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• W36102542 abstract "Recent actions by the European Commission, including its role in Nestle's takeover bid for Perrier, break new ground in the enforcement of EC competition law. They are also a sign of times. Competition policy in Europe is beginning to bite, and it will get more and more complicated to win the Commission's approval for mergers and acquisitions. Indeed, between 1986 and 1990 the Commission almost tripled the number of competition cases under review. It now really means business, and is not just tilting at windmills. Moreover, this new seriousness applies not only to EC-based companies, but to any company doing in the Community. For example, even US and Japanese companies trading with, producing in, and/or maintaining sales offices is just one Member State are subject to Community regulations for all of their activities in the EC. And as of January 1, 1993, EC competition law will be applied in all seven EFTA countries as well. Further, the strongest of the new market economies in Eastern Europe -- Czechoslovakia, Hungary, and Poland -- have also agreed to adopt EC antitrust principles. The bottom line is that more rigorous enforcement of competition policy is here to stay. Despite abundant evidence to the contrary, the myth is still widespread that such policy is less influential and stringent in Europe than in the United States. But the reality is that the Commission -- and particularly its competition arm, Directorate General IV (DG IV) -- has begun both to extend the scope of its power in these areas and to enforce antitrust law with greater discipline and sophistication. What this means for corporations is that formerly acceptable behavior will, in many instances, no longer go unchallenged. If they continue with business as usual, many CEOs could find themselves unprepared -- strategically, operationally, and/or legally. And with fines for infractions amounting to as much as 10 percent of a company's consolidated worldwide turnover, ignoring these new realities could prove very costly. This calls, of course, for obtaining sound legal advice. But it also calls for top-level rethinking of strategic and operational issues. CEOs can exert a significant influence over this new environment in three important ways: * By understanding their company's position within the large at the heart of European competition policy. * By recognizing that the competition policy game is increasingly defined by strategic and economic rules and that the Commission is not the only player. * By moving preemptively to reduce risk and turn competition policy to their own advantage. Spotlight the Let us briefly recap the situation. Essentially, there are four main legal pillars to the competition policy against which corporate practices will be judged: (1) agreements and cartels (including price fixing, market sharing, and information exchange among competitors); (2) abuse of position (including price distortions, as well as discriminatory conditions for and/or unjustified refusal to supply customers); (3) merger control and acquisitions (including concentration-producing joint ventures); and (4) state aid (including subsidies, grants, loans, and tax concessions). The important things to remember here is that the policy is not set in cement. It's a delicate, complex, and still-changing web woven from both EC law and the competition policies of the various Member States, each with its own heritage of antitrust legislation and more-or-less rigorous implementation of EC law. (This is one reason why operations in, say, France don't come up against exactly the same constraints as those in the United Kingdom.) The broad grey zone that lies at the heart of this policy (see the Exhibit) is especially important in Europe because there's still no full codification of the fine line between accepted and forbidden practices -- particularly on issues like the abuse of dominant position by one or more players or the definition of product and geographic markets. …" @default.
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• W36102542 date "1992-06-22" @default.
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• W36102542 title "Memo to a CEO: Competition Policy in Europe" @default.
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