A bill to amend the Federal Trade Commission Act to impose certain requirements with respect to the acquisition of substantial energy reserves holders, and for other purposes.

Summary

Amends the Federal Trade Commission Act to prohibit final approval of an acquisition of a substantial energy reserve holder until the Federal Trade Commission or the court approves any required divestiture of stock or assets relating to the energy business of the holder or the acquiring person. Authorizes the Commission or the court to: (1) rescind a consent agreement, consent decree, or order if a required divestiture is not approved within the specified period; and (2) initiate an action or proceeding to obtain appropriate relief, which may include requiring the acquiring person to sell the holder as a single entity to approved persons. Sets forth requirements concerning hold separate orders with respect to the parties to such an acquisition. Declares that these provisions do not apply to an action brought by a private party or local government. Amends the Clayton Act to eliminate the 15-day waiting period (and thus require a 30-day waiting period) following notification of a proposed acquisition in the case of a cash tender offer. Provides for the extension of the waiting period for an additional 60 days if, as a result of an acquisition, the acquiring person would hold more than $2,000,000,000 of the voting securities or assets of the acquired person. Permits disclosure to Federal and State law enforcement agencies of information or documentary material included in an acquisition notification filed with the Commission or the Assistant Attorney General, provided an agency officer certifies that such information or material will be maintained in confidence and used only for official law enforcement purposes.

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1 official file

• Introduced in House

  summary · EN · 17 June 1985

  Open at official source

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