Running counter to a recommendation from the OECD to strengthen the independence and resources of work by the bodies that oversee competition, the Ministry of Finance will be intervening in the Commission's own tasks.
An article on Crhoy.com reports that "... A restructuration managed from the office of the Minister of Economy, Welmer Ramos, has resulted in the temporary disintegration of the Commission for the Promotion of Competition (COPROCOM) from 1 July. "
In Costa Rica the regulatory body has agreed to the commitment made by Essilor Internacional not to distort the market by blocking raw materials or price discrimination, as a condition for the purchase of Grupo Vision.
From a statement issued by the Commission to Promote Competition (COPROCOM):
The Commission to Promote Competition (COPROCOM) a body under the Ministry of Economy, Industry and Commerce (MEIC), determined that the transaction whereby the company ESSILOR INTERNACIONAL acquires a majority stake in the company Brine Holding (which owns companies belonging GRUPO VISION), could generate an anti-competitive effect of closing the market by blocking materials, if the company Essilor stops supplying its current or potential customers with the products or services it provides through ILT de Costa Rica and Óptica Industrial S.A. (OPTISA).
Four months ago mergers and acquisitions in Costa Rica were conducted without any governmental control.
Now, operations of this type over $15 million must be authorized by the Commission to Promote Competition (COPROCOM) in the first four months of rule of law, four mergers or acquisitions of companies have been authorized
Nación.com reports: "It is related to the purchase of the dairy company Monteverde by Sigma Alimentos, the acquisition of Archives Beeche by Document Management Solutions SRL (DMS), the sale of El Lagar to Ashland Financial SA and the sale of Almacenes El Colono to Agricultore (sic) Advisory Corp. SA ".
As of April 5 mergers and acquisitions will have to be approved at the Antitrust Commission, part of the Ministry of Economy, Industry and Trade, before they can take place.
From that date, the Antitrust Commission, at the Ministry of Economy, Industry and Commerce (MEIC), will have the power to approve or deny deals, if it is concluded that they would result in undue concentration of business.
In order to avoid paying penalties after a merger it is possible to obtain endorsement of the operation from the Commission to Promote Competition (COPROCOM).
A statement from the COPROCOM reads:
In Costa Rica, unlike most countries with greater developments in Competition Law, control of concentrations is provided for after the event, ie, once the transaction has occurred.