’ S Merger Reformation of 2004 – the Value of Unofficial Prenotification Procedure in Successful Merger Management

This article examines in detail the European Commission’s main instrument in aiding the fluency of merger procedures, the Best Practices on the conduct of EC merger proceedings guideline, and portrays its positive effect on the regulatory transition phase of 2004, when the new EC Merger regulation 139/2004 came into force. Relevant background information concerning the legal context is provided in order to illustrate the anticipated hazards of the transition phase, which in retrospect never actualised. This paper seeks to answer how this scenario was avoided: What measures did the Directorate General for Competition take and as a result, what effect did this have on business communities’ freedoms and responsibilities. These conclusions are drawn from 2004’s statistical survey on European merger control. The Blackstone/Acetex case of 2004 is provided as a case study to demonstrate the potential complications of the official merger procedure and to emphasize the importance of a well-managed pre-notification procedure preceding the actual concentration. In addition, the Commission’s increased powers to issue fines are illustrated in the form its former decisions, where the concentrating parties neglected to comply with EC competition rules.