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| Friday, 25 October, 2002, 16:29 GMT 17:29 UK Brussels proposes major merger reform ![]() Mr Monti is willing to compromise, but only partly European Competition Commissioner Mario Monti has announced an overhaul of his department's working methods, after being slapped by his third court rebuff this year. Europe's Court of First Instance ruled that Mr Monti erred in blocking a 1.7bn-euro (�1.1bn; $1.7bn) takeover by Swiss-based Tetra Laval of France's Sidel last year. The ruling came days after the court overturned the commission's ban on a merger between two French firms, Schneider and Legrand, and just months after a similar decision with regard to a British travel-industry tie-up. Mr Monti said he was "disappointed" by the judgements, but has also started to unveil changes to his department's working methods. These changes represent a watering down of Mr Monti's previously highly confrontational approach to regulating corporate mergers, and could result in more contact between the Commission and the companies it oversees. Halfway house Reforms to Mr Monti's department, the directorate general for competition, are at an early stage: Mr Monti has only so far given a presentation at a press conference.
Mr Monti said he would look at introducing more flexibility in the current tight timeframe for antitrust cases, something that critics say sometimes leads to hurried decisions. He also announced the appointment of an official to head merger approvals, and said his office would draw up some "best practice" guidelines for dealing with takeovers. Some complain that the European competition authorities are obviously overworked, since their caseload has leapt from nothing to about one case per day in the past 10 years. 'Incompetent and out of touch' Mr Monti's tough approach to competition regulation won plaudits from those wishing Brussels to exercise its powers more effectively.
The three court decisions have sharpened the sense of grievance. The court accused Mr Monti's staff of producing shoddy work, shot through with "obvious errors, omissions and contradictions". Mr Monti has already admitted that he could do more to improve the quality of his department's work. |
See also: 22 Oct 02 | Business 06 Jun 02 | Business 21 May 02 | Business 11 Dec 01 | Business 11 Jul 01 | Business 03 Jul 01 | Business Internet links: The BBC is not responsible for the content of external internet sites Top Business stories now: Links to more Business stories are at the foot of the page. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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