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DOJ’s revamped remedies manual champions role of divestiture over conduct commitments
25 September 2020 00:00
A revised merger-remedies manual published by the US Department of Justice is reverberating around the world, as the government agency’s antitrust chief, Makan Delrahim, puts forward rules that place divestitures — rather than conduct commitments — at center stage. The new guidelines will have direct consequences for dealmakers, who may now have to think twice before offering behavioral assurances over promises to simply sell off problematic assets. In Europe, meanwhile, LSE’s $27 billion deal to acquire financial-data company Refinitiv is set to put the European Commission’s regulatory acceptance of conduct commitments to the test.
A revised merger-remedies manual doubles down on antitrust chief Makan Delrahim’s strong preference for divestitures.
The LSE’s planned sale of Borsa Italiana probably won’t in itself be enough to secure EU approval for its purchase of financial data powerhouse Refinitiv.
James Panichi Senior Editor, Asia Pacific
James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the... Read more
Natalie McNelis Senior Correspondent
Natalie McNelis covers mergers for MLex in Brussels. Before joining MLex in 2017, she spent 20 years as an international trade and competition lawyer in law firms including Stibbe and WilmerHale. Natalie has a BA in English from Mount Holyoke College, a JD from Harvard Law School and an LLM in EU law from KU Leuven. She is admitted to the bar in New York.