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What form should merger control notification take in Singapore and what content is required?
The broad areas of information required for Form M1, the first notification form, include:
- the details of the transaction;
- information on the parties to the transaction, including their ownership structures and the relevant overlapping products and services;
- estimates of market shares;
- information on the nature of competition in the relevant markets affected by the transaction, including on the elements of competition, competitors (including their competitive strengths), factors affecting market entry and bargaining power of customers and suppliers;
- efficiencies expected to arise from the transaction; and
- supporting documents, including:
- the relevant transactional documents;
- the most recent annual reports and accounts of the parties;
- documents prepared to assess, analyse or give a view on the merger; and
- the business plans of the parties (and, if available, for the merged entity).
The broad areas of further information required for the second, more detailed notification form, Form M2, include:
- information on supply structures in the relevant markets, including on suppliers to the parties, distribution channels and service networks, capacity estimates and pipeline products;
- information on demand structures in the relevant markets, including on market phases, customer preferences, product differentiation, customer concentration, types of customer and distribution or long-term contracts;
- the importance of research and development in the relevant markets;
- the prevalence of cooperative agreements in the relevant markets;
- efficiencies expected to arise from the transaction, including detailed explanations of how the efficiency is expected to be achieved and quantifications of the efficiency;
- any applicable failing firm defence; and
- supporting documents on the failing firm defence (if applicable), and other supporting documents to submissions.
The Competition Commission of Singapore may, by giving notice to the applicant, dispense with the obligation to submit any particular information or document forming part of the Form M2 if it considers that such information or document is unnecessary.
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