合并规制“破产公司抗辩”原则的应用及启示——以英国Kingfisher及Stericycle公司收购案为例

Application and Inspiration of Failing Firm Defense in Merger Control: Based on Kingfisher Acquisition of 30 Former Focus Stores and Stericycle Acquisition of SRCL in UK

合并是濒临破产公司的一条重生之路,但这可能会涉嫌垄断。以英国Kingfisher及Stericycle公司收购案为例,本文探讨反垄断机构如何运用"破产公司抗辩"原则进行合并审查,从而明晰"破产公司抗辩"实施的要点。结论是反垄断法应当增加加速程序的相应规定;对以破产抗辩为理由提出的合并申请,应评估导致一家公司濒临倒闭的真实原因,避免一方恶意竞争导致另一方陷入危机,再以破产公司抗辩为理由而成功购并其竞争对手,最终弱化市场竞争,损害消费者利益。

Merger is a path of recovery for failing companies but it might be alleged monopoly. This paper researches how anti-trust organizations regulate merger with Failing Firm Defense based on the cases of acquisitions of UK Kingfisher and Stericy-cle. Thus this paper puts forward the application rules of Failing Firm Defense that on one side antitrust law should add speed-ing process;on the other side aiming failing firm defense antitrust authority should assess the real reasons that lead to failing, preventing purchasers intend to plunges acquired firms into debt by malicious competition which will weaken competition and consumer interests.