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.
16 January 2020
Top 10 Employment Law Developments Of The Decade: Part 2
In the final installment of our two-part article, we conclude our countdown of the top U.S. labor and employment developments of the 2010s. This part covers the key developments from 2015 to 2019, and it concludes with our selection of the most important development of the decade.
13 January 2020
Getting the deal through: Joint Ventures 2020
In increasingly complex and connected global markets, joint ventures offer access to business and investment opportunities that may be less available to parties acting alone. New market entry, growing customer bases, sharing of capital expenditure or other costs, originating funding or investment,...
08 January 2020
Open Innovation: Data issues in innovation and collaborations
Businesses in every sector are under pressure to innovate to stay ahead of the competition. ‘’Open innovation’’ is a term that has come to describe innovation which extends beyond the traditional Research and Development department of a business and embraces a broader pool of talent and ideas...
08 January 2020
Open Innovation: Collaborate to Innovate
Innovation that happens in an "open" collaborative context – either internally or with external partners - can provide faster, better, more holistic results to accelerate innovation and improve competitive advantage, concludes our new report: Open Innovation: Collaborate to Innovate , based on "...
06 January 2020
Views on an evolving automotive industry: Responding to ESG-related scrutiny
The automotive industry is unquestionably evolving at considerable pace whether through advances in connectivity and autonomy in vehicles, developments in the way that consumers access and use vehicles or changes driven by the 'electric revolution'.
20 December 2019
Online harms and online safety: Is greater harmonisation on the horizon for Australia?
On 11 December 2019, the Government released a discussion paper on a proposed Online Safety Act (the Proposal ) for consultation. The Proposal comes only months after the adoption of the Criminal Code Amendment (Sharing of Abhorrent Violent Material) Act 2019 (Cth) (better known as the social media...
20 December 2019
New electricity network investments – there has to be a better way
For many years, electricity generators and retail business attracted much more attention than networks. That is changing as a bow wave of new network investment is demanded by the transition of the power system from large, baseload thermal plant providing strong system stability support to widely...
20 December 2019
ASIC consults on draft regulatory guide for design and distribution obligations
ASIC has released Consultation Paper 325 Product design and distribution obligations ( CP 325 ), on its proposals for guidance on the design and distribution obligations in Pt 7.8A of the Corporations Act 2001 (Cth) ( DDO ).
19 December 2019
The View from Brussels: Brexit - next steps and options to reconcile haste with ambition
Brexit now seems inevitable on 31 January 2020 but that is only the beginning of the process of defining a new relationship between the UK and the EU. Serious negotiations on that relationship will only start thereafter, hopefully as soon as February. In this View from Brussels, we look at how this...