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Recent Developments in M&A Notification and Review Processes of Korea

Recent Developments in M&A Notification and Review Processes of Korea. Byungbae Kim Senior Counsel for International Business Affairs Wilson Sonsini Goodrich & Rosati , P. C. bbkim@wsgr.com. American Bar Association’s Section of International Law’s Spring Meeting (April 15, 2009).

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Recent Developments in M&A Notification and Review Processes of Korea

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  1. Recent Developments in M&A Notification and Review Processes of Korea Byungbae Kim Senior Counsel for International Business Affairs Wilson Sonsini Goodrich & Rosati, P. C. bbkim@wsgr.com American Bar Association’s Section of International Law’s Spring Meeting (April 15, 2009)

  2. Table of Contents 1 Increasing the threshold for M&A notification. 2 3 Introducing HHI in M&A Review Guidelines. Abolishment of the 30-day deadline for filing of pre-closing report.

  3. Increasing the threshold for M&A notification. 1 • The threshold amounts of total assets or annual sales < in US$million> • Standards for foreign companies : Assets orSales in Korea

  4. Introducing HHI in M&A Review Guidelines(Dec. 2007) • Non-Intensive Scrutiny Area in Korea Guidelines 2 N : Non-Intensive Scrutiny Area , I : Intensive Scrutiny Area

  5. Introducing HHI in M&A Review Guidelines(Dec. 2007) • Previous : defined by CRs • Effects of concentration ratios : • a starting point for evaluating the effect on the competition • Other factors : • unilateral effects, • collusive effects, • foreign competition, • new entry, and • neighboring product markets. 2

  6. Abolishment of the 30-day deadline for filing of pre-closing report. • Current provisions of MRFTA • Large company ; with total assets or turnover over KRW 2 trillion. • Pre-closing notification to KFTC ; within 30days of entering into the agreement. • Revised provisions of MRFTA ; abolished the pre-closing notification. • Effective date; no later than July 1, 2009. 3

  7. Thank you

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