COMPETITION • FRENCH LAW • MERGERS
The term “market test” refers to the consulting of third parties, customers, competitors or suppliers of the merging parties during the examination of the transaction by means of a questionnaire. Under the Merger Guidelines, questionnaires cover all aspects of the merger and focus on the relevant markets, their functioning, the addressee undertaking’s activity in these markets and the expected effects of the merger. They may also address the remedies envisaged, where the transaction is likely to affect competition in a market. Article L. 430-10 of the Commercial Code gives third parties the option to request confidentiality for their responses to questionnaires or to remain anonymous.