The devil is in the details: transaction value draft guidelines
Author: Dieter Hauck
In 2017 Austria and Germany implemented an additional merger threshold to catch cases that fall below existing turnover thresholds but where the consideration for the transaction exceeds €200 million (Austria) or €400 million (Germany), respectively, and the target is active in the respective country to a significant extent.(1) The first cases and legal discussions have shown that there is considerable uncertainty regarding the application of these rules. The legislators do not appear to have fully considered all of the issues and consequences. However, the Austrian Federal Competition Authority(2) and the German Federal Cartel Office(3) have now published joint draft guidelines on the application of the new, short but nonetheless quite difficult piece of legislation. The draft guidelines are available on the competition authorities' websites and are open for consultation until June 8 2018. English versions are also available. The draft guidelines reflect the opinions of the authorities and cannot bind national courts that may have to rule on individual transactions.
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