Merger control is critical to the success of any M&A transaction.
We work with clients to devise their merger strategy, combining commercial, legal and often political considerations to maximise the chance of a successful outcome. We will:
- deliver no-nonsense advice on antitrust risk at the outset of a deal
- work with other key advisers to ensure antitrust aspects of the transaction are integrated into the deal and public affairs strategy
- co-ordinate and make notifications to the regulatory authorities around the globe, ensuring a consistent and coherent approach
- gather evidence, identify arguments and deploy advocacy skills to achieve clearance
- propose, negotiate and implement solutions, where required
Similarly, where clients’ commercial interests may be adversely affected by a merger between competitors, suppliers or customers, clients can rely on us to give realistic advice, focus their competition arguments and advocate their case effectively to competition authorities.
Recent transactions include advising:
- Rio Tinto on the global antitrust proceedings in connection with its defence of the USD170bn hostile takeover bid by BHP Billiton plc, at the time of its announcement the second largest takeover bid in history and subject to detailed antitrust scrutiny around the globe including in the EU, Australia, South Africa, Canada, the US, Japan, Korea and China
- Johnson & Johnson in relation to its acquisition of Pfizer Consumer Healthcare which involved obtaining merger clearances in over 10 jurisdictions including the EU, Australia, Japan and China
- Aer Lingus on the antitrust defence of Ryanair's hostile takeover bid, resulting in a rare prohibition by the European Commission, and subsequent proceedings regarding Ryanair’s minority stake
- Suez on the European Commission’s in-depth investigation into its merger with Gaz de France, which was conditionally cleared with the parties agreeing to a package of remedies
