At present, more than 60 jurisdictions have premerger notification and review statutes on the books, and the number continues to grow. Virtually any significant transaction between companies with international operations is now, therefore, potentially subject to premerger notification and waiting period requirements in multiple jurisdictions. In many instances, the applicable jurisdictional thresholds are very low, subjecting transactions to onerous reporting and extended waiting period requirements whether or not the transaction has any significant impact in the jurisdictions concerned.
On June 25, 2003, the International Competition Network (ICN) adopted an initial set of "Recommended Practices for Merger Notification Procedures" directed at reducing the costs and burdens associated with what former U.S. Assistant Attorney General Charles James has aptly described as the "multijurisdictional merger thicket." Launched in October 2001, the ICN is an international organization
