The EU and US competition authorities have adopted a set of Best Practice Guidelines on Co-operation when reviewing mergers which require approval on both sides of the Atlantic. The Guidelines put in place a more structured basis for co-operation, building on current informal practices as well as on the EU-US 1991 Antitrust Co-operation Agreement.
The number of transactions which are subject to scrutiny on both sides of the Atlantic has increased over the last few years, and the controversial Commission decision in GE/Honeywell in particular, has prompted the authorities to formalise and align their procedural practices with a view to minimising the risk of divergent outcomes. The Guidelines focus in particular on the issues of timetable, collection and evaluation of evidence, communication between the authorities and remedies.
