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Wednesday 19 February 2020 - University College London SPONSORS MEDIA SPONSORS +200 registrations DG COMP Linklaters LexisNexis Financial Conduct Authority Mattos Filho Advogados MLex 34 General Court of the EU Merilampi Attorneys PaRR Corporations Georgian National Morgan Lewis & Bockius Politico Communications Commission Norton Rose Fulbright Amazon Reorg Hellenic Competition Pinsent Masons AmericanExpress Commission Thomson Reuters Apple PWW Solicitors Hungarian Competition Asda Authority Quinn Emanuel Auchan Retail Mexican Federal Economic Reed Smith BAE Systems Competition Commission SAI Law & Economics 33 Bausch & Lomb OECD Schoenherr Academia BBC Ofcom Shearman & Sterling CCIA Ofgem Sidley Austin All Souls College Connectt Punjab Bar Council Skadden Bocconi University Costa Coffee Slaughter & May BPP University EuroEnergy Taylor Wessing Brunel University General Electric Travers Smith Edinburgh University GSMA 49 Varlet Bertrand Law firms ESSEC Illumina White & Case Georgetown University ING Acuity Law International Airlines Group Akin Gump Hiroshima Shudo University Intesa Sanpaolo Arnold & Porter 17 King’s College London Kroll Ashurst London School of Economics Liberty Global Economic Baker McKenzie consultancies London South Bank University Lloyds Banking Group BDB Pitmans Newcastle University Market Securities Bird & Bird Alvarez & Marsal Oxford University NASDAQ Bixer Partners Analysis Group NBCUniversal Portucalense Institute for Legal Bryan Cave Leighton Paisner Compass Lexecon Openreach Research Callol, Coca & Asociados Cornerstone Research Qualcomm CRA International Queen Mary University Charles Russell Speechlys Rolls Royce Econda Cleary Gottlieb St Mary’s University Shell ESP Consulting Clifford Chance Stanford Law School Telefonica Finsbury Colman Coyle The Graduate Institute The Coca-Cola Company Frontier Economics Cooley University College London Verizon Intelad Deprez Guignot Associés Visa KPMG University of Cambridge EY Walmart Canada NERA Economic Consulting University of Cergy-Pontoise Freshfields Bruckhaus Deringer OmniCLES ZX Ventures University of Chicago Geradin Partners Oxera University of East Anglia Gowling WLG RBB Economics Greenberg Traurig Smith & Williamson University of Edinburgh 16 Hausfeld Taconic Capital Advisors University of Essex Agencies Havel & Partners University of Glasgow Hengeler Mueller Algerian Competition Council University of Leeds Herbert Smith Freehills Autorité de la concurrence University of Reading India Regulatory & Policy Group 9 Competition and Markets Medias University of Toronto Authority Jones Day University of Vienna Competition Appeal Tribunal Kirkland & Ellis Bloomberg University of Westminster Danish Competition and Latham & Watkins Dealreporter Consumer Authority Lavoielegal GCR University of York 2 1st International Mergers Conference - University College London, 19 February 2020 PROGRAM Wednesday 19 February 2020 - University College London 13.30 ÉMARGEMENT ET ACCUEIL 14.00 DISCOURS D’OUVERTURE 08.00 Coffee & Registration 14.00 Merger control and ‘non-competition Daniel FASQUELLE I Député - Pas-de-Calais, Vice-Président 08.45 concerns’: Industrial policy, geopolitics, de la commission des affaires économiques, Assemblée nationale Introductory remarks I Professeur, Université du Littoral-Côte-d’Opale Deni MANTZARI I Lecturer, Competition Law and Policy sustainability, privacy Acting Director, Centre for Law, Economics and Society, Faculty Hanna ANTTILAINEN I Head of Unit - B4: Energy and Environment of Laws University College London (mergers), DG COMP, Brussels Etienne CHANTREL I Head of Mergers Unit, Autorité de la 14.15 concurrence, Paris DONNÉES COMMERCIALES 09.00 Opening discussion - New challenges Damien NEVEN I Professor of Economics, The Graduate Institute ET PERSONNELLES : for competition law: Between a rock Geneva, affiliated to Compass Lexecon and a hard place: Brexit, FDI, public William E. KOVACIC I Professor, King’s College London DOIT-ON FORCER interest… Non-Executive Director, Competition and Markets Authority LE PARTAGE ? Sir John VICKERS I Warden of All Souls College, Oxford London I Professor, George Washington University Frédéric JENNY I Chairman, OECD Competition Committee Nicholas LEVY I Partner, Cleary Gottlieb, London Christian D’CUNHA I Head of the Private Office President, Concurrences Review International Committee Josh WHITE I Vice President, Analysis Group, London of EDPS Supervisor, EDPS, Bruxelles Professor, Co-Director - CEDE, ESSEC, Paris Chair: Ioannis KOKKORIS I Professor, Queen Mary University, London Daniel KANTER I Chief antitrust counsel, IATA, Montréal 15.30 09.45 Rethinking the judicial scrutiny of merger Coffee break Timothy LAMB I Associate General Counsel - Concurrence et régulation, Facebook, Londres enforcement in the digital era: 16.00 Merger hotchpotch - Enforcement and Economic analysis, administrative burden, Jacques MOSCIANESE I Executive Director & Group Head procedure: Due diligence, gun jumping, of Institutional Affairs, Intesa Sanpaolo, Milan standard of proof and judicial review due process, remedies Eugène BUTTIGIEG I Judge, General Court of the EU, Luxembourg Modérateur : Miranda COLE I Avocat associée, Peter FREEMAN CBE QC (Hon) I Chairman, Competition Appeal Sara ASHALL I Counsel, Shearman & Sterling, London/Brussels Covington & Burling, Bruxelles Tribunal, London Manish DAS I Head of Competition Law, Lloyds Banking Group Matthew JOHNSON I Partner, Oxera, Oxford London I Visiting Lecturer, King’s College London 15.30 PAUSE CAFÉ Colin RAFTERY I Senior Director for Mergers, Competition Irene DE ANGELIS I Head of Antitrust Affairs Intesa Sanpaolo, Milan and Markets Authority, London Ingrid VANDENBORRE I Partner, Skadden, Brussels Frank QI I Senior Legal Counsel, Qualcomm, San Diego Chair: Richard WHISH QC (Hon) I Emeritus Professor Anneleen STRAETEMANS I Head of Legal & Corporate Affairs King’s College London Europe, ZX Ventures, London Chair: Grant SAGGERS I Director, NERA Economic Consulting, London 11.15 Coffee break 17.30 Closing discussion 11.30 Digital mergers: Need for reform? Simon HOLMES I Ordinary Member, Competition Appeal Tribunal Luisa AFFUSO I Chief Economist, Ofcom, London London Thilo KLEIN I Executive Vice President, Compass Lexecon London/Berlin/Düsseldorf Ioannis LIANOS I President, Hellenic Competition Commission Claire JEFFS I Partner, Slaughter & May, London Professor of Global Competition Law and Public Policy, Faculty Nathan MILLER I Expert, Cornerstone Research I Saleh Romeih of Laws, University College London (on leave) Associate Professor, McDonough School of Business Georgetown University, Washington D.C. 18.00 Reception Pierre REGIBEAU I Chief Economist, DG COMP, Brussels Chair: Amelia FLETCHER I Professor, University of East Anglia, Norwich 13.00 Lunch 1st International Mergers Conference - University College London, 19 February 2020 3 Conference Summary* Introductory remarks Deni Mantzari 1 gainst a backdrop of increasingly protectionist political rhetoric, there has been renewed interest in recent years A in the ability of governments to intervene in the merger control process to protect national interests. Depending on the applicable legal framework, this has concerned both the ability of merger control regimes to take into account wider public interests, and the establishment and use of separate foreign direct investment (“FDI”) screening mechanisms. But also, merger control is not immune to the challenges of digital markets: from data mergers and killer acquisitions to broader discussions on the role of innovation considerations in merger control, the digitalisation of our economy has shed new light on established doctrines and has put into question the procedural and substantive framework governing merger control. Opening discussion New challenges for competition law: Between a rock and hard place: Brexit, FDI, public interest... Sir John Vickers he hard-won consensus on how merger policy should However, this would take us back to the bad old days of politicised operate subject to the rule of law, not politics, crystallised policy. Indeed that would be even worse now given the increased T by the 1989 Merger Regulation, the UK’s Enterprise Act complexity of markets and polarisation of politics. But there is of 2002 and Regulation 1/2003, is now at risk. Criticism comes scope to apply the screwdriver to tighten policy, while maintaining from left and right. On one view, competition policy is too soft in the consensus of twenty years ago. Perhaps, the CMA decision its own terms - in protecting the consumer. On another view, it is in Sainsbury/Asda illustrated that. And the effect of mergers on too narrow, and should aim at redistribution, labour market issues, competition to innovate is an area deserving more attention but national security, foreign ownership and so on. On the latter views, requires the development of rigorous evidence-based disciplines a hammer, not a screwdriver, should be taken to merger policy. on policy. *Concurrences has drafted the present synthesis. The views and opinions expressed in this document do not necessarily represent those of the speakers’ institution or clients. 4 1st International Mergers Conference - University College London, 19 February 2020 1 Deni MANTZARI 2 Sir John VICKERS Lecturer, Competition Law Warden of All Souls College, Oxford and Policy I Acting Director Centre for Law, Economics 3 Frédéric JENNY and Society, Faculty of Laws Chairman, OECD Competition University College London Committee I President, Concurrences