Ein Vergleich zwischen europäischer und US-amerikanischer Fusionskontrolle
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Inhaltsangabe: Gang der Untersuchung: Weltweit befinden sich die Unternehmen zur Zeit inmitten einer Fusionswelle. Alleine in den ersten sechs Monaten des Jahres 2000 erfolgten 18.088 Unternehmenszusammenschlüsse, deren Wert 1,8 Billionen US$ überstieg. Das bedeutete eine Zunahme gegenüber dem Vorjahr um knapp 26 % und damit die Fortsetzung der Entwicklung während der 1990er Jahre. Damit rückt die Fusionskontrolle als zentrales Element staatlicher Wettbewerbspolitik in den Mittelpunkt des Interesses. Wie wird seitens der Wettbewerbspolitik mit der Fusionswelle umgegangen? Welche Verfahren werden angewendet? Welche Kriterien legen die Wettbewerbsbehörden ihren Entscheidungen zugrunde? Diese und weitere Fragen werden in der Arbeit beantwortet anhand eines systematischen Vergleichs der europäischen und der US-amerikanischen Fusionskontrolle, die weltweit betrachtet mit Abstand die grö te Bedeutung haben. Im ersten Schritt werden die jeweiligen institutionellen Rahmen einander gegenübergestellt und analysiert. Darunter sind neben den Gesetzesgrundlagen die mit deren Durchsetzung betrauten staatlichen Institutionen und deren Eingriffsmöglichkeiten zu verstehen. Im Fall der EU betrifft dies die EU-Kommission sowie den Europäischen Gerichtshof, im Fall der USA die Antitrust Division bzw. die Federal Trade Commission sowie die Bundesgerichte. In deren jeweiligem Aufbau und Verfahrensweisen zeigen sich z. T. deutliche Unterschiede. Besonderes Augenmerk wird dabei auf die Möglichkeiten politischer Einflu nahme gerichtet. Dadurch gelingt es, die jeweiligen Schwächen der institutionellen Regelungen ans Tageslicht zu bringen. Dasselbe gilt natürlich für die Stärken. Im zweiten Schritt werden dann die materiellen Beurteilungskriterien, die sich aus der europäischen Fusionskontrollverordnung bzw. den US-amerikanischen Merger Guidelines ergeben, einem systematischen Vergleich unterzogen. Behandelt werden dabei das Problem der Abgrenzung des relevanten Markts ebenso wie die Vermut
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