We would like to update you with regard to the Israel Antitrust Authority’s recent Notice (the “IAA“, the “IAA’s Notice“, respectively), which sets out the procedure for reviewing mergers which clearly do not give rise to a reasonable concern of significant harm to competition (“Ultra Green Mergers“).
A. The Background to The IAA’s Notice
On May 8, 2016, the IAA published a press release regarding its examination of a procedure for reviewing Ultra Green Mergers (the “Procedure“), available at this link (English). In summary, the Procedure establishes the following:
According to the IAA’s Notice, the Procedure is meant to achieve two main purposes: the one, to focus the IAA’s resources; and the other, to lessen the burden on the notifying parties submitting the merger notices, and to decrease the waiting period to receive the decision of the General Director of the IAA (the “General Director“), in cases where it is clear that the General Director is not expected to oppose or to condition its consent to the merger.
The IAA’s Notice also states, that since the publication of the Procedure (May 2016), 20 mergers were classified as “Ultra Green”, and the average time of the IAA’s handling of said mergers was less than five days. Therefore, the IAA calls on the public to make use of the “Ultra Green” fast track, which results in shorter waiting periods for the General Director to render its decision regarding the merger.
B. The Requirements for the Application of the Ultra Green Merger Procedure
In order to promote the Procedure’s purposes, certain rules were established for its exertion in the IAA’s publication of May 8, 2016, as follows:
For further information please feel free to contact:
Adv. Tal Eyal-Boger email@example.com +972.3.6944141
Adv. Ziv Schwartz firstname.lastname@example.org +972.3.6944141
Adv. Shani Brown email@example.com +972.3.6944325