E.U. Takes Aim At Cross-Border Bank Mergers

Law360, New York (September 7, 2006, 12:00 AM EDT) -- After eyeing the financial industry over anti-competitive concerns for months, the European Commission is poised to take action, announcing Wednesday that it plans to unveil proposals that will usher in stricter rules for cross-border bank mergers.

Competition Commissioner Neelie Kroes alluded to the proposed changes in June, noting that the Commission had found evidence of unhealthy collusion and suggesting that banking laws on cross-border mergers in some countries should be reevaluated.

National authorities have made bids to block cross-border banking deals already cleared by the Commission...
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