合并救济中待剥离资产的选择

Choice of Assets to be Divested in Applying Merger Remedies

作为企业合并反垄断控制的重要内容,合并救济在维护市场有效竞争与维护企业发展之间进行平衡。资产剥离是最为重要的合并救济措施,待剥离资产的合理选择则是确保资产剥离成功实施的关键。从各国实践来看,执法部门基于个案情况在待剥离资产的界定上保有一定的灵活性,最受执法部门青睐的待剥离资产形式是既存的独立业务单位。

As an important component of the merger control regime, merger remedies are aimed at keeping the balance between maintaining effective market competition and fostering the development of enterprises. Divestiture is the most important means of merger remedies and the choice of assets to be divested is critical for the successful implementation of a divestiture plan. Jurisprudence in other jurisdictions shows that authorities usually keep certain degree of flexibility in delineating the assets to be divested on a case by case basis. The existing stand-alone business unit is the most favored form of divestiture assets.