A bill to modify the application of the Clayton Act to certain large acquisitions.

Summary

Amends the Clayton Act to authorize the Assistant Attorney General or the Federal Trade Commission to extend by up to 60 days the waiting period required following notification of a person's intention to acquire the voting securities or assets of another person, if as a result of such acquisition: (1) the value of assets held in the United States by the acquiring person would exceed $5,000,000,000; and (2) the aggregate number of employees in the United States of the acquiring person and of persons in which the acquiring person holds a controlling interest would exceed 25,000. Waives such extension authority if: (1) within the two-year period ending before the proposed acquisition is scheduled to be, or is, consummated, the acquiring person divests itself of ownership or control of assets held in the United States having an aggregate value of not less than the value of the assets (held in the United States) to be acquired; and (2) such divestiture has not been relied upon to waive such authority for any other acquisition. Excludes, for such purposes, acquisitions: (1) in the ordinary course of business; (2) of voting securities that do not confer the working control of the assets of the issuer of such securities; (3) of assets held in the United States and valued at less than $100,000,000; and (4) of voting securities that confer working control of assets valued at less than $100,000,000. Prohibits the consummation of any proposed acquisition under this Act if it is unlikely that such acquisition would serve the public interest. Directs the Assistant Attorney General and the Commission to notify the parties to a proposed acquisition and to seek appropriate relief upon making such a determination. Sets forth criteria for making such determination. Prohibits any person other than the Assistant Attorney General or the Commission from bringing an action to obtain relief for a violation of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 13 July 1983

  Open at official source

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