Is there a public announcement that a notification has been filed?

Merger Control (3rd edition)

Chile Small Flag Chile

No, there is no public announcement that a notification has been filed. However, the resolution initiating the FNE’s investigation as well as the FNE’s decision is published on its website.

Turkey Small Flag Turkey

Once notified to the Authority, the “existence” of a transaction and notification will no longer be a confidential matter. The Authority will publish the notified transactions on its official website with the names of the parties and their areas of commercial activity. Moreover, the reasoned decision of the Board is also published on the Authority’s official website upon its finalisation.

The main legislation that regulates the protection of commercial information is Communiqué No. 2010/3 on Regulation of Right to Access to File and Protection of Commercial Secrets (Communiqué No. 2010/3). Communiqué No. 2010/3 puts the burden of identifying and justifying information or documents as commercial secrets on the undertakings. Therefore, undertakings must request confidentiality from the Board in writing and justify their reasons for the confidential nature of the information or documents that are requested to be treated as commercial secrets. While the Board can also ex officio evaluate the information or documents, the general rule is that information or documents that are not requested to be treated as confidential are accepted as not confidential. The reasoned decisions of the Board are published on the website of the Authority after confidential business information is redacted.

Moreover, under Article 25 of the Law No.4054, the Board and personnel of the Authority are bound with a legal obligation of not disclosing any trade secrets or confidential information which they have acknowledged during their service.

Denmark Small Flag Denmark

Once the parties have made a notification to the DCCA, a press release will be published on the DCCA’s website. Furthermore, a press release will be published on the DCCA’s website when a merger has been approved or prohibited.

Ireland Small Flag Ireland

The CCPC publishes a notice of the notification on its website within 7 working days of receipt of the notification and the filing fee. The notice sets out the date the notification was received, the parties and sectors involved in the transaction and details of the principal case handler for the matter.

Cyprus Small Flag Cyprus

The CPC publishes a description of the notification in the Official Gazette of the Republic and on its website, indicating the names of the participants, the nature of the concentration and the economic sectors involved. The CPC takes into account, as far as possible, the legitimate interest of the affected undertakings in the protection of their business secrets.

Italy Small Flag Italy

The ICA generally publishes a notice on its website providing a short description of the parties, the concentration and the relevant market(s) involved. The parties may submit a reasoned confidentiality request asking the ICA not to publicly disclose the above notice.

Norway Small Flag Norway

Yes, on the NCA's website.

Philippines Small Flag Philippines

Sec. 7, Rule 4 of the PCA IRR provides for the publication of a notification summary through the PCC’s website of certain information relating to the M&A subject of a compulsory notification. The notification summary shall contain:

(1) the name of the involved entities;

(2) the type of the transaction;

(3) the markets covered or lines of businesses by the proposed merger or acquisition; and

(4) the date when the complete notification was received.

Russia Small Flag Russia

Yes, the information regarding submission of the application is to be published on the website of FAS (www.fas.gov.ru) as a matter of law. However, in practice FAS does not always appear to fulfill this requirement.

France Small Flag France

Pursuant to Article L.430-4 of the Code, the FCA is required to publish a public summary of the notification within five working days after the formal notification is filed.

This public announcement is published on the FCA’s website and includes the identity of the parties, the nature of the merger, the economic sector concerned, the deadline within which third parties are invited to submit observations, and a non-confidential summary of the operation provided by the parties.

South Africa Small Flag South Africa

The Commission does not typically issue a public announcement relating to the notification of mergers. However, information is made publicly available on the Commission’s website on a quarterly basis in respect of mergers that have been notified to the Commission. Further, the Commission is required by law to publish, in the Government Gazette, reasons for the prohibition or conditional approval of intermediate mergers. In addition, the Commission publishes media statements in respect of significant decisions – these often summarise the Commission’s reasons for its decision (in the case of intermediate mergers) or the basis for the recommendation to the Tribunal (in the case of large mergers).

The Tribunal publishes its full reasons for approving or disallowing a merger in any given case. To the extent that information in respect of which confidentiality has been claimed is contained in the reasons, a non-confidential version is prepared for public consumption.

The Commission and the Tribunal both operate information websites which can be found at www.compcom.co.za (Commission) and www.comptrib.co.za (Tribunal).

United States Small Flag United States

Under the HSR Act, all information about the filing, including the fact of the filing itself, is kept confidential (except in limited instances of an administrative or judicial proceeding or by request of Congress). The only exception is grants of early termination. In these instances, the contents of the filings and the supporting documentation remain confidential and only the identity of the filing parties, the date of the grant of early termination, and the assigned transaction number are published in the Federal Register and on the FTC’s web site.

Switzerland Small Flag Switzerland

There is no direct public announcement that a notification has been filed, but the decision of the ComCo to open an investigation proceeding after the first phase is published in the Federal Gazette as well as in the Swiss Official Gazette of Commerce (SOGC). This publication contains name, domicile and business activities of the undertakings concerned and a brief description of the concentration.

Germany Small Flag Germany

The FCO regularly publishes all ongoing merger proceedings on its website.

Greece Small Flag Greece

The notification is subject to publication requirements, namely the publication of a summary of the notified concentration in a daily Greek financial newspaper which shall take place immediately following the notification and at the obligors’ cost. The text of this publication is immediately notified to the HCC and is published on the official website of the HCC.

Peru Small Flag Peru

No, according to Law No. 26876.

According to Bill No. 2634, INDECOPI must publicize the notified operation in the media.

Portugal Small Flag Portugal

A notice of the concentration, containing a brief description of the parties and a summary of the key elements of the transaction, is published in 2 major national newspapers (at the expense of the notifying party(ies)), and on the PCA’s website. The PCA must, within 5 business days of the notification becoming effective, provide for the publication of the notices.

Japan Small Flag Japan

The JFTC does not make a public announcement of the fact that a notification has been made during a Phase I review.

However, when the case goes to Phase II, the JFTC announces on its website that the proposed transaction is being reviewed and seeks public comments. The announcement normally just describes the parties and the relevant markets. The JFTC announces the result of a Phase II review on its website with certain redactions of business secrets.

The JFTC also publishes an annual report of major cases in the last fiscal year. These cases include the Phase II cases and important Phase I cases. The annual report of major cases includes details of the transaction and the JFTC’s analysis on substantive issues with certain redactions of business secrets.

The JFTC also publishes a list of notifications which have been cleared on its website every quarter. The list only includes formal information on the transaction such as names of the parties, the filing date, the type of qualifying transactions, and the clearance date.

India Small Flag India

Yes, upon filing of the merger notification, the CCI uploads on its website a summary of the combination. The Summary is required to be no more than 500 words and does not contain any confidential information.

As such, the summary comprises, (a) names of the parties to the combination; (b) the type of the combination; (c) the area of activity of the parties to the combination; and (d) the relevant market(s) to which the combination relates.

United Kingdom Small Flag United Kingdom

Once notified or after the CMA begins an investigation on its own initiative (in the case of an un-notified merger), the CMA will publish an invitation to comment to third parties. This occurs on the CMA's website and on the Stock Exchange Regulatory News Service, typically within a day or two of notification or the commencement of the CMA's investigation. The announcement is brief and contains the names of the parties to the transaction, the relevant industry sector, whether the merger has already completed and an indication of the CMA's review timetable.

EU Small Flag EU

High-level information about new notifications is published both on the Commission’s website and the EU Official Journal (which is also available online). In the Form CO, the Parties have to propose the language to be used for this purpose.

Pre-notification discussions are not made public and the Commission protects confidentiality of such discussions.

Updated: October 9, 2018