Mario Zúñiga Quoted in Semana Económica on Antitrust Review of Paracas Port Acquisition
ICLE Senior Scholar Mario Zúñiga was featured in Semana Económica regarding the recent acquisition of the Terminal Portuario Paracas (TPP) by the Swiss firm Terminal Investment Limited (TiL). Mario provided legal context on Peru’s merger control regime, explaining the specific financial thresholds and operational conditions that trigger such reviews.
Translation: In Peru, the regime for prior control of business concentration operations requires that two thresholds be met concurrently: a joint one, reached when the sum of sales, gross income, or assets in the country of the involved companies is equal to or greater than 118,000 UIT (approximately US$187 million), and an individual threshold, met when the sales, income, or assets of each of at least two of the involved companies is equal to or greater than 18,000 UIT (about US$28.6 million). Beyond this arithmetic, the crucial point is that the law applies to companies with sales, income, or assets in Peru, as specified by Mario Zúñiga, former member of Indecopi’s Commission for the Defense of Free Competition. That is to say, it must involve an agent that already operates in the country directly or indirectly.