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Author: Solomon Eskinazi Publisher: ISBN: Category : Consolidation and merger of corporations Languages : en Pages : 3
Book Description
On March 1, 2001, Jessica Gallinelli, managing director of Bancroft Capital Management, heard surprising and somewhat disturbing news about the proposed bid by General Electric Company (GE) for Honeywell International Inc. Despite recent public assurances about the deal from GE's chairman and chief executive officer (CEO), John F. "Jack" Welch Jr., the antitrust regulatory authority of the European Commission (EC) announced it had initiated a review of the proposed merger. Gallinelli, whose fund owned a large stake in Honeywell, considered this major development and wondered whether Bancroft should alter its investment. Immediately, Gallinelli instructed her associate to provide background material on the merger, an assessment of the probability the merger would be approved by antitrust regulators in the U.S. and Europe, and valuation analyses to assist Gallinelli in assessing Bancroft's investment in Honeywell. She would need to decide quickly whether to hold or sell her fund's 10 million shares in Honeywell and short position of 10 million shares in GE. As a risk arbitrageur, she thought prices would respond rapidly to the EC's announcement. She remembered Jack Welch's confidence of five months earlier that this was the "cleanest deal you'll ever see," and she wondered whether that was still the case.
Author: Solomon Eskinazi Publisher: ISBN: Category : Consolidation and merger of corporations Languages : en Pages : 3
Book Description
On March 1, 2001, Jessica Gallinelli, managing director of Bancroft Capital Management, heard surprising and somewhat disturbing news about the proposed bid by General Electric Company (GE) for Honeywell International Inc. Despite recent public assurances about the deal from GE's chairman and chief executive officer (CEO), John F. "Jack" Welch Jr., the antitrust regulatory authority of the European Commission (EC) announced it had initiated a review of the proposed merger. Gallinelli, whose fund owned a large stake in Honeywell, considered this major development and wondered whether Bancroft should alter its investment. Immediately, Gallinelli instructed her associate to provide background material on the merger, an assessment of the probability the merger would be approved by antitrust regulators in the U.S. and Europe, and valuation analyses to assist Gallinelli in assessing Bancroft's investment in Honeywell. She would need to decide quickly whether to hold or sell her fund's 10 million shares in Honeywell and short position of 10 million shares in GE. As a risk arbitrageur, she thought prices would respond rapidly to the EC's announcement. She remembered Jack Welch's confidence of five months earlier that this was the "cleanest deal you'll ever see," and she wondered whether that was still the case.
Author: Ariel Ezrachi Publisher: ISBN: Category : Languages : en Pages :
Book Description
On July 3, 2001, the European Commission prohibited General Electric's proposed forty-two billion dollar acquisition of Honeywell Inc. The Commission asserted that the merger would have severely reduce competition in the aerospace industry by combining the strong position of GE in aircraft engine markets with the similarly strong position of Honeywell in avionics and non-avionics systems.This decision adds to a string of high profile decisions taken by the Commission concerning multinational merges. The importance of the decision lies in the fact that it was the first case of the European Union blocking a merger already approved by U.S. authorities.The case highlights the risk and uncertainty undertakings and regulating authorities must face when operating in the global market. This article reviews the global progression of merger control regimes and highlights the way in which the multitude of jurisdictions affects undertakings. It describes the domestic jurisdiction's perspective in facing the global market and examines the different incentives that may lead it to cooperate with other competition jurisdictions. Finally, the article evaluates the U.S. and E.U. approaches towards co-operation, while analyzing their ability to address global happenings.
Author: American Bar Association. Section of Antitrust Law Publisher: American Bar Association ISBN: 9781590313732 Category : Business & Economics Languages : en Pages : 898
Book Description
A comprehensive review of U.S. substantive merger law, this book gives you indispensable guidance you can put into practice today.
Author: Dimitris Liakopoulos Publisher: GRIN Verlag ISBN: 3668599114 Category : Law Languages : en Pages : 389
Book Description
Document from the year 2017 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: A, , language: English, abstract: The major problem associated with the regulation of transnational mergers, which affect several national markets, is the allocation of jurisdiction. Each country concerned may wish to exert jurisdiction and apply its national competition law to regulate the anti-competitive effects a merger may have in its territory. However, this approach may lead to risks of inconsistent decisions regarding the legality of mergers. Indeed, the national competition laws applied by the regulating authorities may diverge in several aspects, which raise the likelihood of inconsistency. The authors advocates the creation of an international merger control framework (IMCF) for the regulation of transnational mergers. This framework will rest on an informal and a formal pillar. The former includes non-legally binding competition principles. Consistency of these principles with the concepts of legitimacy and efficiency, as well as the presence of peer reviews and assistance programmes, should lower the risk of non-implementation. The formal pillar includes bilateral cooperation agreements which apply to merger affecting the countries which have concluded the agreements. As essential pre-condition for the application of bilateral agreements, the level of cooperation achieved by such agreements should be at least equal to that ensured by the informal pillar. The last part of the study addresses and examines the long and complex processes in merger and acquisition (M&A) transactions. M&A arbitration faces certain difficulties during the transaction. Such difficulties the author seeks to underline. Two main problems of arbitration in M&A transactions, particullarly, have been covered. Firstly, the problem of consent in consolidation of parallel proceedings during M&A transactions, and, secondly parties' consent that validate arbitration agreements/clauses in “assignment” or “succession” after M&A transactions have been completed. The author also tries to clarify the content of consent of parties to a transaction. Finally, a criticism of parallel proceedings is enhanced.
Author: Solomon Eskinazi
Author: Solomon Eskinazi
Author: Ariel Ezrachi
Author: 
Author: 
Author: American Bar Association. Section of Antitrust Law
Author: Robert S. Schlossberg
Author: 
Author: Dimitris Liakopoulos
Author: American Bar Association
Author: United States. President