United States. Congress House. Committee on the Judiciary. Subcommittee on monopolesand Commerenal Law

MERGER OVERSIGHT AND H.R. 13131, PROVIDING PREMERGER NOTIFICATION AND STAY REQUIREMENTS

COMMITTEE ON THE JUDICIARY
HOUSE OF REPRESENTATIVES

NINETY-FOURTH CONGRESS

SECOND SESSION

ON

MERGER OVERSIGHT AND H.R. 13131, PROVIDING PRE

MERGER NOTIFICATION AND STAY REQUIREMENTS

MARCH 10, MAY 6 AND 13, 1976

Serial No. 44

Printed for the use of the Committee on the Judiciary

U.S. GOVERNMENT PRINTING OFFICE

COMMITTEE ON THE JUDICIARY
PETER W. RODINO, JR., New Jersey, Chairman

JACK BROOKS, Texas
ROBERT W. KASTENMEIER, Wisconsin
DON EDWARDS, California
WILLIAM L. HUNGATE, Missouri
JOHN CONYERS, JR., Michigan
JOSHUA EILBERG, Pennsylvania
WALTER FLOWERS, Alabama
JAMES R. MANN, South Carolina
PAUL S. SARBANES, Maryland
JOHN F. SEIBERLING, Ohio
GEORGE E. DANIELSON, California
ROBERT F. DRINAN, Massachusetts
BARBARA JORDAN, Texas
ELIZABETH HOLTZMAN, New York
EDWARD MEZVINSKY, Iowa
HERMAN BADILLO, New York
ROMANO L. MAZZOLI, Kentucky
EDWARD W. PATTISON, New York
CHRISTOPHER J. DODD, Connecticut
WILLIAM J. HUGHES, New Jersey
MARTIN A. RUSSO, Illinois

EDWARD HUTCHINSON, Michigan
ROBERT MCCLORY, Illinois
TOM RAILSBACK, Illinois
CHARLES E. WIGGINS, California
HAMILTON FISH, JR., New York
M. CALDWELL BUTLER, Virginia
WILLIAM S. COHEN, Maine
CARLOS J. MOORHEAD, California
JOHN M. ASHBROOK, Ohio
HENRY J. HYDE, Illinois
THOMAS N. KINDNESS, Ohio

EARL C. DUDLEY, JR., General Counsel
GARNER J. CLINE, Staj Director

HERBERT FUCHS, Counsel
WILLIAM P. SHATTUCK, Counsel

ALAN A. PARKER, Counsel

JAMES F. FALCO, Counsel
MAURICE A. BARBOZA, Counsel
ARTHUR P. ENDRES, JR., Counsel
THOMAS W. HUTCHISON, Counsel

DANIEL L, COHEN, Counsel
FRANKLIN G. POLK, Counsel
THOMAS E. MOONEY, Counsel
ALEXANDER B. COOK, Counsel
CONSTANTINE J. GEKAS, Counsel
ALAN F. COFFEY, JR., Counsel

KENNETH N. KLEE, Counsel
RAYMOND V. SMIETANKA, Counsel

SUBCOMMITTEE ON MONOPOLIES AND COMMERCIAL LAW

PETER W. RODINO, JR., New Jersey, Chairman JACK BROOKS, Texag

EDWARD HUTCHINSON, Michigan WALTER FLOWERS, Alabama

ROBERT MCCLORY, Illinois PAUL S. SARBANES, Maryland

TOM RAILSBACK, Illinois
JOHN F. SEIBERLING, Ohio

WILLIAM S. COHEN, Maine
BARBARA JORDAN, Texas
EDWARD MEZVINSKY, Iowa
ROMANO L, MAZZOLI, Kentucky
WILLIAM J. HUGHES, New Jersey

EARL C. DUDLEY, JR., General Counsel

JAMES F. Falco, Counsel
ALAN A. RANSOM, Counsel
WILLIAM L. SIPPEL, Counsel

THOMAS S. RUNGE, Counsel
FRANKLIN G. POLK, A 880ciate Counsel
KENNETH G. STARLING, A 88ociate Counsel

J8663
19760

CONTENTS

Page

1 53 93

131 34

30

105

78

119 117

9

3 103 94 61

58

53

189

192

171

Hearings held on

March 10, 1976
May 6, 1976_

May 13, 1976.
Witnesses-

Celler, Hon. Emanuel, former chairman of the House Committee on

the Judiciary--
Dixon, Paul Rand, Acting Chairman, Federal Trade Commission.---

Prepared statement-
Elzinga, Dr. Kenneth G., professor of economics, University of Vir-

ginia
Fox, Eleanor M., Esq., New York City, N.Y., on behalf of the American

Bar Association...
Johnstone, James M., Esq. (Kirkland, Ellis & Rowe), Washington,
D.C., representing the C.S. Chamber of Commerce

Prepared statement.-
Kauper, Thomas E., Assistant Attorney General, Department of
Justice

Prepa red statement-
Mueller, W. F., former chief economist, Federal Trade Commission.-

Prepared statement-
Watkiss, David K., Esq. (Watkins & Campbell), Salt Lake City, Utah.

Prepared statement.-
Additional material-

H.R. 13131, text of.-
Appendix

American Bankers Association, prepared statement.---
Association of the Bar of the City of New York, letter dated May 25,

1976, to Hon. Peter W. Rodino, Jr-----
Collier, Hon. Calvin J., Chairman, Federal Trade Commission letter

dated June 14, 1976, to Hon. Peter W. Rodino, Jr----
Davis, Hilton, general manager, U.S. Chamber of Commerce, letter

dated May 19, 1976, to Hon. Robert McLory-
Department of Justice, news release, April 25, 1961.
Engman, Hon. Lewis A., Chairman, Federal Trade Commission, letter

dated July 10, 1975, to Hon. Philip A. Hart--
Hills, Roderick M., Chairman, Securities and Exchange Commission,

letter dated April 19, 1976, to Hon. William Proxmire---
Holt, Thaddeus, Esq., letter dated May 28, 1976, to Hon. Peter W.

Rodino, Jr.---
Kauper, Thomas E., Assistant Attorney General, Department of Jus-
tice, letter dated July 7, 1975, to Hon. Philip A. Hart-

letter dated February 23, 1976, to Hon. Peter W. Rodino, Jr.

letter dated May 13, 1976, to Hon, Peter W. Rodino, Jr.--Kennedy, Hon. Robert F., former Attorney General, letter dated

May 2, 1961, to Hon. Emanuel Center--
Loevinger, Hon. Lee, former Assistant Attorney General, Department

of Justice, statement on H.R. 2882, April 27, 1961-----
Prenotification of Merger (Report No. 486, House of Representatives,

85th Congress, 1st Session) Rodino, Hon. Peter W., Jr., chairman, Committee on the Judiciary, letter dated April 7, 1976, to Hon. Thomas E. Kauper..

letter dated April 14, 1976, to Hon. Calvin J. Collier, Chair-
man, Federal Trade Commission.---
Shearer, Timothy J., Esq., letter dated June 1, 1976, to Tom Runge..
Simon, Hon. William E., Secretary, Department of the Treasury,

letter dated March 13, 1976, to Hon. James 0. Eastland.
Slade, Lawrence J., dissenting report on Title V, S. 1284 -
"The Antimerger Law: Pyrrhic Victories?" (Reprinted from the

Journal of Law and Economics, April 1969).
White, Hon. Byron R., former Deputy Attorney General, letter dated

April 25, 1961, to Hon. Emanuel Celler----
Zelenko, Benjamin L., Esq., letter dated May 20, 1976, to Hon. Peter W
Rodino, Jr.---

(III)

185 249

152

220

190

151 137 145

250

251

238

144

171 186

185

195

199

250

188