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INTERNATIONAL MERGER NOTIFICATION ment could be triggered by a board decision, even before a merger agreement is executed. The regulations provide that the CCC shall make a decision within 120 working days of receipt of a complete notification, although the CCC may seek extensions from the Board of Commissioners of COMESA. The regulations do not expressly prohibit closing a merger pending completion of the CCC's review, and the CCC's draft guidelines indicate that parties are free to close pending CCC clearance provided that their notification has been properly filed. However, the CCC cautions that it may seek post-closing remedies such as dissolution if it later determines that the transaction is incompatible with the regulations. Notification Form The current version of the notification form requires the provision of extensive information regarding, among other things, sales, customers and competitors, regardless of the extent of the parties' business overlaps and the likely competitive effect of the proposed transaction. The extent to which the CCC will be willing to forgo parts of the notification form in straightforward transactions remains to be seen. IMPLICATIONS As this brief survey of a few of the international merger notification regimes demonstrates, even apart from any substantive competition issues that may arise with respect to a particular proposed transaction, a merger involving multi-national entities may require consideration of numerous jurisdictions, some of which may have unclear or developing notification thresholds or provisions. Particularly for very new regimes, interpretations could evolve even during the course of a merger review. Inevitably, strategies for dealing with potential international filings will involve a practical overlay of a cost-benefit analysis and judgment calls on the jurisdictions that are most likely to take interest in the matter, or which may be particularly relevant for the parties in connection with both the current proposed transaction and other business dealings. Where potential review periods are long, they should be taken into account in both merger valuation and planning. Where multiple competition reviews will be required for the same proposed transaction, it is also critical for the reviews to be coordinated from both a substantive and timing perspective as competition authorities will often consult with each other in the course of their reviews. For example, taking inconsistent or contradictory positions with different competition authorities in different jurisdictions can severely undermine a party's credibility and lead to lengthier, more intensive and more costly reviews. As globalization expands to more areas of the economy and more countries adopt merger review regimes for their competition authorities, it will become increasingly important for parties to a merger involving multi-national entities to consider foreign competition filings early in the merger planning process. John Bodrug Davies Ward Phillips & Vineberg LLP Tel: (416) 863-5576 Fax: (416) 863-0871 jbodrug@dwpv.com John Bodrug is a partner in the Competition & Foreign Investment Review practice. He has over 25 years' experience advising clients in all aspects of competition law and foreign investment review, including mergers, price-fixing investigations and other pricing, distribution and advertising matters. John has represented Canadian, US-based and international corporations across a wide range of industries. Jim Dinning Davies Ward Phillips & Vineberg LLP Tel: (416) 367-7462 Fax (416) 863-0871 jdinning@dwpv.com Jim Dinning is a partner in the Competition & Foreign Investment Review and Technology practices. He has expertise in mergers, cartel and abuse of dominance investigations, foreign investment review, broadcasting and telecommunications law and misleading advertising matters. Jim has advised clients in a range of industries, including natural resources, telecommunications, consumer products, financial services and retail. 38 | LEXPERT • June 2013 | www.lexpert.ca C-00-Firm.indd 38 13-05-17 10:06 AM