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Antitrust Violations Gun-Jumping Mergers

Proskauer Rose LLP

FTC Focus: Avoiding 'Gun Jumping' Violations

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This article is part of a monthly column that considers the significance of recent Federal Trade Commission announcements about antitrust issues. In this installment, we discuss notable takeaways from the agency's recent...more

Polsinelli

A Wait Until the Deal Closes: The Antitrust Agencies Send a Strong Message About the Dangers of Gun-Jumping

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One of the most common questions clients have after a merger or acquisition has been signed is, “When can we start on combining the operations and doing business?” And one of the most challenging pieces of counseling is to...more

A&O Shearman

FTC secures record USD5.68 million gun-jumping penalty

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On January 7, 2025, the U.S. Federal Trade Commission announced a record USD5.68m civil penalty to settle alleged pre-merger coordination in violation of the HSR Act. This settlement is the largest dollar penalty that has...more

Husch Blackwell LLP

M&A Antitrust Update: 2025 Brings New HSR Thresholds, a Challenge to the HSR Rules, and a Gun-Jumping Violation

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The initial days of 2025 ushered in a trifecta of significant antitrust updates for dealmakers. First, the Federal Trade Commission (FTC) recently announced its annual adjustment to the monetary thresholds that apply to...more

Venable LLP

DOJ Settles Claims of Illegal Pre-Merger Coordination Against Crude Oil Companies with Record $5.6 Million Gun Jumping Penalty

Venable LLP on

On January 7, 2025, the U.S. Department of Justice (DOJ) filed suit against three Texas-based crude oil companies—XCL Resources Holdings, LLC (XCL), Verdun Oil Company II, LLC (Verdun), and EP Energy LLC (EP)—alleging...more

WilmerHale

FTC Reminds Merging Parties: Don’t Jump the Gun During the HSR Waiting Period!

WilmerHale on

Three crude oil producers have agreed to pay civil penalties totaling $5.7 million to settle allegations that they engaged in “gun jumping,” namely, allowing the acquirer to exercise control over the target’s business conduct...more

BCLP

FTC Secures Record-Breaking Gun-Jumping Fine, Opines on Buyer’s Right to Approve Transactions and Lack of Diligence Controls

BCLP on

The Federal Trade Commission (“FTC”) sent a firm message—unlawful coordination of merging businesses prior to the closing under the Hart-Scott-Rodino Antitrust Improvements (“HSR”) Act will be aggressively enforced. On...more

Vedder Price

FTC Secures Record Gun-Jumping Penalty in a Case with Several Lessons for Merging Parties

Vedder Price on

The Federal Trade Commission (FTC) secured a record consent penalty of $5.6 million against two merging parties on January 7, 2025 for improper pre-merger coordination, marking the agency’s first gun-jumping action in over a...more

McCarter & English, LLP

FTC Imposes Record $5.6M ‘Gun Jumping’ Fine

Crude oil producers XCL Resources Holdings, LLC (XCL), Verdun Oil Company II LLC (Verdun), and EP Energy LLC (EP) have agreed to pay a $5.6 million civil penalty to settle violations under Section 7A of the Clayton Act, as...more

Bracewell LLP

FTC Imposes Record Fine on Oil Companies for Illegal Pre-Merger Conduct

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On January, 7, 2025, the Federal Trade Commission (FTC) announced that crude oil producers XCL Resources Holdings, LLC (XCL), Verdun Oil Company II LLC (Verdun) and EP Energy LLC (EP) collectively will pay a $5.68 million...more

Wilson Sonsini Goodrich & Rosati

Gun-Jumping Violation Results in Record-Breaking Penalties

The Federal Trade Commission (FTC) has imposed a record-breaking $5.6 million fine on XCL Resource Holdings, LLC (XCL), Verdun Oil Company II LLC (Verdun), and EP Energy LLC (EP) to settle allegations that they engaged in...more

Snell & Wilmer

FTC Imposes Rarely Seen “Gun-Jumping” Penalty to the Tune of $5.6 Million

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The Federal Trade Commission (FTC) rang in the new year this week by announcing that three crude oil producers had agreed to pay a $5.6 million fine to settle claims that they engaged in unlawful “gun-jumping” by prematurely...more

King & Spalding

Record “Gun Jumping” Penalty Imposed by FTC

King & Spalding on

Oil companies ordered to pay $5.6 million for exerting beneficial control before the expiration of the mandatory HSR waiting period. On January 7, 2025, the Federal Trade Commission (“FTC”) filed and resolved a merger...more

Barnea Jaffa Lande & Co.

Israel Competition Commissioner imposes an unprecedented pecuniary sanction for merger "gun-jumping"

Barnea Jaffa Lande & Co. on

The Director-General of the Israel Competition Authority recently imposed a pecuniary sanction of an unprecedented amount, approximately ILS 111 million, on Strauss and Wyler Farm. This was due to what the Director-General...more

A&O Shearman

U.S. DOJ seeks rare $3.5 million “gun jumping” penalty against Legends Hospitality for pre-closing conduct in connection with its...

A&O Shearman on

On August 5, 2024, the United States Department of Justice (“DOJ”) filed a rare[1] gun jumping[2] civil lawsuit and proposed settlement in the United States District Court for the Southern District of New York against Legends...more

White & Case LLP

Veolia/Suez: the European Commission finds no gun-jumping and clarifies the scope of the public bid exemption to the standstill...

White & Case LLP on

In the midst of the Homeric battle between Veolia and its takeover target, Suez, the European Commission rejects Suez's gun-jumping claim and provides further clarifications on the scope of the exemption to the standstill...more

Skadden, Arps, Slate, Meagher & Flom LLP

China Publishes Draft Amendments to Anti-Monopoly Law

For the first time since China’s Anti-Monopoly Law (AML) came into force in 2008, the government is proposing major changes to its centerpiece antitrust legislation. On January 2, 2020, the State Administration for Market...more

Wilson Sonsini Goodrich & Rosati

Threading the Needle—Avoiding Antitrust Violations During the M&A Pre-Closing Period

Merging parties need to share information and cooperate while negotiating a merger, conducting due diligence, and navigating integration processes. These needs, however, often dovetail with antitrust laws—specifically, the...more

A&O Shearman

Gun-jumping and Procedural Compliance

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The EU and U.S. competition authorities have been and remain active in enforcing gun-jumping cases, while in recent years other competition authorities across the world, including in China, have also become increasingly...more

WilmerHale

Senior EU Court Adviser Provides Welcome Guidance on Gun-Jumping

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EU and US laws prohibit merging companies from implementing reportable transactions until their deal is cleared or the statutory waiting period has expired. Violations of this principle are colloquially known as “gun-jumping”...more

WilmerHale

EU Merger Control 2017: Competition in Innovation; EC Prohibiting Deals; Fines for Procedural Infringements; and EU Courts...

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2017 saw some highly significant investigations and court judgments in European Union merger control. Notably: ..After detailed investigations and subject to extensive divestments, the European Commission (“EC”) cleared...more

Dechert LLP

Gun-jumping and incomplete notifications: the European Commission pursues several more infringements of EU merger control rules

Dechert LLP on

The European Commission announced that it sent statement of objections to Merck KGaA, Sigma-Aldrich, General Electric and Canon for alleged breaches of EU merger control rules on 6 July. Merck, Sigma Aldrich and GE have been...more

A&O Shearman

Global trends in merger control enforcement

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This report presents our analysis of the application of merger control rules in 2016 by the antitrust authorities in 26 jurisdictions, focussing on the U.S., EU and China. We give you not only the headlines but the story...more

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