MULTINATIONAL MERGER REVIEW: LESSONS FROM OUR FEDERALISM

The increasing globalization of business in recent years is a much noticed and indisputable fact.1 Along with the trend toward global markets has come a parallel increase in the number and significance of transnational mergers and joint ventures, that is, combinations involving either parties from two or more countries or having potentially significant effects in countries other than those in which the parties are located.2 It has been estimated that fully onequarter of all transactions notified to the U.S. antitrust authorities in Hart-Scott-Rodino filings involve at least one non-U.S. party, either directly or as the parent of a filing entity.3