PERU Trends and Developments Contributed by: Carlos A. Patrón, David Kuroiwa and Vania Cruz, Payet, Rey, Cauvi, Pérez Abogados
and (d) the agreement must be limited to the geographical area where the target carries out its economic activities. • Under the Merger Control Law, INDECOPI has the power to investigate closed trans - actions that did not meet the jurisdictional thresholds within a year from their completion on an ex officio basis if the concentration is considered as one that can create a dominant position or that has the potential to restrict competition. As of May 2025, INDECOPI had not initiated ex officio cases. • As of May 2025, INDECOPI had not sanc - tioned any company for not mandatorily notifying a transaction. However, in most of the important transactions that have not been notified and that have been advertised (through the media or specialised maga - zines), the authority has played an active role, sending information requests and conducting interviews to find out the reasons for the lack of notification. • Finally, from the entry into force of the Merger Control Law to the date of preparation of this article, INDECOPI has issued the following guidelines: (a) Thresholds Calculation Guidelines, focused on establishing the rules to deter - mine whether the notification thresholds are met; (b) Guidelines for the Qualification and Analysis of Concentration Operations, focused on explaining the aspects that must be analysed to determine if a trans- action qualifies as an act of concentration and the elements to be considered for the evaluation of the risks of the operation; and (c) a practical guide together with the Superintendency of Banking, Insurance and Private Pension Funds Management
Companies (SBS), which aims to guide in which cases applications for authorisa - tion must be submitted to INDECOPI, the SBS, or both agencies.
Relevant Decisions Pharmaceutica Euroandina/Hersil
In 2022, Pharmaceutica Euroandina S.A.C (an economic group dedicated to the production and marketing of pharmaceutical products) requested authorisation from INDECOPI to acquire the company Hersil (a company also dedicated to the production and marketing of pharmaceutical products). This concentration raised concerns regarding restrictions on competition that could result in certain drug markets. In September 2022, INDECOPI issued a decision approving such operation subject to conditions (which were previously offered by the acquirer). It was the first transaction where INDECOPI approved rem - edies, under Law 31112. Such conditions were related to the licensing of the trade marks of the categories of medicines which were under scrutiny for a period of five years (after such period the authority will assess if it is necessary to amend or remove such con - ditions). CSGI/Enel In 2023, China Southern Power Grid International (CSGI) requested authorisation from INDECOPI to acquire the company Enel Distribución Perú S.A.A. (a company dedicated to the distribution of electricity in the north of Lima, Peru’s capital city). This transaction was cleared with the condition that all energy purchases made by Enel be made through a tender process.
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