Antitrust M&A Snapshot

In the United States, the 2020 is the most difficult year for the COVID-19, and in the past 20 years (M & Amp; amp; amp; a) in 2020. It turned out. In the fourth quarter, the South American department challenged five transactions. In November 2020, the number of orders on the monthly prefabricated was the largest since 2001. According to monitoring, the number of merger and ordering in the United States in the New Year maintains the highest level associated with the current financial history. An antitrust agency has continued to say that ant i-competitive damage and surveys remain serious and are not paid in unstable times.

In Europe, in the fourth quarter of 2020, the European Commission (EC) and the British Competition Market Bureau (CMA) played a fierce battle. EC has finished a certain number of surveys in the relationship with Fiat Chrysler / Peugeot. EC confirmed this position in action. Regarding political and legislative changes, the EC is a natural plan for the digital market law (Digital Markets Act) aimed at regulating the market behavior of larg e-scale online platforms that function as "gatekeepers" in the digital market. Was announced. In connection with the completion of the transition period for the withdrawal of the British CMA Union Euro, he announced an instruction to explain how it will be implemented after Brexit.

October - December 2020 Update

United States

Despite the initial obstacle by the Pandemic COVID-19, 2020 was the toughest year for about 20 years for the United States' law execution and acquisition (M & AMP; AMP; AP ;; A). In the fourth quarter, the South American department challenged five transactions. In November 2020, the largest monthly prefabricated order had been received since 2001. According to monitoring, the number of merger and ordering in the United States in the New Year maintains the highest level associated with the current financial history. An antitrust agency continues to say that ant i-competitive damage and surveys are still serious and are not paid in unstable times. < SPAN> In the United States, the most difficult year for the past 20 years in 2020, without paying attention to the first obstacle due to the COVID-19 trend, in 2020 for the past 20 years. It turned out to be. In the fourth quarter, the South American department challenged five transactions. In November 2020, the number of orders on the monthly prefabricated was the largest since 2001. According to monitoring, the number of merger and ordering in the United States in the New Year maintains the highest level associated with the current financial history. An antitrust agency has continued to say that ant i-competitive damage and surveys remain serious and are not paid in unstable times.

Europe

In Europe, in the fourth quarter of 2020, the European Commission (EC) and the British Competition Market Bureau (CMA) played a fierce battle. EC has finished a certain number of surveys in the relationship with Fiat Chrysler / Peugeot. EC confirmed this position in action. Regarding political and legislative changes, the EC is a natural plan for the digital market law (Digital Markets Act) aimed at regulating the market behavior of larg e-scale online platforms that function as "gatekeepers" in the digital market. Was announced. In connection with the completion of the transition period for the withdrawal of the British CMA Union Euro, he announced an instruction to explain how it will be implemented after Brexit.

Snapshot of Events

United States

• In Europe, in the fourth quarter of 2020, the European Commission (EC) and the British Competition Market Bureau (CMA) played a fierce battle. EC has finished a certain number of surveys in the relationship with Fiat Chrysler / Peugeot. EC confirmed this position in action. Regarding political and legislative changes, the EC is a natural plan for the digital market law (Digital Markets Act) aimed at regulating the market behavior of larg e-scale online platforms that function as "gatekeepers" in the digital market. Was announced. In connection with the completion of the transition period for the withdrawal of the British CMA Union Euro, he announced an instruction to explain how it will be implemented after Brexit.
• The European Commission (EC) and the English Competition Market Bureau (CMA) showed violent movements in the last quarter of 2020. EC has completed a certain number of investigations in the relationship with Fiat Chrysler / Peugeot. EC confirmed this position by behavioral measures. Regarding political and legal changes, the EC is a natural plan for the Digital Markets Act (Digital Markets Act) aimed at regulating the market behavior of larg e-scale online platforms, which function as "gatekeepers" in the digital market. It was announced. In relation to the completion of the migration period due to the withdrawal of the EU Euro in the UK, CMA has announced an instruction explanation of how to proceed with its own blegjit.
• The record of the number of merger orders in the quarter of the IV shows that it will return to a normal state in November 2020, and there are 424 ant i-regional orders under the antitrust law of the Heart Scott Rodino (HSR). It is 67 % more than November 2019 (254), and has been the largest order since November 2001, according to information on the US Federal Trade Commission (FTC). A similar bold increase continued during the early returns caused by Pandemia COVID-19. A few months have passed since Pandemic's retreat of national finances, and traders have begun to resume M & Amp; A energy and have begun to revive.
• The United States BTC and the Ministry of Justice have opposed and blocked many BTC transactions, and the US Department of Justice (DOJ) has a fairly functional judicial practice, and five transactions are being contested in court this term. 。 The parties have abandoned four of these transactions and submitted a claim.

Europe

• BTC issued a statement for the enforcement of vertical merger, following the adoption of the office in June 2020 in December 2020, the members of the BTC Committee were in the vertical merger introduced in June 2020. It suggested a defeated observation due to party symptoms. This statement guarantees the excessive permeability of the vertical merger implemented by the BTC. Democratic members opposed the statement, warned the bazaar for this for trust, to strengthen their observation, and expressed concern about the effectiveness of behavioral defense. Republican members have defended their statements as an antitrust-as a clear idea that the authorities consider vertical merger. With the birth of the Biden administration, the majority of the FTC Committee will be the Democratic Party. In this way, the company will keep pace with precautionary measures to trust new comments and advice before new management.
• On December 1, 2020, the HSR rules and interpretation proposals to implement the HSR method were notified, and BTC proposed to introduce a configuration for HSR standards and interpretations. The proposed configuration reflects the r e-evaluation of the HSR rules in the past 30 years. In this notification, two configurations for HSR standards are proposed: (1) The organization that operates a general management is part of the first "person". In fact, since the acquisition between these organizations is required, the number of documents submitted increases, and the provisions submitted to the HSR require a fairly wide range of information. (2) Purchase of voting rights of 10 % or more of the publisher is not subject to tax if the acquisition does not include competition with the publisher. The proposed criteria are subject to public comments before the European Commission concludes the final approval.
• In October of the COVID-19 Pandemic over-concentration, the Margreta Westager Competition Committee member announced that the EC was effectively waiting for a branch integration by Pandemic COVID-19. As a result, EC wants to consider M & Amp; A, which leads to unnecessary concentration and negative actions among EU companies and buyers. Westagers still approved the EC plan to strictly interpret the defends of "excess of debt" if they wanted to acquire a weaker competitors.

SNAPSHOT OF SELECTED ENFORCEMENT ACTIONS*

United States (Time from Signing to Consent or Investigation Closing)

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Europe (Time from Signing to Clearance)

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Significant US Trials

England CMA announced Brexit's instructions on BREXIT CMA has announced auxiliary instructions to explain how to start trading analysis after the transition period related to England's withdrawal from the euro. Since January 1, 2021, CMA has become an autonomous regulatory authority and is responsible for cracking down on the merger of projects that have been EC. CMA has a new branch in the domestic market (OIM) and the digital market. OIM will conduct discussions with arbitrary experts about the financial impact of the proposed regulatory measures to Bazaar in England, monitor the status, functions, and formation of the England market. Submit. Since April 2021, the digital market bureau will work closely with other regulatory authorities to create rules to control larg e-scale digital platform behavior. The bureau continues to suspend the right, block, delay the right of the major platform providers, and to impose financial sanctions on violations.	*These charts and detailed reports are not considered an absolute list of all cases or other judicial jurisdictions. Several things about the company's buyers are not integrated in this report.	Parties	Secretariat	Court	Market/ design (as the agency claims)
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universe	{universe}	Jefferson Health/ Einstein Healthcare Network	FTC / Pencil Vannia President General Manager

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Space} FTC Administrative Appeals / Pennsylvania Eastern District USA Court

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Significant US Consent Orders / Investigations Closing with Agency Statements

In early December, the Federal District Court rejected the BTC's provisional suspension application. The Federal District Court has said that collapse is unlikely to lead to a decline in competition in the Philadelphia region. The Federal District Court said that the proposed BTC market was targeting the patient's preference earlier than the legal ability to create a network without creating a medical agency.	Will this link an end to fierce competition between the two, which brought the price reduction and improving the quality of service?	client	task	*These charts and detailed reports are not considered an absolute list of all cases or other judicial jurisdictions. Several things about the company's buyers are not integrated in this report.	Signing of consent	Secretariat
Client Foreign	{space}	Pfizer Up John Team	My Run N.	According to the proposal for a generic drug acquisition, the number of available suppliers has decreased from five companies (or below), and the future competition in the three generic drug markets has decreased from three to two (or less. ) According to the acquisition proposal, the future competition in the three generic drug market has decreased from three to two (or less.	15 months

overview

Significant European Clearance Decisions

In early December, the Federal District Court rejected the BTC's provisional suspension application. The Federal District Court has said that collapse is unlikely to lead to a decline in competition in the Philadelphia region. The Federal District Court said that the proposed BTC market was targeting the patient's preference earlier than the legal ability to create a network without creating a medical agency.	Will this link an end to fierce competition between the two, which brought the price reduction and improving the quality of service?	client	task	*These charts and detailed reports are not considered an absolute list of all cases or other judicial jurisdictions. Several things about the company's buyers are not integrated in this report.	Signing of consent	Secretariat
Client Foreign
{side}	{side}	PPF Group NV (PPF)	Central Europe Media Company (CME)	EC	{Summary}

January

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overview

Significant Challenged or Abandoned Transactions

In early December, the Federal District Court rejected the BTC's provisional suspension application. The Federal District Court has said that collapse is unlikely to lead to a decline in competition in the Philadelphia region. The Federal District Court said that the proposed BTC market was targeting the patient's preference earlier than the legal ability to create a network without creating a medical agency.	Will this link an end to fierce competition between the two, which brought the price reduction and improving the quality of service?	client	*These charts and detailed reports are not considered an absolute list of all cases or other judicial jurisdictions. Several things about the company's buyers are not integrated in this report.	Signing of consent
Space} observation
universe	universe	visa	Poster	Online payment / debt service

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overview