Mergers in the Global Markets: A Comparative Approach to the Competition and National Security Laws among the US, EU, and China

Acknowledgements
Contents
Abbreviations
List of Figures
List of Cited Cases
Part I Mergers and Acquisitions Policies and Approaches
1 Overview of Mergers and Acquisitions
	1.1 General
	1.2 Methods of Business Combination
	1.3 Motives for Acquisitions
	1.4 Acquisitions and Growth
	1.5 Financial Analysis
	1.6 Accounting for Mergers
	1.7 Merger Negotiation and Due Diligence
	1.8 Financing the Deal
	1.9 Post-merger Integration
	1.10 Cultural Issues in Cross-Border M&A
2 Economic Effects of Antitrust Laws on Mergers and Acquisitions
	2.1 General
	2.2 Antitrust Law Objectives
	2.3 Competition Laws and Market Efficiency
		2.3.1 Efficiency Assessment in the European Union
		2.3.2 Competition and Market Efficiency in the United States
		2.3.3 Competition and Market Efficiency in China
	2.4 Competition Laws and Consumer Welfare
		2.4.1 Competition Laws and Consumer Welfare in the EU
		2.4.2 Competition Laws and Consumer Welfare in the United States
		2.4.3 Competition Laws and Consumer Welfare in China
	2.5 The Economic Effects of Competition on Mergers and Acquisitions
		2.5.1 Decline in Enforcement
		2.5.2 The Reasons for the Decline
		2.5.3 The Pursuit of an Uncertain Goal
		2.5.4 The Unfitness of the Welfare Protection Standard
	2.6 The Harmfulness of Some Currently Approved M&A
	2.7 Raise of Concentration
Part II The Competition and National Security Reviews
3 M&A Policies Review Under the Competition and National Security Laws in the United States
	3.1 General
		3.1.1 The Sherman Act of 1890
		3.1.2 The Clayton Act of 1914
		3.1.3 The Cellar–Kefauver Act of 1950
		3.1.4 The Scott–Hard–Rodino Improvement Act of 1982
		3.1.5 The Federal Trade Commission Act
		3.1.6 The Foreign Trade Antitrust Improvements Act
		3.1.7 The Department of Justice (DOJ) Antitrust Enforcement Unit
	3.2 FTC–DOJ Procedure
	3.3 Remedies
	3.4 M&A Review Under National Security Laws in the United States
		3.4.1 The National Defense Act of 1950 (as Amended)
		3.4.2 The Committee on Foreign Investment in the United States
		3.4.3 The Exon–Florio Amendment to the Defense Production Act
		3.4.4 The Homeland Security Act of 2002
		3.4.5 The Foreign Investment and National Security Act of 2007
		3.4.6 The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)
	3.5 CFIUS Composition and Mandates
	3.6 CFIUS Review and Investigation
	3.7 Appealing the CFIUS Review Process
	3.8 CFIUS Case Study
		3.8.1 Mamco Manufacturing
		3.8.2 CNOOC and Unocal
		3.8.3 The German–US Aixtron Case
4 M&A Policies Review Under the Competition Laws in the European Union
	4.1 General
	4.2 EU Core Competition Laws
	4.3 The Notification Procedure
		4.3.1 Breach of the Standstill Obligation
		4.3.2 Exception to the Standstill Obligation
	4.4 Commission Examination
		4.4.1 Relevant Geographic Market
		4.4.2 Countervailing Buyer Power
		4.4.3 Efficiencies
		4.4.4 Entry
		4.4.5 Failing Firm
	4.5 Vertical and Conglomerate Mergers
		4.5.1 Vertical Mergers
		4.5.2 Conglomerate Mergers
	4.6 Remedies
	4.7 M&A Review Under National Security Laws in the EU
		4.7.1 EUMR Approved Cases Under the National Security Concerns
		4.7.2 National Security Interests in the UK
			4.7.2.1 Types of National Interests
			4.7.2.2 Procedures in National Interests
			4.7.2.3 Decision of the Secretary of State
		4.7.3 National Security in Germany
			4.7.3.1 The Review Process
		4.7.4 National Security in France
			4.7.4.1 The Review Process
		4.7.5 National Security in Italy
			4.7.5.1 Procedure
			4.7.5.2 Case Study: 50/50 Joint Venture (H3G) Between CK Hutchison Holdings (a Listed Hong Kong-Based Conglomerate) and VimpelCom Ltd.
		4.7.6 National Security in the Netherlands
			4.7.6.1 Procedure
	4.8 Europe and the UK Case Study: BAE and Finmeccanica
5 M&A Policies Review Under the Competition and National Security Laws in China
	5.1 General
	5.2 Anti-competitive Monopoly
		5.2.1 Exemption to Prohibitions
	5.3 Abuse of Dominant Position
		5.3.1 The Chlorpheniramine API Case
		5.3.2 The Qualcomm Case
		5.3.3 The Mercedes-Benz and Dongfeng Nissan Case
	5.4 Concentration of Undertakings
	5.5 Abuse of Administrative Power to Eliminate or Restrict Competition
	5.6 Investigation into Suspected Monopolistic Conducts
	5.7 The Simplified Procedure
	5.8 Notification Threshold
	5.9 Gun-Jumping/Failure to Notify
	5.10 Legal Liabilities
		5.10.1 General Liabilities
		5.10.2 Specific Remedies
	5.11 M&A Review Under the National Security Laws in China
		5.11.1 National Security Concept in China
		5.11.2 The Review Process
		5.11.3 Blocked Deals in China
Part III Global Enforcement and Co-operation
6 Extraterritorial Competence of the United States, the EU, and China Competition Laws
	6.1 General
	6.2 Extraterritorial Competence of the U.S. Competition Laws
		6.2.1 The Assertion of U.S. Extraterritorial Effects Over Time
		6.2.2 U.S. Guidelines Under the U.S. Antitrust Laws
		6.2.3 U.S. Extraterritorial Cases
			6.2.3.1 The Ciba-Geigy and Sandoz Case
			6.2.3.2 The Motorola Mobility LLC Case
	6.3 Extraterritorial Competence of the EU Competition Laws
		6.3.1 The Enforcement Tools of Extraterritoriality
		6.3.2 EU Extraterritorial Cases
			6.3.2.1 The Chemical Industries Case
			6.3.2.2 The Wood Pulp Case
			6.3.2.3 Gencor Ltd. v. Commission
			6.3.2.4 Boeing McDonnell Douglas
			6.3.2.5 Google/Motorola
			6.3.2.6 General Electric/Honeywell
	6.4 Extraterritorial Competence of China’s AML
		6.4.1 The Enforcement Tools of Extraterritoriality
		6.4.2 China Extraterritorial Cases
			6.4.2.1 The Silvinit/Uralkali Case
			6.4.2.2 The Savio Macchine Tessili S.P.A Case
			6.4.2.3 The GE–Shenhua Case
			6.4.2.4 The Seagate/Samsung Case
7 Cooperation Among the Three Jurisdictions
	7.1 General
	7.2 Reasons of the Disagreements
	7.3 International Anti-Trust Cooperation
		7.3.1 Bilateral Cooperation
		7.3.2 The Exchange of Information
		7.3.3 Enforcement of International Comity
	7.4 The Search for an International Institution
		7.4.1 The OECD
		7.4.2 The WTO
		7.4.3 The UNCTDA
		7.4.4 The International Competition Network
Glossary
Bibliography
Index