Latest news with #Antitrust
Bloomberg
9 hours ago
- Business
- Bloomberg
UniCredit Taps Adviser for BPM Bid Branch Sales Amid Deal Doubts
UniCredit SpA has tapped an investment bank to manage the possible sale of branches it needs to carry out if it buys Banco BPM SpA, according to people familiar with the matter. The Italian lender has asked Kitra Advisory to help it offload branches across Italy in a move that would address demands from the European Union antitrust watchdog if the takeover goes ahead, the people said. The potential disposal of branches is part of a project dubbed Stardust, they said asking to not be named discussing private information.
Reuters
4 days ago
- Business
- Reuters
Italy regulator opens probe into China's DeepSeek
ROME, June 16 (Reuters) - Italy's antitrust regulator said on Monday it had opened an investigation into Chinese artificial intelligence startup DeepSeek for failing to warn users that it may produce "inaccurate, misleading or invented information."
Forbes
11-06-2025
- Business
- Forbes
New State Merger Review Laws Could Harm U.S. Economy
U.S. states are ramping up their review of proposed mergers and acquisitions (M&A). Both Washington and Colorado have enacted new pre-merger notification statutes that will take effect this summer, and other states have introduced or are considering similar legislation. These changes could impose major new costs on potential merging parties and harm the U.S. economy. In addition, the Trump Administration may wish to consider revisiting costly changes imposed in a revised 2024 federal pre-merger rule. M&A Benefits As I previously discussed in Forbes, M&A activity generates major economic benefits by reallocating capital to higher-valued uses and thus yielding more efficient production and innovation. Specifically: M&A Costs and Federal Enforcement Oversight Trends As I previously explained, M&A activity may also, however, impose costs when it reduces competition in the marketplace. The Clayton Antitrust Act bars M&A transactions that may substantially lessen competition. A longstanding bipartisan federal enforcement consensus that targeted only those mergers that threaten to harm consumer welfare (by raising prices and reducing output, quality, or innovation) was overturned by the Biden Administration, which introduced a populist 'big is bad' skepticism of merger activity. These are 'early days' in the second Trump Administration. Nevertheless, new Department of Justice and Federal Trade Commission antitrust enforcers appear to be signaling that they will focus on improvements in merger review process, rather than a return to the far less interventionist pre-Biden approach to merger analysis. Indeed, the Trump DOJ and FTC have kept in place 2023 Biden merger analysis guidelines that greatly relaxed prior guidelines' standard for deeming a merger problematic. The new guidelines disincentivized mergers by featuring novel and unproven theories of competitive harm. The new Trump enforcers also have retained an October 2024 revised pre-merger rule. Compliance with the revised rule 'require[s] New State Merger Legislative Requirements Will Likely Prove Harmful At its best, alignment of state and federal antitrust enforcement efforts is an example of beneficial 'cooperative federalism.' States can enforce federal merger law on behalf of their residents. They also may challenge mergers under state antitrust laws. State statutes may allow a local focus on small state-specific mergers not investigated by federal enforcers. State and federal merger enforcement may also, however, work at cross-purposes. State merger cases may generate highly costly, wasteful duplication of federal efforts, and may occasionally be in tension with federal antitrust policy. The 2024 Model Antitrust Pre-Merger Notification Act served as the basis for an April 2025 pre-merger notification law in Washington, with many other states expected to follow suit. The Model Act gives states access to federal pre-merger filings, subject to the same confidentiality requirements that apply under federal law. Widespread adoption of the Model Act will increase filing cost burdens on merging parties and will subject them to a greater risk of having sensitive non-public business information leak out from a variety of new sources. Even greater concerns stem from the fact that California and New York are considering pre-merger legislation that sweeps more broadly than the Model Act. The new pre-merger burdens would impose major new costs on merging parties. What's more, the California proposal would also establish a far lower substantive standard for striking down a merger ('an appreciable risk of materially lessening competition') than that found in federal law ('may be substantially to lessen competition'). This change raises the legal risk associated with merger proposals. It could seriously disincentivize many beneficial mergers for no good reason. Policy Implications and Next Steps Taken as a whole, recent state merger-related initiatives threaten significant U.S. economic harm. The U.S. has the strongest most innovative capital markets, which are key to driving economic growth. M&A plays a central role in the success of those markets. It keeps rivals on their toes and yields more vibrant competition. The weakening of M&A based on new state-created burdens and legal risks would tend to diminish economic growth and lower American competitive vitality, at least to a degree. This is that last thing we should want to do in a highly competitive global economy. The Trump Administration hopefully will take note. The President might, for example, direct the DOJ and the FTC to make 'competition advocacy' filings with the states highlighting the economic harm that specific merger-related legislative proposals would likely impose. The two agencies have specialized economists and lawyers with a long and respected history of making advocacy filings, directed at both state and federal government entities. The two agencies also use the 'bully pulpit' to emphasize the importance of continued close cooperation between federal and state antitrust enforcers. Federal and state enforcers already cooperate and make joint filings in a variety of cases. New state merger requirements could reduce the effectiveness of such cooperation. Finally, the FTC and the DOJ may wish to take a second look at the revised 2024 federal pre-merger rule to determine whether some of the costly new requirements it placed on filers could be eliminated. Issuing a new less costly rule could be good for American M&A. It would also be fully in tune with President Trump's April 2025 Executive Order on Reducing Anticompetitive Regulatory Barriers. Hopefully state and federal officials will take note and act to enhance the economic benefits of merger review.
Yahoo
07-06-2025
- Automotive
- Yahoo
Hamlin undeterred by ruling siding with NASCAR in lawsuit filed by Jordan-owned 23XI and Front Row
FILE - Michael Jordan, center, and Curtis Polk, left, co-owners of 23XI Racing, watch during qualifying beside 23XI Racing President Steve Lauletta, right, for a NASCAR Cup Series Championship auto race, Nov. 9, 2024, in Avondale, Ariz. (AP Photo/John Locher, file) Denny Hamlin waits to be introduced before a NASCAR Cup Series auto race Sunday, June 1, 2025, in Lebanon, Tenn. (AP Photo/George Walker IV) Denny Hamlin waits to be introduced before a NASCAR Cup Series auto race Sunday, June 1, 2025, in Lebanon, Tenn. (AP Photo/George Walker IV) FILE - Michael Jordan, center, and Curtis Polk, left, co-owners of 23XI Racing, watch during qualifying beside 23XI Racing President Steve Lauletta, right, for a NASCAR Cup Series Championship auto race, Nov. 9, 2024, in Avondale, Ariz. (AP Photo/John Locher, file) Denny Hamlin waits to be introduced before a NASCAR Cup Series auto race Sunday, June 1, 2025, in Lebanon, Tenn. (AP Photo/George Walker IV) BROOKLYN, Mich. (AP) — Denny Hamlin is unfazed that a three-judge federal appellate panel vacated an injunction that required NASCAR to recognize 23XI, which he owns with Michael Jordan, and Front Row as chartered teams as part of an antitrust lawsuit. 'That's just such a small part of the entire litigation,' Hamlin said Saturday, a day ahead of the FireKeepers Casino 400. "I'm not deterred at all. We're in good shape.' Advertisement Hamlin said Jordan feels the same way. 'He just remains very confident, just like I do,' Hamiln said. NASCAR has not commented on the latest ruling. 23XI and Front Row sued NASCAR late last year after refusing to sign new agreements on charter renewals. They asked for a temporary injunction that would recognize them as chartered teams for this season, but the Fourth Circuit Court of Appeals in Richmond, Virginia, on Thursday ruled in NASCAR's favor. 'We're looking at all options right now,' Hamlin said. The teams, each winless this year, said they needed the injunction because the current charter agreement prohibits them from suing NASCAR. 23XI also argued it would be harmed because Tyler Reddick's contract would have made him a free agent if the team could not guarantee him a charter-protected car. Advertisement Hamlin insisted he's not worried about losing drivers because of the uncertainty. 'I'm not focused on that particularly right this second,' he said. Reddick, who was last year's regular-season champion and competed for the Cup title in November, enters the race Sunday at Michigan ranked sixth in the Cup Series standings. The charter system is similar to franchises in other sports, but the charters are revocable by NASCAR and have expiration dates. The six teams may have to compete as 'open' cars and would have to qualify on speed each week to make the race and would receive a fraction of the money. Advertisement Without a charter, Hamlin said it would cost the teams 'tens of millions,' to run three cars. 'We're committed to run this season open if we have to,' he said. 'We're going to race and fulfill all of our commitments no matter what. We're here to race. Our team is going to be here for the long haul and we're confident of that.' The antitrust case isn't scheduled to be heard until December. NASCAR has not said what it would do with the six charters held by the two organizations if they are returned to the sanctioning body. There are 36 chartered cars for a 40-car field. 'We feel like facts were on our side,' Hamlin said. 'I think if you listen to the judges, even they mentioned that we might be in pretty good shape.' ___ AP auto racing:
Yahoo
06-06-2025
- Business
- Yahoo
Playa Hotels & Resorts N.V. Announces Mexican Antitrust Approval of Pending Sale to Hyatt and Intent to Voluntarily Delist from the Nasdaq Subject to and Conditioned Upon the Expiration of the Tender Offer and Acquisition of Ordinary Shares by Hyatt
Hyatt Tender Offer Scheduled to Expire June 9, 2025 FAIRFAX, Va., June 6, 2025 /PRNewswire/ -- Playa Hotels & Resorts N.V. (NASDAQ: PLYA) (the "Company" or "Playa") today announced that all required approvals relating to anti-competition filings under Ley Federal de Competencia Económica in Mexico in connection with the Company's pending sale to HI Holdings Playa B.V. ("Buyer"), an indirect wholly owned subsidiary of Hyatt Hotels Corporation (NYSE: H) ("Hyatt"), have been granted. Antitrust approval in Mexico was the final regulatory approval required to complete the transaction. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO, including the satisfaction of the minimum tender condition by Playa shareholders. Hyatt's tender offer to acquire all of the outstanding ordinary shares of Playa for $13.50 per share in cash, less any applicable withholding taxes and without interest, is scheduled to expire at 5:00 p.m., New York City time, on June 9, 2025. The offer is being made pursuant to the previously announced purchase agreement, dated February 9, 2025 (the "Purchase Agreement"), among Hyatt, Buyer and Playa. Assuming the minimum tender and other offer conditions are satisfied, the tendered shares are expected to be accepted for payment on or about June 11, 2025. Pursuant to the terms of the Purchase Agreement, if the minimum tender condition in the Hyatt tender offer is satisfied, along with certain other closing conditions expected to be satisfied at expiration, then on June 10, 2025, Hyatt will commence a subsequent offering period for the tender offer for any Playa ordinary shares not already tendered, which will expire at 11:59 p.m., New York City time, on June 16, 2025. Following this subsequent offering period and the related transactions required by the Purchase Agreement, Playa expects that Hyatt will own all ordinary shares of Playa on or about June 17, 2025. Playa also announced today that it has submitted written notice to Nasdaq of its intention to voluntarily delist its ordinary shares from Nasdaq. The voluntary delisting is subject to and conditioned upon the expiration of the Hyatt tender offer as described above and the acquisition by Hyatt of all ordinary shares validly tendered and not properly withdrawn in accordance with the Purchase Agreement. If such conditions are satisfied, then on or about June 16, 2025, Playa intends to file with the U.S. Securities and Exchange Commission ("SEC") a notification of removal from listing of its ordinary shares on Nasdaq. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by Hyatt and Buyer with the SEC on February 24, 2025 (as amended and supplemented). Georgeson LLC is acting as information agent for the tender offer. Requests for documents and questions regarding the tender offer may be directed to Georgeson LLC by telephone, toll free at (866) 828-4304 for shareholders or collect at (210) 664-3693 for banks and brokers or by email at HyattOffer@ About Playa Hotels & Resorts N.V. Playa Hotels & Resorts N.V., through its subsidiaries (NASDAQ: PLYA, "Playa"), is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in Mexico, Jamaica and the Dominican Republic. Playa leverages years of all-inclusive resort operating expertise and relationships with globally recognized hospitality brands to provide a best-in-class experience and exceptional value to guests, while building a direct relationship to improve customer acquisition cost and drive repeat business. For more information, please visit For additional information visit Forward-Looking Statements This press release contains "forward-looking statements," as defined by federal securities laws. Forward-looking statements reflect our current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward looking statements. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in Playa's Annual Report on Form 10-K, filed with the SEC on February 25, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Playa's filings with the SEC. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements). Media Contact:Andrew Siegel / Tim RagonesJoele Frank, Wilkinson Brimmer Katcher(212) 355-4449 View original content: SOURCE Playa Hotels & Resorts N.V.
