negotiations.