Tag archives: Competition Act

Lower 2021 thresholds announced for merger reviews under Competition Act and Investment Canada Act

By nrfdigitalteam on February 12, 2021 Posted in Antitrust, competition and regulatory

The threshold for certain pre-closing net benefit reviews under the Investment Canada Act (ICA) and the threshold for a pre-closing merger notification under the Competition Act have now both been released for 2021. Thresholds under both statutes decreased slightly, meaning more transactions may be reviewable or notifiable, respectively, than in 2020. Competition Act Canada uses a two-part test … Continue reading

Timely, or too soon? Competition Bureau releases guidance on “failing firm” claims in merger reviews

By Kevin Ackhurst (Toronto), Erika Woolgar and Alexane Samson on May 14, 2020 Posted in Antitrust, competition and regulatory, M&A

On April 29, in a rare decision based on the “failing firm” rationale, the Competition Bureau announced it would not challenge the acquisition of Total Metal Recovery (TMR) Inc. by American Iron & Metal Company Inc. (AIM), because TMR would have likely exited the market without the merger. The Bureau released a detailed position statement … Continue reading

Canadian Government Announces New Policy Applying “Enhanced Scrutiny” to Certain Foreign Investments During COVID-19

By Kevin Ackhurst (Toronto) on May 7, 2020 Posted in Antitrust, competition and regulatory, M&A

Market Contraction The financial markets and global economy have experienced a precipitous decline and substantial volatility due to the economic impact of the ongoing COVID-19 pandemic. This has had a significant and immediate impact on the level of M&A activity, both in Canada and globally, as companies are shelving deals or simply walking away entirely. … Continue reading

2020 merger review thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on April 2, 2020 Posted in Antitrust, competition and regulatory, M&A

The threshold for certain pre-closing net benefit reviews under the Investment Canada Act (ICA) and the threshold for a pre-closing merger notification under the Competition Act have now both been released for 2020. The Commissioner of Competition announced on April 1 that the threshold would remain the same as in 2019. Competition Act Canada uses a two-part test for … Continue reading

CANADA’S COMPETITION BUREAU IS KEEPING AN EYE ON SMALL M&A DEALS

By Kevin Ackhurst (Toronto) on October 18, 2019 Posted in Antitrust, competition and regulatory, M&A

The Competition Bureau (the “Bureau”) is required to review certain merger transactions that exceed various financial thresholds, based on the size of the business being acquired and the combined size of the buyer, the target business, and their affiliates. The notification thresholds under the Competition Act (the “Act”) are discussed in more detail here. The … Continue reading

2019 merger review thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on February 5, 2019 Posted in Antitrust, competition and regulatory

The threshold for certain pre-closing net benefit reviews under the Investment Canada Act (ICA) and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2019. Competition Act Canada uses a two-part test for determining whether a pre-merger notification is necessary. The two-part test is based on the size of the parties and the … Continue reading

Foreign investment laws and increased scrutiny of M&A transactions

By Mark Bissegger (Toronto) on September 11, 2018 Posted in Antitrust, competition and regulatory, M&A

2018 is on pace to be a year with one of the highest total values of blocked or cancelled M&A deals in the past two decades. While this data, which was compiled by Thomson Reuters and reported by the Financial Times, is based on public M&A transactions, the reasons and insights behind it can nonetheless … Continue reading

The Competition Bureau is soliciting feedback from stakeholders on two new advocacy initiatives

By Troy Ungerman (Toronto) on May 29, 2018 Posted in Antitrust, competition and regulatory

The Competition Bureau recently issued a news release soliciting feedback from stakeholders regarding two of its newest advocacy initiatives: Opportunities where the Bureau can support increased competition through changes to regulations or policies; and Input on the Bureau’s draft Market Studies Information Bulletin. Supporting Increased Competition Using the Advocacy Suggestion Form, the Bureau is collecting perspectives on … Continue reading

Competition Act Merger Filing Fees Increases to $72,000

By Kevin Ackhurst (Toronto) on May 1, 2018 Posted in Antitrust, competition and regulatory, M&A

Effective May 1, 2018, merging parties will need to dig deeper to cover the fee that must be paid when filing a pre-merger notification or seeking an advance ruling certificate under the Competition Act. The fee is jumping from $50,000 to $72,000. In justifying the increase, the Competition Bureau argues that the fee has not … Continue reading

2018 merger review thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on February 14, 2018 Posted in Antitrust, competition and regulatory, M&A

The threshold for certain pre-closing net benefit reviews under the Investment Canada Act (ICA) and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2018. Competition Act Canada uses a two-part test for determining whether a pre-merger notification is necessary. The two-part test is based on the size of the parties and the … Continue reading

Competition Act merger filing fees likely to jump in 2018

By Kevin Ackhurst (Toronto) on October 23, 2017 Posted in Antitrust, competition and regulatory, M&A

The Canadian Competition Bureau has started the process to increase the fee that must be paid when filing a pre-merger notification or seeking an advance ruling certificate under the Competition Act. The fee is currently $50,000, and the Bureau is seeking permission to increase the fee to up to $72,000, effective April 1, 2018. Any … Continue reading

Keeping up with the Competition Bureau: recent position statements

By Troy Ungerman (Toronto) on September 30, 2015 Posted in Antitrust, competition and regulatory, Corporate finance

Under the Competition Act, RSC 1985 c. C-34, the Competition Bureau (Bureau) reviews mergers to assess whether they are likely to substantially lessen or prevent competition in one or more relevant markets. As stated in its Merger Enforcement Guidelines (Guidelines), the Bureau generally makes its determination by assessing the competitive effects of the merger in … Continue reading

New merger review thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on February 5, 2015 Posted in Antitrust, competition and regulatory, Corporate finance

The threshold for a pre-closing net benefit review under the Investment Canada Act and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2015. Investment Canada Act The direct acquisition of control of a Canadian business by a non-Canadian from a WTO-member country is subject to pre-closing review and … Continue reading

Bureau allows Reynolds to acquire Novelis’ North American foil business

By Kevin Ackhurst (Toronto) on July 15, 2014 Posted in Antitrust, competition and regulatory, Corporate finance

On November 15, 2013, Reynolds Consumer Products, Inc. (Reynolds) agreed to acquire the North American division of Novelis Foil Products for $35 million. Six months later, on May 26, 2014, the Competition Bureau (Bureau) allowed the acquisition by issuing a No Action Letter to Reynolds and announcing that the merger would be unlikely to cause … Continue reading

New merger review thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on January 21, 2014 Posted in Antitrust, competition and regulatory, Corporate finance

The threshold for a pre-closing net benefit review under the Investment Canada Act and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2014. Investment Canada Act The direct acquisition of control of a Canadian business by a non-Canadian from a WTO-member country is subject to pre-closing review and … Continue reading

New Merger Review Thresholds for Competition Act and Investment Canada Act

By Kevin Ackhurst (Toronto) on January 14, 2013 Posted in Antitrust, competition and regulatory

The threshold for a pre-closing net benefit review under the Investment Canada Act and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2013. Investment Canada Act: the direct acquisition of control of a Canadian business by a non-Canadian from a WTO-member country is subject to pre-closing review and … Continue reading

Mandatory Jail Time for Certain Competition Act Offences Now in Effect

By Kevin Ackhurst (Toronto) on November 20, 2012 Posted in Antitrust, competition and regulatory

Effective today, an individual convicted of certain violations of the Competition Act (Canada) may be punished with prison time instead of community service. These offences include price-fixing, bid-rigging and misleading advertising. For more information please see Norton Rose’s Legal Update on the topic prepared by our colleague Stephen Nattrass here. Merging parties should take note of these amendments because … Continue reading

Higher Investment Canada Act & Competition Act Thresholds for 2012

By Kevin Ackhurst (Toronto) on February 28, 2012 Posted in Antitrust, competition and regulatory

Under the Investment Canada Act, Canada’s foreign investment review law, the direct acquisition of control of a Canadian business by a non-Canadian from a WTO-member country is subject to pre-closing review and approval where the assets of the acquired business exceed a prescribed threshold. Effective February 25, 2012, that threshold is $330 million, up from the 2011 … Continue reading