Fox Business Flash top headlines for August 3
Check out what’s clicking on FoxBusiness.com.
WASHINGTON – A huge increase in the number of mergers coming before the U.S. Federal Trade Commission for antitrust reviews is limiting its ability to investigate deals in a timely fashion, the FTC said on Tuesday.
The agency, which works with the Justice Department to enforce antitrust law, said it got 343 deal notifications in July alone, up from 112 last July. It said in a statement that the influx "is straining the agency's capacity to rigorously investigate deals ahead of the statutory deadlines."
The agency said it was sending letters to some companies planning transactions that although its waiting period would soon expire, the FTC probe was not complete.
JUDGE EXTENDS DEADLINE FOR FTC TO REFILE FACEBOOK ANTITRUST SUIT
"Please be advised that if the parties consummate this transaction before the Commission has completed its investigation, they would do so at their own risk," it said.
Commissioner Noah Phillips, a Republican who has been critical of the new leadership at the FTC, said his understanding was that similar letters were sent previously, primarily to companies contemplating a transaction that the agency thought might be illegal.