Algengar spurningar um samrunamál

What is fusion?

Samruni í skilningi samkeppnislaga telst hafa átt sér stað þegar breyting verður á yfirráðum til frambúðar í eftirtöldum fjórum tilvikum: 

• due to the merger of two or more companies or parts of companies that previously operated independently
• when a company takes over another company
• because one or more parties, who already have control of at least one undertaking, or one or more undertakings, acquire direct or indirect control, in whole or in part, over one or more additional undertakings by acquiring securities or assets, by contract or otherwise
• by establishing a company for a joint venture to permanently undertake all the activities of an independent economic unit

What is the purpose of merger control?

The takeover of one company by another, or a merger of companies, can lead to a reduction in existing competition, or it can even disappear completely. This can result in the creation of a company with a dominant market position, or even a monopoly. This can harm consumers through higher prices, a smaller choice of products and less innovation. By monitoring corporate mergers, it is possible to prevent harmful effects on competition.

Merger rules are therefore one of the cornerstones of competition law and play an important role in preventing the competitive structure of markets from being altered, through mergers or acquisitions, in a way that eliminates or restricts competition.

Do all company mergers need to be reported?

Tilkynningarskylda samrunaaðila verður virk þegar sameiginleg heildarvelta viðkomandi fyrirtækja er 2 milljarðar kr. eða meira á Íslandi og að minnsta kosti tvö af þeim fyrirtækjum sem aðild eiga að samrunanum hafa a.m.k. 200 millj. kr. ársveltu á Íslandi hvers um sig.

Samkeppniseftirlitið hefur þó heimild til að krefja samrunaaðila um tilkynningu um samrunann sem ekki uppfylla þessi skilyrði ef stofnunin telur að dregið geti umtalsvert úr virkri samkeppni og ef sameiginleg heildarvelta viðkomandi fyrirtækja er meiri en einn milljarður kr. á ári.

It is then permitted to notify a merger with a short notice if at least one of the conditions set out in points a to e of paragraph 6 of Article 17a is met. competition law, such as where the markets in which the effects of the merger are felt are not connected.

When can company mergers take effect?

A merger must be notified before it is implemented, but after an agreement for it has been made. A takeover bid or acquisition of control of an undertaking is publicly announced. A merger that falls under the provisions of competition law must not be implemented while the competition authority is reviewing it.

Samkeppniseftirlitið hefur 25 virka daga til athugunar á samkeppnislegum áhrifum samruna eftir að tilkynnt hefur verið um hann. Telji Samkeppniseftirlitið ástæðu til frekari rannsóknar á samkeppnislegum áhrifum samruna skal stofnunin tilkynna samrunaaðilum um það. Ákvörðun Samkeppniseftirlitsins um ógildingu eða setningu skilyrða samruna skal taka eigi síðar en 70 virkum dögum eftir að viðkomandi fyrirtækjum var send tilkynning um frekari rannsókn á samrunanum. Samruninn má ekki koma til framkvæmda á meðan slík rannsókn stendur yfir.

What should be included in a notification of a merger of companies?

Í samrunatilkynningu skal veita upplýsingar um samrunann, þau fyrirtæki sem honum tengjast, um viðkomandi markaði og um önnur nauðsynleg atriði við athugun á samkeppnislegum áhrifum samrunans. Í viðauka I í reglum Samkeppniseftirlitsins (pdf skjal – opnast í nýjum glugga) nr. 684/2008, um tilkynningu og málsmeðferð í samrunamálum, sem aðgengilegar eru á heimasíðu þess, eru nánar tilgreindar þær upplýsingar sem fram verða að koma í tilkynningu.

A shorter notice is permitted if one of the conditions from a to e of paragraph 6 of article 17a is met. competition law, svo sem ef þeir markaðir þar sem áhrifa samrunans gætir eru ekki tengdir. Í slíkum tilvikum þarf ekki að veita jafn víðtækar upplýsingar og þegar um hefðbundna samrunatilkynningu er að ræða og er tæmandi talning þeirra upplýsinga sem skulu fylgja styttri tilkynningu að finna í viðauka II í reglum Samkeppniseftirlitsins (pdf skjal – opnast í nýjum glugga) nr. 684/2008 on notification and procedure in merger matters.

In what circumstances are company mergers invalid?

All notified mergers are investigated by the Competition Authority to determine whether they will significantly impede competition in the market, or whether a dominant position will be created or strengthened. If this is not the case, the mergers are approved without intervention from the Authority.

However, if the Competition Authority considers that a merger hinders effective competition by creating a dominant position or by strengthening an existing one, or otherwise significantly distort competition in the market, the competition authority may annul the merger or impose conditions on it.

Í hvaða tilvikum er samrunum fyrirtækja sett skilyrði?

Although the Competition Authority believes that a notified merger could have an adverse effect on competition, such a merger may be approved with conditions that prevent its harmful effects. The Competition Authority then monitors compliance with these conditions and can take action if they are not met.