Merger Control 2025

CHILE Law and Practice Contributed by: Claudio Lizana, Daniela León, Tomás Appelgren and María Jesús Gaete, Estudio Lizana

8. Appeals and Judicial Review 8.1 Access to Appeal and Judicial Review Only the FNE’s decision to block a concentra - tion can be appealed before the TDLC (special review appeal). Furthermore, the TDLC’s final ruling can be subject to a complaint appeal before the Supreme Court. See 1.3 Enforcement Authorities . 8.2 Typical Timeline for Appeals The parties must file the special review appeal with the TDLC within ten days of the notice of the prohibition resolution. The TDLC will then summon a public hearing in which the appel - lant, the FNE, and those who have contributed information to the investigation may participate. The TDLC will issue a ruling within 60 days from the hearing, either confirming the prohibition or revoking the FNE’s decision. Since the entry into force of the new legisla - tion on mandatory merger control in 2017, this special review appeal has been filed only in two cases: in the Ideal/Nutrabien case, in which the TDLC accepted the appeal, and in the Colmena/ Nueva MasVida case, in which the TDLC rejected the appeal, but then the Supreme Court reversed the ruling, thereby approving the transaction. 8.3 Ability of Third Parties to Appeal Clearance Decisions Third parties do not have the right to appeal a clearance decision. However, the Colmena/ Nueva Mas Vida precedent leaves the door open for a third party who has intervened in a special review appeal before the TDLC to file a com - plaint appeal before the Supreme Court.

form of questions and answers, which is record - ed and incorporated into the investigation file. 7.3 Confidentiality Merger investigations are kept confidential dur - ing the pre-notification contacts. Furthermore, the fact of the notification is kept confiden - tial until the FNE initiates the investigation. At that time, the FNE will publish a short decision including a description of the transaction and its parties, declaring the filing complete, and open - ing Phase I of the merger review. The investigation file itself is confidential dur - ing Phase I. At the end of Phase I, the FNE’s approval report and decision are made public. If the FNE decides to extend the investigation to Phase II, the file becomes public, and third parties may request access to it. Nevertheless, the parties can request that certain information be kept confidential, in which case they must provide redacted public versions of the corre - sponding documents. 7.4 Co-Operation With Other Jurisdictions The FNE co-operates with other agencies when reviewing international transactions by exchang - ing information. In this connection, according to the Regulation, the parties must report in the notification in which jurisdictions they are filing other merger notifica - tions. Based on this, the FNE may request the parties to submit a waiver, allowing it to contact other competition agencies. The parties can also voluntarily submit a waiver along with the noti - fication or at any other time during the merger review.

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