Davis Polk Discusses Largest U.S. Antitrust Divestiture in Bayer-Monsanto Deal

On May 29, 2018, the Department of Justice announced the largest-ever antitrust divestiture in the U.S. in connection with Bayer’s takeover of Monsanto.  In addition to being newsworthy in light of its sheer size (at approximately $9 billion), the remedy reflects a number of principles that have been emphasized publicly by key U.S. antitrust agency officials in recent months and provides insight into how the U.S. antitrust agencies might approach remedy negotiations in future transactions.  Among the key takeaways are that the agencies may require divestitures that extend beyond overlapping product areas and, building on an emerging U.S. enforcement trend, … Read more

Davis Polk Discusses FTC and DOJ Antitrust Guidance for Employers

On October 20, 2016, the Federal Trade Commission (“FTC”) and Department of Justice: Antitrust Division (“DOJ”) jointly issued antitrust law guidance for human resource professionals (the “Guide”).[1] These agencies are placing renewed interest on the way firms compete to hire and retain employees. Importantly, the Guide makes clear that these agencies consider firms that compete for employees “competitors in the employment marketplace, regardless of whether the firms make the same products or compete to provide the same services.”[2]

According to the FTC and DOJ, this Guide is intended (1) to “help protect workers against anticompetitive conduct,” (2) … Read more