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HFW Briefing: Distressed Businesses and Merger Control
In the current economic climate many businesses may wish to negotiate rescues other than by State aid, for example through acquisitions, mergers, buyouts and/or emergency investments.
Equally, there may be opportunities for businesses to acquire competitors on more attractive terms than would be available in normal circumstances. Although there is no indication that merger control requirements will be relaxed by competition authorities, mechanisms exist in the merger control process which can facilitate the acquisition of interests in distressed businesses. These mechanisms can include requesting a derogation from an obligation to obtain prior clearance from a competition authority and invoking a failing firm defence.
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