12 May 2020
Full Federal Court dismisses ACCC’s appeal against Pacific National’s intermodal terminal acquisition
The Full Federal Court has dismissed the ACCC’s appeal in respect of its case against Pacific National and Aurizon. 1 In dismissing the ACCC’s appeal, the Full Federal Court confirmed the test to be applied when assessing whether a firm’s conduct will be likely to have the effect of substantially...
23 April 2020
COVID-19: Pressure points: CMA guidance on merger assessment during the COVID-19 pandemic (UK)
The Competition and Markets Authority (CMA) has published guidance on its approach to merger control during the COVID-19 pandemic. The guidance deals with procedural issues as well as substantive assessment, and makes it clear that on the whole the CMA’s approach remains one of ‘business as usual...
25 September 2019
Record £250,000 fine imposed by the CMA on Paypal for integration activities during merger review process
On 24 September 2019 the UK Competition and Markets Authority (CMA) imposed its largest ever fine for a single breach of an interim enforcement order (IEO) on Paypal, in the context of its acquisition of iZettle. IEOs are now routinely imposed in almost all completed mergers investigated by the CMA...
29 May 2019
ACCC case theory terminal
Update: On 27 June 2019, the ACCC announced that it has lodged an appeal to the Full Federal Court against the Federal Court’s decision. The ACCC stated that its appeal will focus on the ability of courts to accept undertakings given the ACCC’s concerns about the ability of access undertakings to...
18 February 2019
ACCC succeeds in first merger ‘gun-jumping’ cartel prosecution
On 13 February 2019 the Federal Court ordered Cryosite Limited to pay $1.05 million in penalties for engaging in ‘gun jumping’ cartel conduct in its asset sale agreement with Cell Care Australia. The modest fine reflected the (relatively small) scale of the business concerned and their cooperation...
09 July 2018
Comments on UK proposal for the future relationship with the EU
Last Friday, 6 July, it was understood that the UK Cabinet had finally united around a UK position on the desired future relationship with the EU. However, it now remains to be seen if the proposal survives the protests of “betrayal” heard from some quarters and the resignations of the Secretary of...
09 July 2018
Key questions for General Counsels dealing with global investment decisions
Recent years have seen global shifts in both policy frameworks for screening inward foreign direct investment (FDI) and the way in which those frameworks are applied. The result is a more uncertain environment for foreign investment, which parties to a transaction will have to consider how to...
03 May 2018
Altice fined €124.5 million for gun-jumping conduct
The EU Commission has imposed a fine of €124.5 million on Altice, a multinational cable and telecoms company, for having implemented its acquisition of Portuguese telecoms operator PT Portugal prior to notifying the transaction and receiving clearance under the EU Merger Regulation (EUMR), so-...
17 November 2017
Herbert Smith Freehills acts for Tabcorp in second successful authorisation application to acquire Tatts
The Australian Competition Tribunal has today granted authorisation to Tabcorp Holdings Limited, represented by Herbert Smith Freehills, to acquire the shares in Tatts Group Limited as part of its AU$11 billion merger with Tatts.
18 October 2017
UK Government consults on proposals to expand national security review of foreign investments beyond current merger control regime
On 17 October 2017 the Department for Business, Energy & Industrial Strategy ( BEIS ) published its long-awaited Green Paper National Security and Infrastructure Investment Review for consultation. The Green Paper contains proposals to extend the UK merger control public interest intervention...
19 May 2017
European Commission gets tough on violations of the EU merger control rules – Facebook fined €110m for providing misleading information and Altice faced with gun-jumping charges
On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook's acquisition of WhatsApp under the EU merger regulation ( EUMR ). On the same day, the Commission issued a...
19 December 2016
“Tell him he’s dreamin’!” - Court declines to approve shareholder-approved scheme of arrangement
In a recent decision, the Supreme Court of Queensland has declined to approve a novel scheme of arrangement, despite it being approved by the requisite statutory majority. In this article, we consider the issues explored by the decision.
07 December 2022
The Australian Government passes Secure Jobs, Better Pay Act 2022: What it means for your business
On 2 December 2022, the landmark Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 (Bill) passed both houses of Parliament. On 6 December 2022, the Bill received royal assent and became the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Act).
07 December 2022
Hiswara Bunjamin & Tandjung advises on eighth successful toll road transaction in three years
Leading Indonesian law firm Hiswara Bunjamin & Tandjung , in association with Herbert Smith Freehills , has advised Hong Kong-listed Road King Infrastructure Limited (HKEX: 1098) on its successful acquisition of a minority interest in the Semarang-Batang section of the Trans Java Toll Road with...
06 December 2022
Red card or fair play? Ambush marketing back in the news as FIFA World Cup kicks off
Ambush marketing can be an impactful, but legally risky, advertising strategy. Businesses that are the subject of, or otherwise engaging in, ambush marketing should consider potential infringement of the target brand’s intellectual property rights.