SINGAPORE Law and Practice Contributed by: Lim Chong Kin and Corinne Chew, Drew & Napier LLC
• The second instance was the possible acqui - sition by Grab of the whole or part of the business of Delivery Hero in South-East Asia (Grab-Delivery Hero case), including Singa - pore. The interim decisions included direc - tions for the parties to deal with each other at arm’s length and to not share confidential information with each other. However, this set of interim measures ceased to be in effect from 23 February 2024 after the Commission was informed that the possible acquisition had been abandoned. Where the Commission finds that there has been an infringement of the Section 54 Prohibition, it will decide on the appropriate action to remedy, mitigate or prevent the adverse effects resulting from the merger, and to prevent the recurrence of such infringements. Such actions may involve directions requiring the unwinding of the merger or the divesting of one of the overlapping busi - nesses that led to the competition concerns, as well as the imposition of financial penalties; see 5.2 Parties’ Ability to Negotiate Remedies . 2.14 Exceptions to Suspensive Effect The notification of a merger under the Competi - tion Act does not itself have a suspensive effect on the transaction. However, where the Com - mission issues interim directions to the parties, there are no prescribed general exceptions to the suspensive effect of such interim directions. Prior to the issuance of interim directions (ie, to suspend a merger), the Commission will provide parties with the proposed interim directions and an opportunity to make written representations. The Commission will consider the written repre - sentations before making a decision on whether or not to issue the interim directions. If issued, the interim directions take effect imme - diately from the date of issuance and remain in
effect until the completion of the Commission’s investigations, or unless otherwise varied by the Commission. 2.15 Circumstances Where Implementation Before Clearance Is Permitted As notification is voluntary, merger parties may choose to implement an anticipated merger or further integrate a completed merger while it is being considered by the Commission, or before notifying the Commission. However, see 2.12 Requirement for Clearance Before Implemen- tation and 2.13 Penalties for the Implementa- tion of a Transaction Before Clearance regard - ing the risks of proceeding with a merger before clearance. As notification is voluntary, the Competition Act does not stipulate any deadlines for notification. Instead, merger parties are strongly encouraged to conduct a self-assessment of the merger and consider whether to notify the Commission. Par - ties may choose to notify their merger to the Commission for a decision at any time before, during or after the merger. Anticipated mergers may only be notified if they are no longer confidential and may be made known to the public, preferably prior to the com - pletion of the merger. For completed mergers, an application may be made at any time, although parties are encouraged to do so as soon as pos - sible after completion. 3. Procedure: Notification to Clearance 3.1 Deadlines for Notification Parties should be aware that, if the parties choose not to notify the merger and the Com -
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