Merger control ubiquitous in Australia and abroad

Introduction

Obtaining competition law clearance for mergers, acquisitions and joint ventures is now pervasive across the globe. Almost every jurisdiction now has a merger control notification regime and harsh consequences can flow if clearance is not obtained before a transaction closes.

From a regulatory perspective, significant financial penalties can be imposed for failure to file and completed transactions can even be wound back.

From a commercial perspective, filing requirements affect bid strength, including the necessity of including conditions precedent on the subject. It can also create deal risk should completion be delayed while a regulator (or regulators) deliberate or, indeed, where they block it.