 .  -     . 
. . 

  

. . 

  

  


             ;     ,               ,       ,     ;         ,   ;               ,         .     ,     ,   ,       .





.. , . . , . . , . . , . . 

 :  -     : 



:

            ,    ,     ,   , .

                ,       ,   ,   , .

         ( ),    ,     ,   .



Vaypan V.A., Gabov A.V., Egorova M.A., Kinev A.Y., Petrov D.A.



ECONOMIC CONCENTRATION: THE EXPERIENCE OF ECONOMIC AND LEGAL RESEARCH OF MARKET AND LEGAL STRUCTURES

Monograph



Executive editor

Doctor of Laws M. Egorova



Radygin A.D.  Dean of the Economic faculty of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), Director of the Institute for economic and applied research of RANEPA, honoured economist of the Russian Federation, Doctor of Economics, Professor. Tsiganov A.G.  Deputy Head of the Federal Antimonopoly service (FAS of Russia), honoured economist of the Russian Federation, honored worker of antimonopoly bodies of Russia, Ph.D. in Economics.



In the book, the first monographic study of antimonopoly regulation of transactions on economic concentration is carried out; the original subjective doctrine of the market is substantiated, on the basis of which the main principles and approach to the legal assessment of transactions on economic concentration, their correlation with other transactions and actions relevant to antimonopoly regulation are set; acomparative study of antimonopoly regulation of economic concentration in Russia, the U.S. and the EU has been conducted; the basic approach and principles for the establishment of legal regimes for different types of transactions on economic concentration have been elaborated and the basic directions of improvement of antimonopoly legislation in this field have been proposed.

The book is intended for researchers, teachers and students of law schools, employees of antimonopoly bodies, judges and anyone interested in antimonopoly regulation.



 Collective of authors, 2016  Yustitsinform, 2016




 


  

           .. ,       ,   ,    .

 4, 4.3.



  

         ,   ,   .

 2, 2.2.1; 2.2.2; 2.2.3.



  

     ..                , . .      ,   , .

 1;  2, 2.1; 2.3;  3, 3.2.4; 3.3.4; 3.4.3;  5, 5.2; 5.3.



  

     ,       . ..                Ի,   .

 4, 4.1; 4.2.



  

    -  ,   , .

 2, 2.2.4;  3, 3.1; 3.2.1; 3.2.2; 3.2.3; 3.3.1; 3.3.2; 3.3.3; 3.4.1; 3.4.2;  5, 5.4.




About the authors:


Victor A. Vaypan

Deputy Dean and assistant professor of the Business Law Department of the Law Faculty of Lomonosov Moscow State University, vice-chairman of the Moscow branch of the Association of Lawyers of Russia, Ph.D. in Law, Honored Lawyer of Moscow

Chapter 4, 4.3.



Andrew . Gabov

Deputy Director of the Institute of legislation and comparative legal studies affiliated to the Government of the Russian Federation, Doctor of Laws, Honoured lawyer of the Russian Federation.

Chapter 2, 2.2.1; 2.2.2; 2.2.3.



Maria A. Egorova

Deputy Dean of M.M. Speransky Law Facul-ty of the Institute of Law and National Security of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), acting head of the Business and Corporate Law Department, Doctor of Laws, associate professor.

Chapter 1; Chapter 2, 2.1; 2.3; Chapter 3, 3.2.4; 3.3.4; 3.4.3; Chapter 5, 5.2; 5.3.



Alexander Y. Kinev

Member of the Central Election Commission of the Russian Federation, head of the Cornpetition Law Department of M.M. Speransky Law Faculty of the Institute of Law and National Security of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), Doctor of Laws.

Chapter 4, 4.1; 4.2.



Dmitry A. Petrov

Associate professor of Commercial Law Department of St. Petersburg State University, Ph.D in Law, associate professor.

Chapter 2, 2.2.4; Chapter 3, 3.1; 3.2.1; 3.2.2; 3.2.3; 3.3.1; 3.3.2; 3.3.3; 3.4.1; 3.4.2; Chapter 5, 5.4.




 


     

       

      

    

      

             

    

   

     26.07.2006 135-   

        

      

    

       

      

     :  ,   

     

 2010            

      

   

     

   -  

       

          

        

       

       







          .   ,          .   ,       ,      ,     ,   .

                    .  ,          [1 -      [ ].  : http://solutions.fas.gov.ru .].             .     [2 -    26.07.2006 135-    //    . 2006. 31(1.). . 3434 (       ).] (  )     , , ,     ,   ,              ,     ,                        .

           ,           . ,     ,     ,     ,           .     ,      ,              ,  ,        [3 -  ., .,  .     . .: , 2012; -        () / .. , .. , ..   .; . . .. . .: , 2015.]         ,    [4 - ., .:   : / . . .. , .. . .: .    , 2012; [ ..   (    ). .: -, 2002;  ..    :  . .: , 2010;  ..  :    .    / . . .. . .: , 2013.]  ,     ( )[5 -  : / .. , .. , ..   .; . . .. . 2- ., . . : , 2015.].          ,   ,       ,          .              ,  ,          ,    ex ante  ex post ,       .

,  ,            :     ;  ;        ,    , , ,  ;         ,         ,        ,      ,       .               ,   - .

          . -,      ,       : 1)            ,     7 ; 2)          ,           .  ,  ,          .    . 21 . 4             ,            .       ,               ,       ,       ,        .  ,      ,    () .

             .         ,                      ,        ()   .                       ,                  .    ,                    ,       ,        ,    :     .          .

            ,              ,      .     ,          , ..           .        ,    ,     .         ,       :          ,                   ,    .                    .              ,               .

                  ,          ,         .                                  ,   . 7,          ,     -   ,      -         ,       ( ),         ,  .

    - ,          ...,         . ..            ..

             ,   . ,        ,       , ...  ..,          .  ,           ,   ,            ,      , ...  ..          -      :    ,       , ...,   ..     -  , ...,   ..          .

   ,                  ,    , ,      .



.. .           ..                

...,   .. 




 1

     





1.1.     





1.1.1.     


              .  ()                  (   )[6 -  ..    : , . .: -, 2008. . 56.].   , ..   ,   ,     ,            [7 -  ..,  . .   : . .: -, 2008. . 32.].           (..     ),    ,            (, ),       (, ,   . .)[8 -  .. . . . 56, 94.].  ..          [9 -   ()    2 <  < 8.]     ,              (..   )  [10 -  ..   : , . -  , 2009. . 59.].

      () [11 -      .]       ,     .   ,    ,        :

  ;

   ;

    ;

    ;

    ;

     .

                 [12 -       : ,  ,  ,   ..]    ,     .     ,            ()   ,            ( ),               ( ).

        , :

1)      (),       ;

2) ()    ()   () [13 -  .. . . . 53.];

3)     ,      [14 -  ..,  .. : ,   .  2- . T.2. .: , 1998.], ..  ,  ;

4)        , ..  ()[15 -  .  . .:  , 1999.];

5)          (.. )      [16 -  .   . .: , 1993.].

 ,                (  ),   ,             ,                     ,      .

            : 1)      (, )   ; 2)      (   ).




1.1.2.     


           () ,          .     ,            (..   )     . ,           ,    .

             .

         ,   ,  , : 1)      (); 2)  ,          ; 3)  ,        ()            ,    ; 4)   ; 5)      .

          .         ,      () ,     ,   ,    ,       () .  ,        ,   . ,  ,           .        ,      ,       ,    -,             .

         (. 1)    .

-,    ,    ,     : 1)  -,      (); 2)     -,    .

-,  ,        ,        .       ,        .        .

-,            .             .            (CR, HHI, ),    () .                    ,        .                .

-,             - ()    ()  .             ,      [17 -    26.07.2006 135-    //  . 2006. 31(1.). . 3434.] (  )      ,        .

                 :

)    (. 4. 1. 27 );

)   ,       (.. 13. 1. 27 );

)  (),   ,      (. 1. 28 ).

 ,       ,    ,       ,    ,           .

         ()     :

1.            : 1)     ; 2)       .          : 1)       ,       ; 2)              ; 3)         ; 4)          .

2.                 ,    ,      ,      () ,                 ()   .  ,            :  ,      ,   ,     ,       ()    .



 1.    





















           ,                   ,       .

3.            ,   HHI  .            .         , ..     ,    ,          .




1.1.3.     


            .           ,   , , ,  ,          ,    ,      ,        ,       ,      (   )        ,     .

.. [18 -  ..  / . . .:   , 2005. .4457.],   ,           ( ),    ,     , ,     ,               ,     ( ,   ).                 , ..     .             .                 () (  ),         (  ).  ,       ,            ().       , ,          ( )        ,    ( ).

    ,           :

1)   ;

2)    .

     ,    ,    ,     :   .       ,                ,               () .  , ,      ,        ,       (  ).

         .    (   )   ,         ,                .                 .              () ,       .

       .                       (         ),    ,    ( )         , ,   , ,   ,        ,              .               , ,                     .

        ,             , ,         :

1) ,     , ,   ,    ,         (, ,   );

2) ,        ;

3)   ,     ,         ,      ,         ,        ;

4)      ,                        ,     , ,    ,     , ,    ,         ..;

5)   ,               ;

6) ()    ,         (  ),                (,  )     ,       (    )      (,          ,   ).

 ,                 .   ,            ,   .




1.1.4.       


,         ,          ,             ,      ,          .  ,       ,     .

       ,                 , ..     [19 -  .,  .   . .:   , , 2002. . 40.].              ,            ,   [20 -  .. .   .  . :   , 2003. . 158.].           ,      ,     ,         (,      ),    ,      .      ( )         ,    ,  ,         .

 ,    ( ,   ),               (   ),           ,         ,   .

               ,            ,      .     ,           .

 ,       ,          , , ,        .          .          ,        .  ,      ,    ,         .

 ,        ,       ,      .

                  .                    .

 .           [21 -   .. . ....159.].             - (HHI):



L = HHI / ?, (1)



 L   ; HHI   -; ?    .

                     ,        ,     , ..   ,            .

    , :



HHI=L


, (2)



   , :



1) -,    :






(2)



 n     ; i     1; s    ;



2)    :



L = (  MC) / , (4)



    ; MC    (Marginal Cost)',



3)    :






(5)



 Q   ;?Q    ;    ; ?    ; :




(6)



       ,    :

1)    ( );

2) ()      ( 1) ( );

3)   1   ( );

4)         1 ( );

5)     ( );

6)  ( );

7)    ( ).

      ,     :

1) -,       ;

2)   ,    -;

3)   -    ;

4)  - ( ,  ,  ).

          :

1) -   :    ,    ;

2)    :         ,    ;

3)    :      (..        ),    ;

4)    :        ,    .

 ,      ,        -,   ,     .         ,    (, )     ,             ,                           .




1.1.5.          


           (    )       (     )   ,      (   ),    -,     [22 -  . . . .159166.].                   .

                   ,   .      .        . .   ,       :   (,  ,     )         , ..  

.                   ,               ,       .  ,   ,           ,            .  , ,   ,           ,              , ..   .

, ,     ,          ,               ,         ,       ,      ,  (, )   ().   ,          ,     .      .

 1.            .

       ,     ,           () ,                        (..   ).   .         .             ?

 ,              .              .       ,      .  ,         , ,    ,            .  ,        ,   .

          ?     -  ,            ,   ,  ,   .               , ..           ()    .        .              .   ,             ,    .   ,                ,         .  ,       ,      ,       (   ),    (  ) .            , ,   , ..   .



 2.     .

,      ,     ,        [23 -  . . . . 162.].        .  ,      (),    ( ).             .     ,         ,        .

  ,      ,              ()  .   ,            [24 -  . . . .159166.].    ,        (  ()   ( ),             )          ,    .                 -,               .

     :   (     )     (    )         )         ,       ,         .

,              ,      .

1. ,   ,      (HHI).        , :

     ;

    ()  ;

            ;

    (,           ).

2. ( )    ,   HHI.     ,      ,  ,     ..           , ..      .

3.    ,    HHI.        , ..             () [25 -  .. . . . 71.].  ,            ,    .

4.       ,     (L).           ,  .

5.       ,     .              ,       ,    ,           ,       ..    ,  ,                .

6.        ,               .         ,         .                 ( ),         (  ).      ,   ,   ,     ,          ,       (      ).

 ,      ,    ,           ,           .    ,        ,   ,      ,             ,             ,          .

                       ,       ,            ,          .                 .

1.   ,      .    ,                         ().                   .      :  ;      ;   ,      ,     ;     ;       .

2. ,     -.    -           ,                 ;    ;   ,      ,       .

3. ,     ,       ,         .     : 1)    -     ,          ; 2)  ,                   ; 3)           ; 4)               (,    ).

4.          -              .     -      : 1)       ,         ,  ; 2)  -         ; 3)    ,           -.

5.  ,     ,       -        ,          (,    ), ..   .             ,     ,       . .

 ,          ,               .

               ,         , ..  ,    ,         ,      .

        :

1)   ,      ,            ;

2)      ,        -   ;

3)               (,  )       ,     ( ).

              .       ,         ,      [26 -  . . . . 30.],             .

          :                       .  ,     (..           ,        -)    ,       ,           .

                   , ,    .         . ,  ,    -,       ,      - (..    )   ,           .      ,                     [27 -  . . . .161162.].

            (  ,        )     ,           .        .

             .          ,            .        ,  ,        ( ).            ,       ,  ,   ,  ,           ,         ,    ,    ,       ,      .                 :     ,    .

             .                    ,          .            ,  ,     .            ,   ( ,    )             ,            ,      ,              ,        .

 ,   ,    ,    ,     .      (  )    ,      .

       ,         ()    ().                              .                   ,      .




1.2.     





1.2.1.      





1.2.1.1.     


   . 21 . 4     ,  ,       .          . 21 . 74      (   [28 -      // http://www.eurasiancommission.org/, 05.06.2014 (  .  29.05.2014).]):    ,  ,          .

          .          ,        .                  ,        ,   ,      , ..      ,    .

   ,  . 21 . 4,    .

-,         .    . 153         ,   ,       , ..   ,         .  ,     ,      .  ,      . 21 . 4,   ,      , ..    ,      .    ,   ,   ,       ,        ,      .    ,  ,       ,     , , ,   :         ;     ;   ,       ( )     .

    . 21 . 4     ,      ,     (,   ( ) (. 10 )      (. 14 )),     ,      (. 11 ),    (. 11.1 ),         (. 14 . 4 . 5. 11 ).

   . 21 . 4 . 7    ,          ,    . 7, ..   ,       .         . 21 . 4 . 7  ,    ,       .     ,    ,   . 21 . 4,      ,        ,   [29 -   :  / . . .. . .: .    , 2012. . 82.].          ,          ,   . 7,      ,      ,       .       ,   ,  ,       ,   . 2,    ,      ,      (,  ).

-,   ,  . 21 . 4       ()    (  )     (   )     .   ,                ,   , ..       ,       .     ,          .    . 21 . 4  ,           ()  ,    .

          ,           ,    2  7,      (. 4),       ,      ,    (. 3 5 ).  ,   ,       ,     .

-    ,      ,   . 21 . 4,         .   ,           ,                 (,     ),         .       ,    ,           [30 - ., .: Weiss, Leonard W. The Concentration-Profits Relationship and Antitrust / in Harvey J. Goldschmid, H. Michael Mann, and J. Fred Weston, eds., Industrial Concentration: The New Learning. New York: Columbia University Press, 1974. P.225226; Michael Gort. Concentration and Profit Rates: New evidence on an Old Issue //Explorations in economic Research 3 (Winter 1976). P. 1; H. Demsetz. Two Systems of Belief about Monopoly /in Harvey J. Goldschmid, H. Michael Mann, and J. Fred Weston, eds., Industrial Concentration: The New Learning. New York: Columbia University Press, 1974. P.177178; Bradley T. Gale and Ben S. Branch. Concentration vs. Market Share: Which Determines Performance and Why Does it Matter? // Antitrust Bulletin 27 (Spring 1982). P. 83.].       [31 -  .. .   .  . :   , 2003. .163166.].

 ,      (    ,     ),    ,     .     .7  (. 26.1, 27, 28, 29)   ,        (),   , ,   ,     .

   - ,            ,     ,    ,           .     ,            [32 -      21.12.2010 9966/10    27-12323/2009 //   . 2011. 4.].      ,  . 18 . 4             ,       ,      154, 160, 432, 434  ,          ,      .  ,            ,     , ,               , ..                     ,         ,   .

                  ,   ,        , [33 -      11.03.2014 16034/13    53-17625/12 //  .].   ,         ,   01.09.2013, ..        07.05.2013 100-[34 -    07.05.2013 100-      4  5  I     1153       //  . 2013. 19. . 2327.],        ,        ,            (. 2. 168  ).   ,      ,    , ,  ,          .

 ,          ,         ,          (),  .              :  (, )   . 1. 26.1 ;     . 1. 27 

. 1. 28 ;     . 1. 27  . 1. 28 .       ()           ,            .

  ,     ( )              ,    ,                 , ,     ,          (          ),     (        )[35 -  ..  :    .    / . . .. . .: , 2013. . 229.].

,           :

1.        ,     ,    ,            (),    ,  ,                  .           ,                  .                  .

2.    . 21 . 4    . 7           .   ,                 ,    . 7,           , ,   [36 -     27.01.2011  /2447           軻 //  .], ,         ,   ,   ,         ,   .

3.      ,   . 21 . 4,        ,       ,    .           ,    .        ,   . 21 . 4,           ,      ,    ,      .

4.   ,                      (   ,           ),                ,          ()     ,          . -       . 21 . 4               (. 5)       (. 11  11.1 ).                 ,  ,        .

 ,  . 21 . 4       : 21)      ,  ,     ,          ,          (. 5  ),    (. 11   )    (. 11.1   ).




1.2.1.2.      


          . . 22 . 4   ,    ,   ,   (), ,     ()        ,  () ,       ,   7 ʻ.

      .  ,   ,       . 22 . 4,  ,          ,         .   ,  ,    ,  :      ;     ()    ;    () .       ,          ,   ,      .

      ,    ,   ,           ,  ,     ,       (. 1. 28 )        .

. 22     ,            .

-,  ,   (), ,     ()          .  ,  ,     ()   .

-,  ,       ,  . 7, ..   ,          , ,               ()  .

 ,    ,     : 1) ,     ; 2) ,     ; 3)      ,        . 7?   . 22 . 4    ,        , ..  ,     ,    ()     .          ,     .

  , . 1. 26.1   ,         ,      ,         .  ,       ,   ,  ,      ,            (. 21 . 4).   ,   . 22 . 4,                   ,      .

 ,        ,  ,    ,         .        ,    , ..      ,  ,   . 1. 26.1 . ,   . 22 . 4,          ,      .     ,         ,                 (,       ,        ()       ..),         ( ,  . 1. 28 )         , ,     ,      ,   ,    .

 ,             :

1.     ,     ,   (), ,     ()        .

2.  ,     ()   .            ,         ,        .

3.       ,       ,   7 .

   ,                      ,       ,             .                  .           ,     ,     ,         ,       ,       .

     ,    :

1.     (),         ;

2.    ,           ()   ,    ,      .

      .. 21  22 ,       :

21)    ,  ,     ,          ,          (. 5  ),    (. 11   )    (. 11.1   );

22),       ,  ,   ,   . 7  ,   ,      .




1.2.2.    



 . 3 (1)    [37 - Council Regulation () 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation) // Official Journal of the European Union. L 24/1. 29.1.2004.] (   139/2004)     ,       : 1)          ; 2)          ,    ,                            -  .

. 20    139/2004 ,        ,       .        ,               (  ).             ,       .

           (),   ,           ,     .

. 3(1)  139/2004        : 1)   2)     .

          :    -           (,         ),      -               (      ).            ,    ,                   .       ,                  ,     .




1.2.2.1. 


        ,                    .            ,       ,            .       ,      ,     ()  ()        [38 - ., .: Case /. 1673  Veba/VIAGof 13 June 2000; Case /.1806AstraZeneca/Novartis of 26 July 2000; Case COMP/M.2208  Chevron/Texaco of 26 January 2001; Case IV/M.1383  Exxon/Mobil of 29 September 1999; Case COMP/M.2510Cendant/Galileo of 24 September 2001.].         ,             ,     .

                     (..          ).          ,       .           ,    . 3 (1)  139/2004     ,          ( )  ()        ,   139/2004.

        : 1)     ,       ,      ()    ; 2)         ()  (a dual listed company  DLC)   ,              ,         .                .

           ,     :  , ,  ,  .             .         .

     Gleichordnungskonzern ( ),     ,               ,       .   Gleichordnungskonzern     ,     ,               ,      .                         ()    .            ,      .    Gleichordnungskonzern      ,         

        Unterordnungskonzernen ( ,  ),                ,         ,              ,    .              (. 14 . 4).

               [39 - . . L. 251-1   .](Groupements dIntr?t Economique),            ,        .                 .        ,            .                     ,     . 1. 123.8   ,       ,                  ,    ,   ,     ,           .       Unterordnungskonzernen,                .

          ()  (DLC),          ,            (.. ,   )      (a legal equalization agreement),      ,     .   DLC     .     ,         -,     .

  -,             (),        ,       ,     .                 ,         .     : 1)          ; 2)       ; 3)        ; 4)           (    )   ; 5)            ..  ,         ,       .

              .     DLC       ,            ,     ,          .      DLC      ,      .

         [40 - ., .: Case IV/M. 1016  Price Waterhouse/Coopers&Lybrand of 20 May 1998; Case COMP/M.2824  Ernst & Young/Andersen Germany of 27 August 2002.],            ,        ,    ,           ,  . 9.

    139/2004    ,              ,            ,       , ..               .        ,  :      ;          ,        ;    .

 ,                ,     .     (  )   . 1. 57  . 1. 58              ,     ,               ,         ()   (     )            (  ,    ,  ,  ,  ,      ),     ,     ( ,     ).

,               ,         , ..      ,       ,                  .       ,                    .   ,          ,   . 7 (     . 21 . 4),                ,    ,  :  ();   ;    ;   ;     ,  ;          .




  .


   .

   ,     (https://www.litres.ru/a-u-kinev/ekonomicheskaya-koncentraciya-opyt-ekonomiko-pravovogo-issledova/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


     [ ].  : http://solutions.fas.gov.ru .




2


   26.07.2006 135-    //    . 2006. 31(1.). . 3434 (       ).




3


 ., .,  .     . .: , 2012; -        () / .. , .. , ..   .; . . .. . .: , 2015.




4


., .:   : / . . .. , .. . .: .    , 2012; [ ..   (    ). .: -, 2002;  ..    :  . .: , 2010;  ..  :    .    / . . .. . .: , 2013.




5


 : / .. , .. , ..   .; . . .. . 2- ., . . : , 2015.




6


 ..    : , . .: -, 2008. . 56.




7


 ..,  . .   : . .: -, 2008. . 32.




8


 .. . . . 56, 94.




9


  ()    2 <  < 8.




10


 ..   : , . -  , 2009. . 59.




11


     .




12


      : ,  ,  ,   ..




13


 .. . . . 53.




14


 ..,  .. : ,   .  2- . T.2. .: , 1998.




15


 .  . .:  , 1999.




16


 .   . .: , 1993.




17


   26.07.2006 135-    //  . 2006. 31(1.). . 3434.




18


 ..  / . . .:   , 2005. .4457.




19


 .,  .   . .:   , , 2002. . 40.




20


 .. .   .  . :   , 2003. . 158.




21


  .. . ....159.




22


 . . . .159166.




23


 . . . . 162.




24


 . . . .159166.




25


 .. . . . 71.




26


 . . . . 30.




27


 . . . .161162.




28


     // http://www.eurasiancommission.org/, 05.06.2014 (  .  29.05.2014).




29


  :  / . . .. . .: .    , 2012. . 82.




30


., .: Weiss, Leonard W. The Concentration-Profits Relationship and Antitrust / in Harvey J. Goldschmid, H. Michael Mann, and J. Fred Weston, eds., Industrial Concentration: The New Learning. New York: Columbia University Press, 1974. P.225226; Michael Gort. Concentration and Profit Rates: New evidence on an Old Issue //Explorations in economic Research 3 (Winter 1976). P. 1; H. Demsetz. Two Systems of Belief about Monopoly /in Harvey J. Goldschmid, H. Michael Mann, and J. Fred Weston, eds., Industrial Concentration: The New Learning. New York: Columbia University Press, 1974. P.177178; Bradley T. Gale and Ben S. Branch. Concentration vs. Market Share: Which Determines Performance and Why Does it Matter? // Antitrust Bulletin 27 (Spring 1982). P. 83.




31


 .. .   .  . :   , 2003. .163166.




32


     21.12.2010 9966/10    27-12323/2009 //   . 2011. 4.




33


     11.03.2014 16034/13    53-17625/12 //  .




34


   07.05.2013 100-      4  5  I     1153       //  . 2013. 19. . 2327.




35


 ..  :    .    / . . .. . .: , 2013. . 229.




36


    27.01.2011  /2447           軻 //  .




37


Council Regulation () 139/2004 of 20 January 2004 on the control of concentrations between undertakings (the EC Merger Regulation) // Official Journal of the European Union. L 24/1. 29.1.2004.




38


., .: Case /. 1673  Veba/VIAGof 13 June 2000; Case /.1806

AstraZeneca/Novartis of 26 July 2000; Case COMP/M.2208  Chevron/Texaco of 26 January 2001; Case IV/M.1383  Exxon/Mobil of 29 September 1999; Case COMP/M.2510

Cendant/Galileo of 24 September 2001.




39


. . L. 251-1   .




40


., .: Case IV/M. 1016  Price Waterhouse/Coopers&Lybrand of 20 May 1998; Case COMP/M.2824  Ernst & Young/Andersen Germany of 27 August 2002.


