FTC and DOJ Issue HSR Report
On Friday, the FTC and DOJ issued the Twenty-Eighth Annual Report to Congress Regarding the Hart-Scott-Rodino (HSR) Premerger Notification Program. As the FTC press release states:
The report summarizes Commission and Department of Justice (DOJ) actions conducted under the HSR Act in fiscal year 2005, noting that 1,695 premerger filings were received – 17 percent more than the 1,454 filings received in fiscal year 2004. The report also describes the HSR Act and provides a historical overview of how the federal antitrust agencies have implemented the Act since its enactment in the late 1970s. The report then presents FY 2005 developments relating to compliance with the Premerger Notification Rules and Procedures, followed by a discussion of both FTC and DOJ merger enforcement activities during the year. Finally, the report includes a summary of the ongoing reassessment of the effects of the Premerger Notification Program. Appendices provide a summary of transactions for fiscal years 1996-2005 and the number of transactions reported as filings by month during this time. A statistical table presents data profiling HSR filings and enforcement interest during FY 2005.
The report, which is available on the FTC’s website, reports that (emphasis added):
The statistics set out in these appendices show that the number of transactions reported in fiscal year 2005 increased approximately 17 percent from the number of transactions reported in fiscal year 2004. In fiscal year 2005, 1,695 transactions were reported, while 1,454 were reported in fiscal year 2004. The statistics in Appendix A also show that the number of merger investigations in which second requests were issued in fiscal year 2005 increased approximately 43 percent from the number of merger investigations in which second requests were issued in fiscal year 2004. Second requests were issued in 50 merger investigations in fiscal year 2005, while second requests were issued in 35 merger investigations in fiscal year 2004. The percentage of transactions resulting in second requests also increased, from 2.5 percent in fiscal year 2004 to 3.1 percent in fiscal year 2005.
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