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The International Firm and International Aspects of Policies on Mergers*

Published online by Cambridge University Press:  21 May 2009

H. W. Wertheimer
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Extract

Since literature is not capable of providing a generally accepted answer to the question “What in fact is an international firm?” it is submitted that in this paper a definition should be given being operational in the context of this study.

Thus an international firm is defined as:

—a group of business bases subject to some degree of central managerial control;

—operating within geographically diversified markets subject to different political, legal and cultural spheres; and

—usually interdependent through some form of capital sharing.

Type
Articles
Information
Netherlands International Law Review , Volume 18 , Issue 2 , August 1971 , pp. 145 - 196
Copyright
Copyright © T.M.C. Asser Press 1971

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References

1. The term “merger” denotes in this paper either the pooling of control over business activities of the enterprises involved, or the acquisition of control by one enterprise over the business activities of an other, in both cases irrespective of the legal processes by which such results were achieved.

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Their study does not seem conclusive since the sample was small and it could not be established that the merging companies would have been better off without a merger.

P. Sargant Florence comes to the same conclusions as Bossons c.s. on management's conduct for the UK industry.

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19. This requirement, in so far as applicable to nationals of the member States of the EEC, was recently challenged by the European Commission.

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52. Cf. Behrman, J. N., op. cit., pp. 98 ff.Google Scholar

53. These special provisions for regulated industries are enumerated in the Report on the 51 ILA Conference (Tokyo, 1964), pp. 392/3.

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57. These fears were already expressed by the Report of the French Delegation to the ECSC negotiations (1951) and in the Avis et Rapports of the French Conseil Economique (1951).

58. See Introduction to the Wagenführ Report (1963).Google Scholar

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61. It is debatable whether these measures are not contrary to the Articles 4, Section c and 67 ECSC.

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68. This Decree has been supplemented by Decree No. 68–1021 of 24 November 1968 instituting foreign exchange control, and also by Decree No. 69–264 of 21 March 1969 (Official Gazette, No. 69–33 of 03 1969, p. 27)Google Scholar, which makes the provisions equally applicable to French direct investments abroad. A government order of 27 January 1967, supplemented by order of 24 November 1968 and also by order of 21 March 1969, clarifies the Decrees No. 67–78, No. 68–1021 and No. 69–264, The government order of 21 March 1969 in its turn has been clarified by a circular letter of 21 March 1969 (Official Gazette, 03 1969, No. 69–33, pp. 31 ff.).Google Scholar

69. Cf. Articles 52–8 EEC Treaty, General Programme EEC Council, 18 December 1961 (Official Gazette, pp. 36/62 of 15 01 1962)Google Scholar supplemented by Article 221 EEC Treaty.

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73. This Law was supplemented by Law No. 4171/1962 on the Measures to Stimulate the Development of the Country's Economy. The latter is applicable to both foreign and Greek capital employed in productive investment, and provides for a number of tax and other incentives.

74. This law, dated 26 December 1957, was published as a chapter of the “Ley General de Presupuestos del Estado” under the name of “Modifications en el sistema fiscal”. This law was thereafter always referred to as the “Ley de Reforma Tributaria”.

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76. This requirement is embodied in the Tax Reform Act of 26 December 1957 (Article 135), the Executive Order of 12 April 1960 (Normes 6 and 7), the Tax Reform Act of 11 June 1964 (Article 107), the Decree of 27 July 1964 and the Executive Order of 5 April 1965 (Article 1).

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89. The factual data on this theme have largely been taken from the International Law Association Conferences' Reports of 1964 (Tokyo), 1966 (Helsinki) 1968 (Buenos Aires) and 1970 (The Hague) as well as from the study by Ellis, J. J. A., “Legal Aspects of European Direct Investments in the United States in Rolfe & Damm”, op. cit., Chapter 3, pp. 52–71.Google Scholar

90. P.C.I.J. Series A, No. 10 p. 18.Google Scholar

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98. It may be interesting to note that Boehringer & Soehne, who were involved in the penal proceedings in the US (and in the EEC) against the international quinine cartel, did not move either.

99. Economic Competition Act of 1958, Section 39.

100. As in the United Kingdom, which enacted the Shipping Contracts and Commercial Documents Act in 1964 (Section 2).

101. As in France which issued the Law No. 68–678 of 26 July 1968 on “La commu nication de documents et renseignements à des autorités étrangères dans le domaine du commerce maritime” (Official Gazette of 27 07 1968, pp. 7, 267).Google Scholar

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120. US v. Minnesota Mining & Mfg. Co., 92 F. Supp. 947 (D. Mass. 1950).Google Scholar

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122. US v. Imperial Chemical Industries Ltd, 100 F. Supp. 504 (SDNY, 1951)Google Scholar; 105 F. Supp. 215 (1952).

123. US v. Timken Roller Bearing Co., 83 F. Supp. 284 (N. D. Ohio 1949)Google Scholar; 341 US 593 (1951).

124. US v. Standard Oil Co. (NJ) et al., CCH Trade Cases, 1960Google Scholar, par. 69,849 (SDNY, 1960). On 24 January 1968 the Department of Justice moved to dismiss its 1953 civil anti-trust suit against Standard Oil (Cal.) and Socony Mobil and made various changes in the consent decrees previously entered into with Standard Oil (NJ), Gulf and Texaco.

125. Berghoff, J. C., “Antitrust Aspects of Joint Ventures,” The Anti-trust Bulletin, Vol. IX, No. 2, 1964, p. 231.Google Scholar

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128. Ibid., p. 491.

129. US v. Monsanto Co., Bayer AG and Mobay Chemical Co., CCH 1967 Trade Cases, par. 72,001 (W. D. Pa. 1967).

130. International Aspects of Anti-trust, US Senate Hearings 1966, p. 498.Google Scholar

131. US v. Penn-Olin Chem. Co., 217 F. Supp. 110 (D. Del. 1963), 378 US 158 (1964), 246 F. Supp. 917 (1965), 387 US 906 (1967).

132. Report of 51st ILA Conference (Tokyo, 1964), p. 588.Google Scholar

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134. OECD Document C (67), 53 Final of 10 10 1967.Google Scholar

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137. As an example can be quoted the order of the Federal Maritime Commission to dissolve the Calcutta Shipping Conference by 12 January 1968 as a reaction to the refusal of foreign governments to allow their nationals to comply with the demands of the FMC to produce the information which ‘has prevented (the FMC) from fulfilling (its) statutory responsibilities’.