Saturday, November 5, 2011

Voices of finance: competition lawyer in mergers and acquisitions | Joris Luyendijk

3:03 PM | Posted by Free Game Zone | | Edit Post

Bored is good, for lawyers. Sell ??reliability, robustness and prudence. We want our presentation to reflect that "

We meet at a restaurant called L'Anima - a soberly furnished near Exchange Square, one of the largest conglomerates in the town office. He is a lawyer in his 30s, dressed conservatively, who speaks with a joy that seems half ironic. The menu Anima L ', with holders of about 20 pounds, makes him laugh. "Look, all these culinary terms explained in a separate column in the definitions of security that is also a lawyer-like. Large contracts usually start with definitions. "Order of fish, water and gas." It's lunch, I still want to do some work this afternoon. "

the question of how to describe so that readers get an idea of ??his work, however, to protect their anonymity, explains why it is difficult: "You may think that a lot of lawyers what is the chance for me to be recognized. In fact, there are all these areas of specialization, and many of these areas are perhaps a handful of lawyers. So keep things a little vague. performed legal services to clients involved in the process of buying or selling companies, the world of mergers and acquisitions call.

"Buying or selling a business is a complicated process, consider a long chain with lots and lots of small steps and links at one time or another, teams of lawyers to participate, by the. seller, potential buyers, the investment bank that oversees the process, banks that lend money to buyers ... they need to work with the tax structures, accountability, the architecture of each bond or other instrument that the loan [to buy a company has to borrow money from investors who each may have different needs and requirements] . A large number of boxes must be marked, such as tax law, environmental law, employment law, labor law, competition, the Pension Act ...

  • "I was hired to check the competition or antitrust law. I need to ensure that if company A buys company B, the authorities do not block the case for fear that Company A too large. market share is often simply a series of technical measures, for example, if a group of financial investors buying oil company, there is no "coincidence" -.. the term of art among professionals, but if a company to buy oil ... yes, you have a more complicated case, and my work becomes more interesting, sometimes need to hire a consulting firm Economists Basically, what it does is asked, can you help me come up with arguments for the case where the merger is not a threat to healthy competition
  • "Then the documents of" submission "to the competition authorities in the hope that his case is convincing enough and eventually you normally get what is called" clearance ". It is also possible that your case is not strong enough and the competition authorities require a "cure" often sell a part of the business that the customer buys. In a merger of the supermarket, for example, the purchaser may for having to sell a number of stores in overlapping areas "to obtain approval. In the worst case, the agreement is "blocked" by the competition authorities and the purchase can not continue.
"Buyers are usually companies interested in working in advance how long you can expect to get permission from their offers. The reason is that in most cases can not be "close" the agreement after the removal was obtained. Sellers of a company want to know in advance what a prospective buyer the best chance to reach decision clearance quickly.


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