commiss decis januari requir undertak separ adopt pursuant articl council regul eec case comp schneider legrand notifi document number french version authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard decis adopt commiss octob pursuant articl regul eec declar concentr schneider legrand incompat common market function eea agreement undertak concern opportun make view object rais commiss octob regard opinion advisori committe concentr regard final report hear offic case background februari commiss receiv notif pursuant articl regul eec hereinaft quot merger regul quot takeov plan schneider electr hereinaft quot schneider quot acquir mean articl merger regul sole control legrand public offer exchang share announc januari articl merger regul public exchang offer implement provid acquir exercis vote right attach share question public offer close juli schneider hold legrand capit octob commiss adopt decis hereinaft quot incompat decis quot pursuant articl merger regul declar plan merger schneider legrand incompat common market function eea agreement reason set incompat decis plan merger creat domin posit effect significantli restrict effect competit market market mould case circuit breaker miniatur circuit breaker cabinet distribut board itali market miniatur circuit breaker earth leakag protect cabinet final panelboard denmark spain itali portug market main connect circuit breaker franc portug market cabl trai unit kingdom market socket switch greec market weatherproof wire accessori spain market fix connect equip franc market transform equip franc market control signal unit franc commiss found incompat decis plan merger strengthen domin posit effect significantli restrict effect competit market market mould case circuit breaker miniatur circuit breaker cabinet distribut board franc domin posit held schneider market miniatur circuit breaker earth leakag protect cabinet final panelboard franc domin posit held schneider market socket switch franc domin posit held legrand market weatherproof wire accessori franc domin posit held legrand market emerg light system contain emerg light unit franc domin posit held legrand octob commiss schneider statement object hereinaft quot statement object quot articl commiss regul ec march notif time limit hear provid council regul eec control concentr undertak find merger incompat common market put effect conclud pursuant articl merger regul distribut legrand share schneider sharehold proport hold period mean restor effect competit relev market schneider respond write novemb gave view oral hear held novemb decemb commiss adopt decis pursuant articl merger regul authoris schneider appoint truste exercis behalf vote right attach legrand share held schneider hereinaft quot derog decis quot power attornei confer truste laid derog decis stipul truste prime object ensur legrand enjoi independ room manoeuvr continu act competitor relev market legrand senior manag continu manag compani normal manner run busi line previou practic power attornei assign truste task administ schneider stake legrand enabl manag bodi function regularli ensur schneider act breach excess derog decis take part prepar schneider demerg report commiss implement assign meet held januari commiss offici inform repres schneider broad line draft decis submit advisori committe concentr draft decis allow schneider free choic demerg arrang stipul demerg carri period repres schneider argu deadlin enabl exercis free choic demerg arrang press point principl assess arrang demerg schneider legrand decis adopt articl merger regul declar transact concern incompat common market function eea agreement state schneider hold share legrand implement plan merger mean articl merger regul merger notifi commiss declar incompat common market function eea agreement involv acquisit schneider legrand circumst transact undon mean full demerg schneider legrand propos schneider involv full demerg legrand accept commiss accord proportion principl enabl doubt effect competit restor relev market proportion principl mean choos altern capabl restor effect competit commiss prefer option afford protect individu interest compani concern individu interest stake case point preserv extent financi schneider invest legrand ii mainten legrand competit schneider interest preserv financi invest consider accord proportion principl question accommod desir part group strengthen demerg commerci posit expens competitor weaken legrand commiss consid connect individu interest schneider legrand subordin gener interest restor effect competit relev market interest compani preced advers effect competit caus schneider stake legrand note schneider current stake legrand excess share ownership threshold confer specif right grant block minor effect freez legrand develop legrand depend schneider fresh capit financ plan growth invest acquisit market legrand activ requir larg invest fund acquisit enter geograph market renew product rang mould case circuit breaker legrand embark major project clear pictur sharehold structur resourc expect reli schneider henceforth direct interest legrand profit compani competitor market entitl legrand profit partli offset loss schneider sale legrand reduc incent schneider compet legrand relev market addit price increas econom oper lead type effect profit gener sale item increas quantiti sold oper question fall respons price increas competitor pick lost sale price increas profit effect greater econom oper question take decis price increas due regard level loss sale competitor situat econom oper recov profit lost wake increas price entitl profit competitor case neg effect loss sale profit competitor partli offset profit competitor oper hold stake greater stake market share competitor concern stronger offset effect transact price charg schneider set level maximis profit addit price increas led loss sale profit larg cancel extra profit gener sale unit higher price schneider acquir legrand profit stake hold capit legrand addit profit gener loss schneider sale price increas ultim revert sharehold schneider legrand capit acquir schneider gain room manoeuvr increas price extra room manoeuvr greater schneider legrand product compet head loss schneider sale benefit legrand competitor market concentr case schneider lost sale pick legrand competitor schneider hold larg stake legrand condit ampli satisfi case point schneider legrand manufactur part product rang geograph market franc largest player reason develop incompat decis rivalri main drive forc competit reduc competit result schneider stake legrand maintain direct effect strengthen domin posit held schneider legrand french market distribut board pre merger schneider market share mould case miniatur circuit breaker hhi point final panelboard pre merger schneider market share hhi point socket switch pre merger legrand market share hhi point case socket switch franc schneider practic legrand sole competitor legrand market share schneider credibl player market share increas price schneider benefit legrand proport stake legrand revert schneider price increas initi schneider legrand price level increas trigger fall demand market make unprofit legrand schneider player french market main connect circuit breaker establish structur link schneider hold signific stake legrand capit introduc incent high entri barrier multi market contact schneider legrand franc oligopolist behaviour detriment competit firm market chang hhi caus schneider stake legrand substanti tabl point rang point distribut board mould case miniatur circuit breaker point socket switch point final panelboard point main connect circuit breaker repli novemb statement object hereinaft quot repli quot schneider view present situat schneider hold share legrand exercis vote right detriment competit view step schneider ensur legrand independ appoint independ truste respons administ schneider stake legrand commiss share view appoint truste ensur transit period dai dai manag legrand arm length schneider influenc exist truste impact schneider right legrand profit result advers effect competit event schneider line argument base exist truste presuppos maintain indefinit period appoint truste contrari intend temporarili limit anticompetit effect transact structur measur set place restor effect competit exist truste dispel uncertainti legrand sharehold structur resourc expect reli futur give legrand suffici visibl enabl initi major plan intern extern growth clear light forego schneider hold signific stake legrand advers effect competit context commiss take view order restor effect competit compani rapidli demerg demerg arrang statement object commiss found schneider allow signific stake legrand legrand delin recommend demerg schneider legrand form distribut legrand share schneider sharehold proport hold lastli propos divest requir place adopt decis repli schneider consid requir disproportion challeng commiss find schneider longer hold signific stake legrand statement object commiss found effect competit restor schneider signific stake legrand find deriv directli impact competit mainten hold market schneider legrand domin point decis repli schneider challeng substanc commiss find advers effect competit schneider signific stake legrand hand schneider consid requir divest dispos control stake quot superflu disproportion quot argu requir unnecessari precaut appoint truste ensur legrand independ oper competit place keep signific stake schneider control legrand depend legrand futur ownership structur level attend sharehold gener meet factor unknown stage possibl rule advanc possess block minor legrand share vote right french law give schneider right compar control advers effect competit event persist schneider continu hold signific stake legrand enabl exercis control chang econom incent result last possess signific stake point state earlier appoint truste intend temporarili maintain competit condit structur measur set place restor effect competit commiss take view object restor effect competit achiev schneider reduc stake legrand level give rise advers effect competit earlier characterist relev market rang market structur stake legrand capit lead advers effect competit limit schneider stake legrand exce maximum obtain hhi highli concentr market french market distribut board final panelboard main connect circuit breaker socket switch hhi valu point competit driven rivalri schneider legrand chang point rais doubt effect competit stake chang hhi greatli exce point threshold relev market point tabl stake threshold point reach market main connect circuit breaker schneider allow benefit doubt stake calcul hhi french market gt tabl gt sourc market share incompat decis accept schneider signific stake legrand schneider allow prior basi enter negoti potenti buyer effect limit number investor interest take legrand likewis possess share vote right attach share list compani entitl holder make public repurchas offer squeez capit held sharehold give buyer possibl acquir legrand share vote right attach thereto encourag potenti buyer forward eventu sale parti schneider hold legrand share vote right attach thereto schneider argu requir sell entir stake legrand singl transact narrow rang potenti buyer consider requir prevent negoti sale investor unabl rais upfront full legrand eur million schneider schneider urg commiss potenti buyer request minor stake legrand period year commiss acknowledg desir encourag bid buyer restor effect competit relev market end mechan buyer request schneider grant financi facil share buyer limit extent limit period risk involv bui legrand reject hand risk share circumst creat relationship depend schneider buyer schneider legrand mechan creat incent schneider legrand maximis profit minor sharehold vote right entitl dividend rule prejudic level signific sharehold point hand hold schneider instrument rank claim legrand buyer carri remuner set advanc unaffect legrand futur perform amount suggest schneider point buyer request subject apprais commiss precis detail financi packag constitut accept interim risk share arrang separ sale legrand subsidiari statement object commiss restor effect competit meant separ procedur involv chang legrand structur repli schneider express view disproportion object restor effect competit prohibit chang legrand structur precis schneider express view hand dispos legrand asset weaken competit eea promot competit letter novemb schneider commiss legrand asset felt sold separ parti retain schneider object restor effect competit relev market letter refer schneider consid commiss assess rang effect economi scale scope account realiti market question hand schneider strong financi incent maximis sell price legrand asset dispos separ strongli encourag weaken legrand strip asset remain competit schneider propos retain sell separ legrand explain point assess schneider propos firm ensur suffici degre certainti restor effect competit guarante balanc interest schneider legrand basi principl interest preced individu interest compani subordin gener interest restor effect competit initi stress explain time incompat decis competit pressur exert brand market result factor market custom relat promot invest research develop economi scale scope presenc complet rang product exist privileg relat wholesal gener percept brand instal separ sale busi legrand schneider parti alter factor affect legrand abil compet market legrand cost structur market question advers affect loss economi scale scope level factori commerci logist structur discount polici research develop separ sale reduc breadth depth legrand product rang depriv product plant technolog intellectu properti right link product categori undermin imag credibl legrand brand final custom instal panel builder wholesal final commiss establish combin turnov eur million legrand turnov oper result period approxim turnov gener europ split asset legrand significantli affect legrand group gener financi posit competit conclus appli split account legrand total turnov possibl schneider retain separ sell examin basi impact restor effect competit effect safeguard schneider legrand respect interest argument schneider strong financi incent maximis sale price legrand asset divest separ strongli encourag weaken legrand commiss consid schneider argument incent maximis proce sell legrand asset separ legrand rule weaken legrand accept admittedli financi proce dispos legrand group slim advanc priori reduc lost profit schneider point view offset acquisit asset choic financi term necessarili obtain normal circumst weaken princip competitor repli statement object schneider show result arbitrag lead favour financi proce sale legrand last competit advantag relev market weaken princip competitor strengthen result integr asset legrand conclus schneider propos demerg legrand hive reject term sale schneider stake legrand light forego commiss consid restor effect competit schneider sell legrand hive legrand group subsidiari compani propos keep sell separ sale schneider stake legrand carri schneider longer signific hold legrand effect competit restor purpos schneider option privat sale legrand parti sale legrand share stock exchang list privat sale made parti activ relev industri financi investor legrand share dispos stock exchang flotat distribut legrand share share entiti legrand share transfer holder schneider share proport hold statement object commiss distribut legrand share schneider sharehold appear suitabl solut commiss view privat sale requir approv purchas meet number condit restor competit independ schneider proven capac restor effect competit absenc uncertainti implement sale privat sale requir price negoti turn requir schneider obtain legrand sensit inform detriment competit lastli privat sale flotat disadvantag depend market condit likelihood longer share distribut share distribut offer advantag depend market condit easier carri short notic statement object point effect share distribut schneider legrand initi sharehold rais risk coordin competit conduct compani control group sharehold group sharehold exert major influenc compani avert risk sharehold group sharehold common schneider legrand posit exert major influenc compani repli schneider explain complex legal tax reason demerg legrand mean distribut share divis long separ solut carri left choic separ solut reject principl share distribut hand view argument put forward schneider commiss consid prefer leav schneider choos legal method demerg legrand provid make achiev separ line conclus present earlier schneider longer signific hold legrand capit schneider sell legrand group hive busi time limit signific schneider stake legrand advers effect competit dispos schneider hold legrand carri statement object commiss view maximum time limit start adopt decis articl merger regul repli schneider consid time limit disproportion main reason schneider argu appeal court instanc european commun cfi incompat decis believ decis requir dispos share legrand cfi court justic gave judgment case irrepar render annul decis ineffect schneider believ imposit time limit disproportion merger measur schneider ensur legrand independ advers effect competit schneider run consider risk make capit loss sell legrand quickli compani believ event time limit long practic reason sell legrand base view time recent dispos acquisit complet schneider exampl show sale undertak compar size legrand gener consider time compani involv french view complex scale transact commiss consid period schneider ampl time demerg legrand mean separ arrang choic event addit period truste grant irrevoc exclus author sell grant schneider impact time limit demerg effect appeal schneider incompat decis commiss consid schneider analysi decis impos demerg appeal incompat decis exhaust render appeal ineffect sound demerg decis render appeal ineffect schneider lodg applic interim measur decis suspend line schneider appeal incompat decis automat suspensori contrari articl treati situat tantamount rule relianc articl merger regul basi impos demerg order restor effect competit render incompat decis ineffect appeal lodg time limit practic reason explain point commiss share schneider opinion view measur compani ensur legrand independ appoint truste stake legrand advers effect competit mere exist signific schneider stake legrand advers affect competit relev market undermin schneider incent competit arrest legrand expans similarli appoint independ truste appreci reduc princip restrict competit result schneider signific stake legrand appoint truste alter fact situat resolv quickli distinct made capit loss incur legrand sold advers develop stock market relev factor commiss analysi futur stock exchang trend predict time schneider negoti parti financi market favour term leav room manoeuvr constraint timet option concern commiss consid schneider argument imposs carri demerg unsound commiss find transact list exampl suppli schneider complet merchant bank commiss schneider point exampl except simpli quot case involv special difficulti quot legrand provid exampl time requir complet recent merger acquisit involv french compani show period date decis sell gener suffici schneider argu individu sale divis transact technic carri time limit enabl schneider explor initi demerg arrang schneider counsel commiss increas time limit give schneider flexibl explor option envisag sale divis decid complet demerg time allow lastli note schneider start organis demerg commiss adopt incompat decis octob goal mind novemb schneider ask commiss derog articl merger regul start made prepar demerg derog grant time limit refer point ad period elaps octob date adopt decis give total addit clear time limit carri demerg practic term event commiss readi grant addit period truste irrevoc exclus author sell leav schneider room manoeuvr negoti potenti buyer investor counter advers circumst jeopardis complianc time limit commiss extend period request schneider truste schneider truste show made effort meet deadlin schneider grant initi period carri demerg schneider truste instruct sell schneider share legrand period repli schneider suggest allow dispos legrand hold stage commiss found point delai dispos schneider stake legrand harm competit arrang enabl schneider attract buyer unabl make offer entir stake legrand condit examin commiss duli substanti request schneider independ truste time limit possibl extend benefit truste schneider continu hold legrand capit period commiss consid line arrang introduc derog decis decemb restor effect competit requir power attornei assign truste appoint derog decis immedi extend truste grant power independ manag schneider stake legrand transit period preced demerg compani leav legrand independ room manoeuvr continu act competitor relev market ensur schneider action breach excess decis part schneider prepar implement demerg schneider manag complet demerg period truste exclus irrevoc power sell schneider share legrand mean amend power attornei amend power attornei endors commiss derog decis approv commiss adopt decis articl restor effect competit schneider electr requir demerg legrand group accord annex ii articl decis address schneider electr boulevard franklin roosevelt rueil malmaison franc brussel januari commiss mario monti member commiss oj oj oj oj decis quot legrand quot refer legrand group exist time schneider offer close oj part text omit order ensur confidenti inform disclos contain squar bracket mark asterisk stress schneider acquir stake legrand mean public offer exchang share announc bid commiss decis compat plan merger common market allow articl merger regul action constitut infring competit rule sanction schneider normal busi consequ deliber decis ahead oper climat uncertainti outcom commiss investig schneider free notifi agreement announc bid compani list pari stock exchang point commiss rais doubt articl merger regul compat plan merger schneider legrand schneider posit disput legrand minor sharehold withdraw oper decid maintain bid french law block minor correspond compani capit take account quorum sharehold meet equival stake point incompat decis herfindh hirschman index hhi market concentr calcul sum squar individu market share firm present market condit demonstr index reflect averag level margin industri chang index caus transact equat chang margin indic potenti effect transact price hhi measur intens competit market thereto caus transact case comp exxon mobil horizont merger guidelin issu depart justic feder trade commiss http www usdoj gov atr public guidelin horiz book toc html maximum index point squar percentag point highli concentr market competit limit point incompat decis point incompat decis schlumberg hager present market resel product made legrand schneider calcul base extens hhi timothi bresnahan steven salop quot quantifi competit effect product joint ventur quot intern journal industri organis account exist sharehold competitor situat compani hold share compani compani endeavour maximis profit sum profit profit compani reason develop point compani gain room manoeuvr increas price introduc profit function compani calcul hhi thing equal modifi hhi standard hhi schneider market share legrand market share schneider stake legrand appeal lodg decemb annex gt pic file quot en tif quot gt annex ii point schneider electr hereinaft quot schneider quot demerg legrand group hereinaft quot legrand quot hive individu busi legrand date recept decis demerg carri schneider determin provid principl laid point adher point schneider choos sell sold share own legrand capit buyer sell requisit number share enabl buyer make public repurchas offer squeez legrand share withdrawn offici list secur dispos carri schneider minor sharehold legrand capit vote right attach thereto buyer allow make public repurchas offer squeez schneider stake legrand capit schneider decid place stock market share legrand entiti control legrand assur commiss advanc result flotat sharehold group sharehold common schneider legrand exert major influenc compani schneider stake capit schneider choos demerg arrang refer paragraph seek commiss prior approv arrang special refer possibl schneider retain limit period limit number instrument rank claim legrand compani acquir control legrand commiss case impos requir schneider ensur effect competit restor prior sale legrand provid event flotat schneider identifi purchas legrand schneider commiss approv purchas approv request inform commiss check purchas meet purchas standard laid point commiss notic remedi accept council regul eec commiss regul ec transact lead subsequ transfer purchas individu busi legrand schneider disqualifi purchas point schneider submit commiss earliest opportun draft inform document intend potenti purchas investor list potenti buyer schneider intend contact inform outcom contact document deem accept commiss opinion work dai date deliveri point schneider work dai date receipt decis submit commiss approv amend contract bind truste appoint accord commiss decis adopt decemb case pursuant articl regul eec draft amend forthcom end period commiss schneider agre draft amend commiss impos amend consult truste amend refer paragraph drawn accord principl power attornei extend demerg schneider legrand complet truste ensur schneider action breach excess decis truste part schneider prepar implement demerg amend includ measur deem implement decis preserv independ room manoeuvr enabl legrand remain competitor relev market schneider respect commit practic commiss extend truste power includ mean ensur decis compli task assign accomplish schneider request commiss authoris discharg truste point time limit laid point ceas run irrevoc sale agreement sign public offer share publish gener meet schneider sharehold decid divis effect demerg schneider legrand occur date point schneider sign irrevoc sale agreement parti publish public offer share time limit refer point give irrevoc exclus power truste refer point carri demerg schneider legrand price stipul minimum price end schneider ten work dai expiri time limit submit commiss approv amend truste contract draft amend forthcom ten work dai expiri time limit commiss schneider agre draft amend commiss impos amend consult truste truste sign irrevoc sale agreement parti publish public offer share point except circumst prevent sign irrevoc sale agreement parti public public offer share schneider truste refer point time limit mention point time limit mention point extend commiss discret duli substanti request schneider truste request submit immedi except circumst occur show effort made meet deadlin oj