commiss decis declar concentr compat common market function eea agreement case iv price waterhous cooper amp lybrand notifi document number english text 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 commiss decis januari initi proceed case regard opinion advisori committe concentr decemb commiss receiv complet form notif propos concentr pursuant articl regul eec price waterhous cooper amp lybrand enter full merger purpos articl regul agreement question enter march commiss appli regul eec hereinaft refer merger regul stood prior amend made regul ec preliminari examin notif commiss conclud propos concentr creat strengthen domin posit result effect competit significantli imped common market substanti part rais doubt compat common market parti price waterhous pw cooper amp lybrand amp call big audit account organis worldwid arthur andersen aa deloitt touch tohmatsui intern dtti kpmg ernst amp young ey parti activ field busi activ suppli profession servic consist audit account pursuant audit requir impos law statutori audit audit account servic provis tax complianc advisori servic provis manag consult servic includ inform technolog strateg plan human resourc provis corpor financ advisori servic provis insolv servic ii oper septemb price waterhous cooper amp lybrand enter agreement organis effect merg global network propos concentr form merger organis intern network nation offic overseen intern bodi merger achiev seri transact contractu arrang network combin worldwid practic parti acced integr structur combin agreement reflect exist structur pw combin agreement practic term pw firm carri busi territori merg amp firm carri busi territori depend nation law provis audit account servic case integr effect formal merger relev firm case acquisit entiti busi asset case firm formal dissolv successor firm creat combin entiti result local merger subsequ acced combin agreement iii concentr parti structur intern network separ autonom nation firm oper common observ common profession servic standard multi partnership structur parti examin group firm regard singl undertak purpos merger regul combin constitut singl concentr mean articl merger regul mention paragraph entiti base structur pw combin start premis result concentr singl undertak singl econom entiti order determin transact issu merger purpos articl merger regul combin activ previous independ undertak result creation singl econom unit examin pw combin suffici high degre concentr decis make financi interest confer charact singl econom entiti purpos merger regul pw group achiev signific degre integr structur evolv consider recent year creation combin arrang pw firm function network firm oper common observ common profession servic standard firm oper princip territori pw firm jurisdict cross refer work pw firm jurisdict opportun aros structur prove unsatisfactori term transact cost resourc deploy order remedi difficulti organis oper intern level pw introduc system combin board review guidanc nation firm essenti aspect conduct busi pw europ combin adopt order european pw firm oper manner harmonis interest proprietor individu pw firm promot collect interest reduc incent make busi decis promot interest firm expens combin firm separ pw enter bilater arrang pw firm world includ mexico india israel japan agre pool resourc coordin strategi mutual benefit pw europ combin recent extend combin contract pw firm oper europ usa combin effect constitu pw firm function collect singl econom unit combin compris pw firm western europ usa eastern europ middl east north africa republ south africa descript preced paragraph appear pw combin characteris signific degre integr featur consider centralis manag purpos merger regul result transact issu singl econom entiti transact constitut singl concentr pw constitut parti respect left open amp firm made singl econom entiti case seri individu merger nation partnership pw amp examin part singl transact group firm materi scope competit assess case cover local merger effect eea iv commun dimens combin aggreg worldwid turnov parti ecu million price waterhous ecu million cooper amp lybrand million aggreg commun wide turnov parti exce ecu million price waterhous ecu million cooper amp lybrand million amp partnership treat distinct unit member state unit kingdom netherland germani achiev turnov exceed ecu million ecu million ecu million ecu million parti achiev third aggreg commun wide turnov member state achiev third efta wide turnov efta state notifi oper concentr commun eea dimens competit assess relev product market area activ parti parti concentr activ provis broad rang profession servic client consist larg compani nation multin dimens span broad spectrum busi sector client public sector parti divid rang profession servic broad servic line constitut product market relev case audit account tax advisori complianc manag consult insolv corpor financ advisori relev product market market investig carri commiss broadli confirm product market correctli categoris main area activ parti commiss identifi distinct market area audit account servic market provis servic medium small size compani consist nation compani big firm activ tier audit account firm ii market provid audit account servic quot larg compani nation multin dimens predominantli provid big firm commiss identifi exist narrow market provis audit account servic sector bank insur sector likewis commiss identifi exist narrow market area provis tax advisori complianc servic provis servic larg compani client big commiss open proceed result concern regard competit impact oper market provis audit account servic larg compani big client ow concern competit impact market provis audit account servic sector bank insur larg compani client big market provis tax advisori complianc servic larg compani big client audit account servic larg compani big client descript servic purpos present analysi audit account servic consist perform statutori audit compani account audit relat account servic emploi auditor skill review busi transact account process check transact implic term conting liabil risk futur revenu fairli reflect compani financi statement context audit relat account servic parti identifi account servic provid includ gener account advic system assur busi risk assess intern audit due dilig work preparatori acquisit busi prepar report connect stock exchang list post acquisit review ii larg compani big client parti contend larg multin compani access intern capit market purchas audit servic audit firm intern network recognis intern reput content corrobor oper market commiss market investig investig reveal choic client compani larg limit audit account firm big firm geograph coverag compani requir degre credenc financi statement requir intern capit market likewis commiss investig identifi big main exclus provid audit account servic larg nation quot compani regulatori reason stock market gener expect commiss inform respons market enquiri big depth sectori expertis requir larg compani nation multin provis audit servic sector sectori expertis found import bank insur sector paragraph seq market investig commiss reveal audit firm aspir satisfi audit larg compani deploi signific resourc satisfi demand client iii conclus commiss identifi relev product market consist market provis audit account servic quot larg compani nation multin provid predominantli big firm main satisfi requir compani audit account servic provid firm reput financi market case quot compani geograph breadth cover compani worldwid case multin depth expertis sector larg compani gener regul sector bank insur signific resourc larg compani sectori audit account servic larg compani big client sectori audit expertis audit account servic profession servic provid firm personnel profession qualifi carri statutori audit work qualifi auditor call provid servic broad rang industri busi sector commiss market investig reveal tendenc stage career specialis limit number sector gain addit profession expertis specialis natur context appear audit firm enjoi larg presenc sector long period time build reput depth expertis sector light evid commiss consid possibl separ market provis audit servic case sector indic complex natur sector activ requir signific level specialist expertis part auditor sector commiss market investig confirm possibl financi sector bank insur client competitor concur distinguish sector includ regul sector public compani ii bank insur audit commiss consid possibl relev product market audit sector due specif complex natur regul financi servic sector combin strength parti result propos oper sector member state mention parti gener coincid indic commiss peculiar natur sector aa demand side commiss consult extens client big bank insur sector depth market investig indic receiv import factor sectori expertis reput sector examin repli client reveal complex individu natur audit sector show compar sector requir sectori expertis countri suffici specialist resourc intertwin sectori audit reput market outweigh price consider client sector commiss market investig ampl evid big firm client low degre import price factor determin client decis regard choos retain auditor case bank insur client respons receiv commiss show client practic price import instanc import factor sectori expertis reput discuss incumb auditor knowledg client client compar long period time acquir audit skill sector client cite start period rang year altern big firm compet carri audit adequ stress intang cost term disrupt invest manag time present case situat mitig fact confirm client consult commiss big firm regard valid altern supplier client expect auditor absorb price switch cost financi natur chang auditor nonetheless intang cost bank insur client show strong reluct chang incumb auditor due import attribut factor trust confid built long last relationship auditor run decad analys evid gather market investig commiss identifi factor attenu demand side issu concern percept bank insur client regard main element time need altern big firm reach level compet incumb auditor start period ii client reluct case chang auditor paragraph regard element commiss consid start period cite client context servic carri inher auditor client chang initi period auditor acquaint client involv disrupt invest client time chang sector involv fact consist import attach client incumb auditor knowledg client commiss view differenti introduc learn time due chang sector part auditor margin start period cite client commiss consid signific period evalu context lengthi auditor client relationship mention regard element commiss consid reluct client chang auditor attribut client factor trust confid incumb auditor put perspect context servic person relat person percept plai import role context commiss consid qualit factor trust confid interpret broader pictur auditor client relationship trust confid inher signific natur audit servic independ sector involv bb suppli side big firm respons client expect demand organis intern sectori basi strategi justifi suffici sectori expertis avoid liabil problem high risk financi servic sector bank insur commiss evid market investig high degre sectori align audit staff big firm case bank insur sector specialist sector spend proportion larger part profession live work hour dedic sector activ emerg repli big firm degre specialis sector due complex financi servic sector higher inher risk ad regulatori respons knowledg regulatori requir entail situat confirm parti state financi servic sector bank insur requir special expertis higher inher risk institut complex transact parti state larg firm capit citi client base lend format dedic team specialist skill experi industri sector financi servic staff typic join develop career senior manag divis financi cost inher audit client sector auditor lack adequ level sectori expertis born audit firm expect client adjust fee absorb cost start period gener year mention paragraph audit firm interest profession audit staff depth expertis suffici number proven track record sector bank insur convinc client posit satisfi commiss inform high risk natur financi servic sector constitut deterr audit firm lack suffici sectori expertis evalu financi reput term cost take respons involv case larg client appear sectori expertis big firm deriv factor big present audit sector strength member state member state big level sectori expertis due presenc segment smaller bank insur compani subsidiari branch foreign compani auditor behalf regul sectori expertis acquir member state simpli mean acquisit compani client signific number financi compani subsidiari involv financi servic financ subsidiari car manufactur payment card retail bank subsidiari big retail sectori expertis gain audit subsidiari sectori expertis bank insur obtain audit advisori assign manag consult big involv big firm limit opportun redeploi personnel countri poach staff competitor competit potenti big firm smaller presenc sector countri reflect current share sector find confirm overwhelm major bank insur client state big audit big find easili resourc expand audit activ bank insur sector consequ posit big success entri made financi servic sector includ pw insur sector cc conclus commiss consid factor conclud provis audit account servic bank insur sector constitut separ relev product market purpos assess competit effect present oper tax advisori complianc servic larg compani big client tax advisori servic compris advic structur transact busi organis minimis tax liabil deal revenu taxat author behalf custom similarli complianc servic compris provis assist comput quantum tax client liabl pai prepar return nation revenu taxat author parti contend tax advisori complianc servic provid audit account firm includ tier firm law firm commiss investig confirm parti content larg compani client big firm necessarili limit big audit account servic supplier provis servic commiss conclud relev product market provis tax advisori complianc servic larg compani client big audit account servic distinct market provis tax servic categori client conclus relev product market factor commiss conclud relev product market purpos competit assess case market provis servic audit account larg compani big client ii audit account small medium size compani iii tax advisori complianc entir market iv manag consult insolv vi corpor financ advisori relev geograph market audit account servic regulatori framework nation market consider provis audit servic regul commun level member state nation regulatori requir stipul type entiti statutori audit frequenc audit type auditor elig conduct statutori audit profession qualif statutori auditor legal form audit firm assum client appoint auditor member state sector bank insur list compani approv supervisori bodi requir appoint member state regul durat renew possibl audit contract aspect provis audit servic regul freedom establish audit firm ow restrict ownership manag legal form audit firm member state parti recognis provis audit account servic highli regul nation level state fact suggest nation market provis servic contend definit primarili applic case audit smaller compani oper primarili countri rais capit intern market multin dimens consider parti contend ow increas number compani multin oper requir profession servic countri singl provid market audit account take intern dimens commiss analysi respons market oper issu geograph scope audit account servic account question intern dimens rais parti case multin compani suppli audit account servic big form part client base relev product market retain assess case testimoni big audit client analysi increas tendenc part multin big client negoti worldwid servic partner firm big locat countri client parent compani form intern packag negoti analysi respons commiss big audit firm includ parti client firm depth market investig confirm packag exist constitut principl singl packag cover offer potenti audit firm supplier nation locat multin client requir servic concern nonetheless constitut take account nation subsidiari client compani includ nation regulatori requir offer includ fee audit partner firm potenti provid servic subsidiari parti oper tender procedur central negoti parent compani consolid local estim negoti local partner lead partner countri parent compani ad approach appli approxim tender parti state receipt invit tender lead offic identifi offic partner team serv oper potenti client offic ask research work carri prepar estim scale time local scale estim submit directli lead offic audit assist set strategi fee approach total fee quot total scale fee estim discount appli fairli offic particip parti state subsidiari manag consult group manag compet audit firm audit practic manag territori subsidiari locat consult ensur local statutori regulatori requir consid prepar tender central technic aspect tender offer handl nation ensur complianc requir multin client parti address commiss market investig negoti servic includ fee audit supplier nation level subsidiari deal directli nation partner firm final offer coordin overview central level multin client state consid geograph scope market nation confirm case compani negoti audit fee subsidiari undertak respons subsidiari compani manag multin client parti admit central discuss audit fee qualiti issu state agre price condit compani compani basi compani bear cost servic local manag involv discuss negoti negoti intern packag big firm multin client parti state negoti local audit firm carri central negoti servic factor common multin client corpor group audit carri consolid account combin audit account parent compani subsidiari worldwid consolid audit take place nation territori parent compani locat parent compani choic auditor audit audit group worldwid influenc appreci term inter alia reput expertis audit servic offer nation territori locat appear fairli strong posit countri industri audit subsidiari foreign compani accompani weak posit audit compani oper industri incorpor countri decis nation market characterist commiss account factor analysi geograph scope relev product market present case identifi nation market characterist nation regulatori requir affect demand statutori audit requir suppli side profession qualif audit staff restrict freedom establish audit firm member state part audit servic provid local presenc profession qualifi personnel requir depth expertis includ regulatori knowledg relat brand recognit reput countri audit account servic provid conclus abovement nation market characterist element consider commiss consid nation market relev geograph market purpos assess competit effect present oper market provis audit account servic tax advisori complianc servic specif requisit level profession qualif expertis exist nation level tax law specif countri commiss consid nation market relev geograph market purpos assess competit effect present oper market provis tax advisori complianc servic manag consult servic manag consult servic provid wide rang corpor public sector custom parti contend factor limit abil particip kind market skill resourc demand client pure nation local whilst multin natur nation locat context parti contend market nation intern dimens rang supplier compet level includ specialist boutiqu nation local level account firm consult firm level commiss market investig broadli confirm content parti oper lead creation strengthen domin posit altern geograph market assess paragraph seq commiss decid leav precis definit relev geograph market provis manag consult servic open present case insolv servic parti provis insolv servic regul nation law insolv occur intern basi appoint liquid occur nation basi rule nation jurisdict commiss market investig confirm nation natur market commiss consid nation market relev geograph market purpos assess competit effect present oper market insolv servic corpor financ advisori servic corpor financ advisori servic found commiss previou decis august bhf ccf charterhous case iv provid nation market nonetheless parti contend transact market intern commiss market investig confirm exist nation intern aspect provis servic commiss assess conclud present oper lead creation strengthen domin posit altern market provis servic decid delin relev geograph market present case assess market characterist big account firm activ big substanti busi relev product market tabl data manag consult corpor insolv corpor financ servic combin gt tabl gt tabl show percentag revenu base figur big firm earn main product line gt tabl gt big activ relev market defin market definit note respect market big audit account market larg compani big face competit rang servic provid respect tax advisori complianc servic big compet account firm law firm bank respect manag consult servic big compet numer consult provid mckinsei boston consult group ibm ed bain amp respect corpor financ servic big compet numer invest bank institut includ goldman sach morgan stanlei sbc warburg dillon read respect corpor insolv servic big compet law firm audit account servic market tabl provid audit account servic provid half total revenu earn big aa weight provis manag consult servic commun countri usa law audit requir gener develop sophist market provis audit servic matur length time audit appoint made vari countri countri year uk year member state norm audit appoint renew auditor client relationship long term last year decad commiss investig reveal reason chang auditor damag corpor client reput stock market rate invest commun suspect disput financi report problem compani account reason take consider amount time train resourc client ensur auditor suffici familiar busi asset oper carri satisfactori audit risk sharehold remain accept limit select auditor larg compani gener competit tender process ordinarili client invit firm gener submit initi propos base initi propos client make final select select firm client attach import price factor audit fee import factor strength firm network qualiti work reput manner propos perform work includ technolog experi expertis staff respons audit long term relationship client decid put audit contract competit tender feel order constrain threaten price increas incumb auditor involv situat chang merger acquisit price audit account servic determin competit tender occur time histor growth demand audit account servic member state due implement commun direct requir compani account audit futur growth demand expect increas demand statutori audit account servic structur privatis increas capit market rais financ minimum requir profession qualif person integr independ met person carri statutori audit laid eighth compani law direct council direct eec direct specif guidanc question surround audit function issu concern regul nation level subject regul account profess issu typic cover regul group main area profession behaviour rule independ compet qualiti profession secreci work report rule true matter cover regul vari commun actual rule vari countri grow tendenc adopt nation level rule elabor intern level intern feder account ifac european level féderat de expert comptabl européen fee involv promot adopt intern standard member state membership nation regul institut typic exercis individu basi account firm plai import role process regul afford time effort particip work group prepar rule intern level evid largest market player plai influenti role ifac set standard intern level nation standard tend line ifac standard firm interven standard set process nation level influenc larg account firm process standard set underestim commiss green paper role posit liabil statutori auditor eu rais number question audit regul commun issu monitor regul profess commun level relev commun move direct singl market audit view increas concentr sector audit account servic small medium size client commiss investig reveal small medium size compani requir level resourc depth expertis geograph spread auditor larg compani case avail servic big serv larg extent smaller tier firm auditor provid strong competit big small medium size compani concern commiss conclud oper give rise competit concern market audit account servic small medium size compani audit account servic larg compani client commiss consid relev product market big market larg compani audit account servic market nation geograph scope paragraph seq fact relev market highli concentr big meet big compani requir member state make commiss possibl creation strengthen singl domin posit creation strengthen oligopolist domin posit result propos merger pw amp assess creation strengthen domin market commiss publish data provid parti includ client size commiss consid approach methodolog correct rel proport fee incom similar member big client basi exclus larg compani basi singl domin annex merg firm share market exce member state highest combin share germani uk ireland nearest competitor kpmg european level merg entiti whilst nearest competitor kpmg nation market merg firm enjoi market posit confer excess market power vi vi competitor client mention paragraph seq norm audit appoint renew year long term last decad lack market fluiditi mean addit market share relat singl year examin tender offer bid data longer period order apprais fulli natur extent competit process big market larg compani commiss investig reveal tender offer frequent occurr client decid chang auditor launch tender process competit form bid member big client inform buyer awar price qualiti relat servic offer fact member big make offer tender launch make clear extent client implicit threat tender constrain power incumb auditor analysi recent tender offer result gt tabl gt figur includ switch client big big tier auditor period time signific client switch audit firm net win loss basi amp pw rank big concern analysi total win column tabl rank big firm term win member big gt tabl gt period question amp pw rank equal equal big concern switch member state level data uk gt tabl gt win concern pw amp rank fourth amp firm suffer greatest number loss rank net win win minu loss result gt tabl gt conclus data market share outcom big bid activ period year clear merg firm constrain competit behaviour remain larg account firm exclud merger creat strengthen posit singl domin nation big market larg compani audit account servic eu oligopolist domin exist collect domin oligopolist market pre exist characterist rais issu collect domin previou commun merger decis commiss decis ec case iv gencor lonrho demand side moder growth inelast demand suppli side highli concentr high market transpar homogen product matur product technolog high entri barrier includ high sunk cost supplier structur link suppli side characterist make easi supplier engag parallel behaviour provid incent element characteris big audit account market larg compani aa stagnant demand notif submit parti demand audit servic grow eea slowli demand profession servic parti estim futur growth demand project increas demand statutori audit account servic comparison strong growth predict manag consult servic europ clear big audit account market larg compani enjoi strong growth rate forese futur larg individu size compani constitut client base kind gener growth virtu increas popul client base conclud demand relev market remain slow grow bb price inelast demand price elast demand market question low due fact client statutorili oblig purchas servic cost incur switch supplier event audit account fee constitut minut proport total cost big client size client compani price cite client import criterion choos supplier demand extent price elast evid fact switch occur tender offer made paragraph cc homogen product market transpar low rate innov audit servic homogen audit perform involv standard check analys report relev element provid nation regul institut regul commiss investig reveal vast major client member big interchang commiss investig reveal signific degre price transpar hourli rate charg audit servic transpar member big cost transpar member big salari labour cost constitut half total cost transpar recruit public inter firm personnel transfer transpar increas countri addit factor public level audit fee client annual report uk statutori requir dual auditor countri methodolog audit account servic time characteris low rate innov dd structur link supplier exist econom structur link supplier contribut exist oligopolist domin link exist audit account sector sector profession regul institut audit firm member paragraph account firm repres institut respons matter regul repres meet regular basi discuss decid regul issu crucial import concern largest firm influenti role set standard concern paragraph posit influenc develop system standard practic contribut creation oligopolist collect domin clear big audit account market larg compani extent characteris element contribut situat collect domin commiss found conclus proof domin exist present big market commiss investig reveal indic big larg compani audit client collect domin prevail present gener viewpoint collect domin involv supplier simpli complex interrelationship involv consequ temptat deviat situat unstabl unten long term specif demonstr current big market larg compani competit time client put tender intra big switch occur judgment court march join case franc commiss scpa emc commiss kali und salz mdk treuhand case iv emphasis strong burden proof commiss case oligopolist market commiss hold subject collect domin court held high level concentr oligopolist market decid factor exist collect domin addit court judgment impli evid lack effect competit group supplier held collect domin strong evid weak competit pressur supplier market question view commiss consid conclus evid present concentr strengthen situat pre exist oligopolist domin big market larg compani ii creation collect domin commiss consid level post merger suppli concentr creat situat collect domin aa dual merger market structur pw amp kpmg amp possibl creation collect domin big audit market larg compani investig commiss dual merger scenario kpmg amp decemb jointli notifi commiss intent merg worldwid commiss found analys propos pw amp concentr context kpmg amp oper merger regul effect merger oper assess perspect project futur market take account brought merger make allow futur develop entrant liberalis product innov kpmg amp agreement fact market place dual merger scenario combin share biggest firm relev market substanti nation commun world level merg entiti biggest firm member state signific gap respect market share remain supplier view high combin market share held merg firm characterist market question enumer paragraph commiss reach preliminari view pw amp merger creat level suppli concentr kpmg amp merger consist hypothesi collect domin februari kpmg amp publicli announc jointli agre termin merger plan merger pw amp principl lead creation domin oligopoli involv parallel behaviour result big domin duopoli largest firm engag parallel behaviour whilst coerc remain smaller firm oligopolist domin risk creation oligopolist domin aris larg part exist gener characterist paragraph risk enhanc characterist specif market earlier paragraph relationship auditor client tend long term client principl choic larg audit firm reason earlier conveni propiti switch auditor consider period time client practic decid time put audit contract tender junctur supplier consid suitabl reduct number supplier big audit market larg compani constitut element conduc collect domin commiss investig led conclus merger creat situat oligopolist domin explain paragraph collect domin involv supplier complex unstabl persist time competit exist big market form tender tender fairli rare big particip tender competit tender offer disappear drastic reduc reduct supplier situat differ structur result dual merger scenario initi assess commiss number big suitabl invit individu tender reduc current figur figur leav limit effect choic client ii duopolist domin annex ii nation european worldwid level pre post merger pw amp share biggest audit firm market question merger combin market share reach commun worldwid individu member state commiss investig led conclus pw amp merger exist market structur creat posit duopolist domin merg entiti pw amp biggest firm member state austria biggest firm vari consider commun countri pw amp biggest firm kpmg countri amp countri aa countri dtti countri annex ii annex iii post merger gap market share biggest firm signific size member state germani spain commun level world level proxim market share largest firm make impractic merg pw amp entiti pursu strategi duopolist domin involv coerc squeez largest smaller firm countri constitut separ geograph market suppli audit account servic paragraph seq feasibl pw amp adopt parallel behaviour countri parallel firm kpmg aa amp dtti countri question realist suppos firm accept benefit parallel behaviour countri awar parallel behaviour pw amp firm oper detriment countri multi firm parallel behaviour stabl period time iii conclus view continu post merger exist fewer supplier continu particip supplier tender offer constitut competit process relev market emerg clear lead firm merger commiss found conclus proof merger creat strengthen posit oligopolist duopolist domin nation big market audit account servic larg compani commun tax advic complianc servic manag consult servic corpor insolv servic corpor financ servic tax advic complianc servic account firm face strong competit law firm bank market market share calcul basi includ supplier member state combin market share exce spain ireland manag consult servic combin market share exce member state competitor sector includ account firm world renown specialist compani mckinsei bain boston consult group corpor insolv servic member state combin market share exce uk competitor includ lawyer firm account corpor financ advic combin market share member state notifi parti compet major commerci invest bank conclus question merger creat strengthen domin posit abovement market commun vi conclus accept propos transact creat strengthen domin posit result effect competit significantli imped substanti part common market pursuant articl merger regul articl eea agreement transact declar compat common market adopt decis articl propos concentr price waterhous cooper lybrand notifi decemb declar compat common market oper eea agreement articl decis address cooper amp lybrand embank place london wc nn unit kingdom price waterhous southwark tower london bridg street london se sy unit kingdom brussel commiss karel van miert member commiss oj correct version oj oj oj version decis edit ensur confidenti inform disclos oj oj oj oj paragraph ecr commiss decis ec oj annex gt tabl gt annex ii gt tabl gt annex iii gt tabl gt