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Engels ¾ 2021-2022 Chayenne Van DuyseENGELS MODULE 3/4
A. LEGAL ENGLISH
2. International mergers and acquisitions
Definitions
→ Mega-mergers: powerful corporations pairing up
It makes some questions arise:
- What about competitiveness?
- What is the effect on consumers and workers?
- What is the role of antitrust regulators?
→ Antitrust lawyers: unfair competition law.
→ State benefits: unemployment benefit, sick leave
Understanding the main points
1. What is the article about? Explain in one or two sentences.
= The article is about the fact that industrial concentration influences the economy in a way that it
takes away some of its dynamism. It focuses on the lack of attention given to the situation of workers
by antitrust regulators.
2. What are antitrust regulators and what do they do?
= An antitrust regulator/economic regulator = a government agency, typically a statutory, which
regulates and enforces competition law.
3. What does the title “A matter of concentration” refer to?
= It refers to merging companies that become the only companies in a certain area: they become
concentrated and therefore a lack of competitiveness can occur. Next to that, antitrust regulators seem
to concentrate on welfare of customers, while concentrating on other important criteria that also
influence competition (Bv: the welfare of employees) could be advisable, too.
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,Engels ¾ 2021-2022 Chayenne Van Duyse
Understanding details
1. Which recent mega-merger does the article mention?
= The merger of Praxair and Linde, 2 industrial gas giants
2. The article competitive markets to the situation in which one or a few firms dominate a
market. Which two terms are used to refer to some kind of domination on the market?
= A monopoly & monopsony
3. The author is clearly concerned about competitiveness and talks twice about “a deadweight loss” to
society. What kind of “deadweight losses” are being discussed?
a. Some sales are lost because of monopoly pricing, which represents a deadweight
loss to society = a missed opportunity to raise total welfare
b. in a monopsony Bv: a mining (one) town with only one mine, firms can offer wages
below the competitive-market rate knowing that many workers will not be able to
afford to turn them down. This saddles society with a deadweight loss – the
underemployment of workers – as well as other costs, such as higher spending on
state benefits.
4. Antitrust regulators focus on the harm to consumers when judging market power. But
labour markets are clearly also influenced by extremely powerful corporations. Which
statistical evidence does the article mention related to the damage they may cause to
labour markets?
= The share of national income flowing to workers has declined since the 1950s, from
about 65% to 58% in America. the growth of wages has lagged that of productivity.
5. Research showed that highly concentrated local labour markets are associated with a
significant drop in pay, compared to lowish level concentrated labour markets. However
nest to that, there is another factor preventing an increase in pay. Which other
phenomenon is mentioned? How many American workers have been bound by these
practices?
Labour-market collusion by employers: Nearly 40% of American workers have at some
point been bound by a non-compete agreement, barring them from working for their
employer’s rivals.
6. What are the reasons for regulators not to worry about labour-market effects of mergers
and acquisitions according to a recent paper on this matter?
a. Legal theory since the 1960s has embraced the idea that a merger’s economic
efficiency ought to be judged solely by its effects on consumers
b. Regulators have not caught up with the emerging conclusion that labour markets
may not be competitive.
c. Any harms done to workers were thought to be best dealt with by labour-market
regulation and trade-union bargaining, rather than by antitrust rulings.
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,Engels ¾ 2021-2022 Chayenne Van Duyse
7. A growing number of economists argue that antitrust policy must change in a few ways.
Which suggestions do they have?
The authors support an “effective competition” standard, which would push regulators to
assess the health of competition in all markets. This would also shift the burden of
proof onto merging firms, asking them to demonstrate that consolidation would not
undercut competition.
8. What is the conclusion of the article? Use your own words to explain this.
The impact large firms on workers should be taken into account by antitrust regulators.
Competition is important, otherwise large firms become exploitative bureaucracies that
lack responsibility.
Vocabulary exercises
→ Monopoly: the exclusive possession or control of the supply of or trade in a commodity of service
→ Monopsony: a market structure in which a single buyer substantially controls the market as the major
purchaser of goods and services offered by many would-be sellers.
Synonyms
To get united To pair up
With remarkable eagerness With impressive ardour
Even though Despite
To weaken To sap of
Tolerant Permissive (=verdraagzaam)
To analyse thoroughly To scrutinise
Strongly canting to do something To be eager to
Products of services Widgets
Current Prevailing
To supply or provide something positive such To yield (opleveren)
as profit, an amount of food or information
To suppress To stifle
Influence, power Clout
(To press something firmly in order) to reduce To squeeze
its size or amount
To burden To saddle
Lack of paid work or work that makes full use Underemployment
of skills and abilities
Money given by the government to people State benefits
who are poor, ill, or have no job
Very great in amount Mounting
To fail to keep up with another or others in To lag behind
movement of development
A fall Drop
Agreement between people to act together or Collusion
illegally in order to deceive or cheat
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,Engels ¾ 2021-2022 Chayenne Van Duyse
To exclude (something) from consideration To bar from
To bother To fret
Connection or agreement that joins two things A tie-up
or organisations
Offsetting the effect of (something) by Countervailing
countering it with something of equal force
The situation in which t<o or more things such Consolidation
as organisations or companies are joined
together
To weaken, to undermine To undercut
Not done of happening when expected or Overdue
when needed
Making use of a situation or treating others Exploitative
unfairly in order to gain an advantage or
benefit
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,Engels ¾ 2021-2022 Chayenne Van Duyse
3. Liability
Dealing with contracts and tort Civil law Burgerlijk recht
Breach of civil law requiring Tort Onrechtmatige daad
compensation
Try to bring a legal case against Attempt to sue Proberen een
aanklacht in te dienen
Legal power to make decisions Jurisdiction Rechtsbevoegdheid/
jurisdictie
Company responsible for Carrier Vervoerder
transporting goods
The insurance company who sold Insurer <-> insured Verzekeraar
the policy
Not following the rules of doing your Derogation Afwijking
duty
Relationship as defined in the Contractual Contractuele relatie
relationship
contract
Place where you live Domicile Woonplaats
As understood or meant by the law Within the In de zin van
meaning of the conventie
convention
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,Engels ¾ 2021-2022 Chayenne Van Duyse
Reading comprehension
1. How many insurance companies are involved in the lawsuit?
Nine insurance companies
2. What was the name of the company that received the
damaged pears? Brambi Fruits
3. How many different parties are they suing? Three:
- The Australian company that issued the bill of lading,
- the Dutch carrier,
- and the master of the ship
4. What was the nationality of the company that exported the pears? Australian
5. What happened to the pears?
They ripened prematurely because the ship’s cooling system failed
6. Was there any dispute about the condition of the pears?
No
7. Why did the European Court of Justice rule that the action against the Dutch carrier and
its master was not a ‘matter relating to contract’?
The bill of lading did not constitute a contract between the Dutch parties and Brambi
fruits, so this is a tort case.
Different cases, different courts
A Magistrates’ Court (UK) There are 900 of them, dealing mostly with cases of
criminal law and common lax and preserving the
local peace.
The Court of Cassation (France) In France this is the final court of appeal.
The Supreme Court (US) In the US, this is the highest court of the country.
The High Court of Justice (UK) It consists of three divisions: The Queen’s Bench
Division, the Chancery Division and the Family
Division. It deals with civil cases.
The European Court of Justice In Europe, this court overrules any other civil court
in any member state.
Court of Appeal (Civil Division) (UK) The Court is composed of The Lord Chancellor, the
Lord Chief Justice, the Master of the Rolls, the
President of the Family Division and 28 other Lords
Justice of Appeal and may uphold, amend or reverse
the decision of a lower court or order a new trial.
The Crown Court (UK) It deals with all the criminal cases passed to it from
the Magistrates’ Court and has jurisdiction over all
serious offences. It is presided over by High Court or
circuit judges and always uses a jury.
Lord Chancellor One of the most important officials in the legal
system. He gives advice to the Queen, chooses new
judges and decides whether a law needs to be
changed or not.
Lord Chief Justice judge who is second in importance to the Lord
Chancellor
Master of the Rolls The most important judge in a court of appeal
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,Engels ¾ 2021-2022 Chayenne Van Duyse
Find a word or text with a similar meaning
Lawsuit Action
Goods spoiled in transit Damaged consignment
Breaking the agreement signed by both Breach of contract
parties
Document listing the goods loaded before Bill of lading
transportation
Said it was not within the legal power of the Declined jurisdiction
court
Agreed with that judgment Confirmed the decision
Postponed the case Stayed proceedings
Waiting for Pending
Putting the law into action Enforcement
4. Real Estate
Introduction to property law
Real property Onroerend goed
Personal property Persoonlijke bezittingen
Tenement Pachtgoed, huurgoed of huurhuis (je bent er
niet de eigenaar van)
Hereditaments Erfgoed (wat je door nalatenschap krijgt)
Freehold estate Vrij goed = men bezit de volledige
eigendomsrechten
Leasehold Pachtgoed = gehuurd ‘bezit’
A lease/ a tenancy agreement Huurcontract (-overeenkomst)
A lease or tenancy agreement
Landlord Verhuurder
Tenant Huurder
Lease Huur
Rent property Onroerend goed huren
Drawing up a lease Opstellen van een huurovereenkomst
Terms and conditions Voorwaarden en bepalingen
Tenancy Huurtermijn
Occupancy Bewoning
To incur expense Kosten maken/oplopen
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, Engels ¾ 2021-2022 Chayenne Van Duyse
Exercises
What sections or clauses do you expect to find in a lease tenancy?
Parties, deposit, terminations, rent amounts and payment, …
What are statutory conditions?
Conditions imposed by law, wettelijk bepaalde voorwaarden die in een contract aanwezig moeten
zijn!
Match the sub-headings with the sentences where they could be found
Conditions of premises The landlord is required to keep the flat in a suitable
condition
Services The landlord agrees that he will not stop providing
the use of utilities such as gas or electricity
Good behavior The tenant is not allowed to disturb other tenants in
the building
Obligation of the tenant The tenant agrees to repair anything broken by a
person he has invited into the flat
Sub-letting premises The tenant is permitted to rent the flat to someone
else if the landlord gives him permission to do so
Abandonment and termination The landlord is obliged to take advantage of any
reasonable opportunity to reduce loss or damage if
the tenant leaves unexpectedly
Entry of premises - The landlord is not permitted to go into the flat
unless the tenant agrees
- The landlord can enter the flat if the tenant is
moving out, and the landlord needs to show a new
tenant around
Entry doors The landlord promises that he will not have the lock of
the front entrance changed without the
agreement of the tenant
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