natgillin/translations-raw huggingface dataset:
Kommissionen anførte således i beslutningens betragtning 97, at »[ejfterspørgslens variable karakter gør det i særdeleshed hensigtsmæssigt at begrænse den planlagte kapacitet og så sætte mere kapacitet ind senere, hvis der viser sig at blive en særlig stor efterspørgsel«, og at »[p]å den måde kan udbyderne sikre sig mod pludselige fald i efterspørgslen«, og i betragtning 136, at »[d]e store rejsearrangører går forsigtigt til værks i deres kapacitetsplanlægning og tager navnlig hensyn til, hvad de skønner bliver de andre store rejsearrangørers planer«.
Second, it did not take into account, as it should have done, the fact that the main tour operators' market shares have been volatile in the past and that such volatility is evidence that the market was competitive.
Sagsøgeren har gjort gældende, at konklusionen om, at fusionens gennemførelse vil tilskynde de tre sidste store rejsearrangører til ikke længere at konkurrere med hinanden, er fejlagtig, da Kommissionen dels ikke, som den skulle, tog hensyn til den konkurrence, der fandtes mellem de største rejsearrangører på anmeldelsestidspunktet, dels begik fejl i sin vurdering af markedets kendetegn, der er anvendt som led i fastslåeisen af, at der ville blive skabt en kollektiv dominerende stilling på markedet, nemlig især den tidligere og forudsigelige udvikling i efterspørgslen, markedets ustabilitet og gennemsigtigheden på markedet.
The Commission's interpretation of the data available to it concerning growth demand was inaccurate in its disregard for the fact that the market had been marked by a clear tendency to considerable growth over the last decade in general, despite the volatile nature of demand from one year to another, and that the pace of demand growth has increased during recent years in particular. In that context of growth, and having failed to produce any more specific evidence establishing that the tendency to grow would be reversed in future years, the Commission was not entitled to conclude that market development was characterised by low growth, which was, in this instance, a factor conducive to the creation of a collective dominant position by the three remaining large tour operators.
a) Vurderingen af den konkurrence, der var mellem de største rejsearrangører
ii) Findings on demand volatility
Under disse omstændigheder, og da Kommissionen ikke har bestridt, at det relevante marked var konkurrencepræget inden anmeldelsen, navnlig under krisen i 1995, kan den episode, der var i dette år, og som i beslutningen er tillagt stor vægt, ikke som sådan være et tegn på, at der allerede var en tendens til kollektiv dominans i denne sektor.
A section of the Decision entitled 'Market Characteristics (oligopolistic dominance)' sets out a number of characteristics which, according to the Commission, make the relevant market conducive to oligopolistic dominance.
Det forhold, at de erhvervsdrivende ved planlægningen i 1994 tog fejl i deres beregninger og havde betydelige tab efter at have overvurderet efterspørgslen for sommersæsonen 1995, kan alene anses for et eksempel på de særlige risici på dette marked, hvis meget specielle funktion er blevet forklaret i beslutningens betragtning 59-66.
They include, inter alia, product homogeneity, low demand growth, low price sensitivity of demand, the similar cost structures of the main suppliers, a high degree of transparency, interdependence and commercial links between the main suppliers, substantial barriers to market entry and the insignificant buyer power of consumers.
Sagsøgeren har gjort gældende, at analysen af den konkurrence, der fandtes før anmeldelsen (»den hidtidige konkurrence«), spiller en grundlæggende rolle i denne sag, idet de væsentligste tilskyndelser, som Kommissionen har påberåbt sig, nemlig den påståede eksisterende rigiditet med hensyn til kapaciteten, er karakteristiske for markedets normale funktion, vedrører det samlede erhverv og ikke påvirkes af gennemførelsen af den planlagte transaktion.
The applicant submits that demand volatility renders it more difficult to show that a collective dominant position exists, since volatility adds 'noise' to the market making it more difficult to differentiate between changes in demand caused by volatility in the market and capacity increases brought about by departures from the common policy. The fact that it is so difficult to distinguish between the two types of event clearly suggests that any attempted collusion will be unstable.
Sagsøgeren har anført, at det relevante marked i løbet af de seneste år har fungeret i en konkurrencepræget situation, og har bestridt Kommissionens pastand om, at der allerede var en tendens til kollektiv dominans.
The applicant challenges the findings which led the Commission to conclude that those characteristics are already present in the relevant market and that they would make it conducive to oligopolistic dominance if the merger were to proceed.
Sagsøgeren har navnlig kritiseret den måde, hvorpå Kommissionen tog hensyn til den påståede tendens til kollektiv dominans, inden gennemførelsen af den planlagte transaktion og ustabiliteten af de historiske markedsandele overhovedet var undersøgt.
It argues, in particular, that the rate of demand growth and the degree of demand volatility in the relevant market, as well as the degree of market transparency, are, in the present case, factors which, contrary to the Commission's contention, render creation of a collective dominant position more difficult.
i) Den påståede tendens til kollektiv dominans, der fandtes før gennemførelsen af den planlagte transaktion
However, several of the documents before the Court indicate that there is a considerable degree of volatility in the market.
Det skal bemærkes, at beslutningen flere gange anerkender, at denne naturlige tendens til forsigtighed ved kapacitetsplanlægningen udgør en af særegenhederne ved det relevante marked i den nuværende situation, hvor der ikke er en kollektiv dominerende stilling, der begrænser konkurrencen, og at denne tendens påvirker alle erhvervsdrivende og ikke blot de store rejsearrangører, selv om disse sidstnævnte er særligt berørte (jf. beslutningens betragtning 60-
The applicant argues in essence that the Commission made an error of assessment in considering demand growth overall to be weak, whilst both the data produced in the administrative procedure and the fact that demand growth is faster than growth in gross domestic product are evidence to the contrary.
Det fremgår af ovenstående, at Kommissionen, når den ikke har bestridt markedets konkurrencemæssige karakter, ikke kunne anse den forsigtighed ved kapacitetsplanlægningen, der er kendetegnende for de normale markedsvilkår, for et indicium for, at den havde ret i sit synspunkt om, at der allerede var en tendens til kollektiv dominans i denne sektor.
However, the Commission is not entitled to rely on the fact that tour operators, to protect themselves against sudden downward volatility in demand, plan capacity cautiously, preferring to increase it later if demand proves to be particularly strong, for the purpose of denying the relevance in this instance of a factor which is significant as evidence of oligopolistic dominance, such as the degree of market stability
store rejsearrangørers salgsmetoder, at undgå at skulle betale deres provisionssatser og at opnå den bedste feedback angående tendenserne på markedet.
other members of the alleged oligopoly and then be in a position to be sure that by planning its capacity in a given way it is adopting the same policy as them and hence will have an incentive to do so.
Dette behov for vertikal integration, som rejsearrangørerne har iværksat, udgør reelt et af nøgleelementerne i Kommissionens konklusion om, at der vil opstå en kollektiv dominerende stilling i denne sag, navnlig fordi koncentrationen vil eliminere First Choice som konkurrent på de tre niveauer, der udgør forsyningskæden.
On the face of it, the complexity of the capacity planning procedure, the development of the product and its marketing is a major obstacle to any attempt at tacit coordination. In a market in which demand is on the whole increasing, but is volatile from one yeai to the next, an integrated tour operator will have difficulty in interpreting accurately capacity decisions taken by the othei operators concerning holidays to be taken a year and a half later.
Sagsøgeren har gjorl gældende, at Det Forenede Kongeriges Monopolies and Mergers Commission, der er en af Det Forenede Kongeriges konkurrencemyndigheder (herefter »MMC«), har undersøgt den konkurrence, der i 1997 var på det pågældende marked, og har udarbejdet en rapport med titlen Foreign package holidays: a report on the supply in the UK of tour operators' sen ices and travel agents' semces in relation to foreign package holidays (herefter »MMC-rapporten«).
and predictability. Although it is certainly the case that the caution inherent in the way the market normally operates means that account must be taken of the need to make the best possible estimates of the way in which demand will develop, the planning process remains difficult, because each operator must anticipate (some 18 months in advance because of the market's distinctive features) how demand will evolve — demand being distinguished by its considerable volatility and thus entailing a degree of speculation.
Sagsøgeren har gjort gældende, al MMC i denne rapport konkluderede, at situationen på dette marked var tilstrækkeligt konkurrencepræget.
Furthermore, the Commission did not regard either the operators' caution or demand volatility to be restrictive of competition in the pre-merger market.
Det skal fastslås, at den horisontale og vertikale integration, der er sket i den britiske sektor for pakkerejser til udlandet siden offentliggørelsen af MMC-rapporten. ikke er så væsentlige, som Kommissionen har påstået.
However, despite the fact that each tour operator takes capacity decisions on the basis of a miscellaneous set of factors, it is nevertheless necessary to consider whether, in practice, at the time when total capacity is set, each member of the oligopoly can know 'the overall level of capacity (number of holidays) offered by the individual integrated tour operators'.
Det følger heraf, at Kommissionen selv i beslutningen indrømmer, at styrkelsen af den vertikale integration udgør et forhold, der er til fordel for konkurrencen, idet det øger effektiviteten henholdsvis begrænser den gensidige afhængighed mellem de store rejsearrangører, der giver fortrinsret til deres egne distributionsmidier frem for de andre store rejsearrangørers.
It follows from the foregoing that the Commission has failed to establish that economic theory is inapplicable in the present case, and that it was wrong in concluding that volatility of demand was conducive to the creation of a dominant oligopoly by the three remaining major tour operators.
Det forhold, at man efter offentliggørelsen af MMC-rapporten i 1997 har konstateret dette fænomen med vertikal integration, kan således ikke samtidig være et tegn på en tendens til kollektiv dominans.
iii) The assessment of the degree of market transparency
Den væsentligste koncentration, der er sket i sektoren for pakkerejser til udlandet siden 1997, er det forhold, at Thomas Cook i løbet af få år er gået fra at være en lille udbyder til at være en stor rejsearrangør efter flere eksterne væksttransaktioner (i juni 1996 opkøb af Sunworld, i 1998 opkøb af Flying Colours, der repræsenterede 3% af sektoren for pakkerejser til udlandet, og af Carlson/Inspirations, der repræsenterede 3% af sektoren) (MMCrapporten, tabel 4.1, s. 76).
The Commission alleges at paragraph 105 of the Decision that 'each of the four integrated operators is thus well able to monitor the total amount of holidays offered by each of the others [during the planning period]' and that changes made by each individual operator at that stage may be identified by the other major tour operators as a result of their dealings with hotels or their discussions about seat requirements and availability, the purpose of which is to obtain or supply capacity or to negotiate swaps of seats and slots.
Thomas Cook blev takket være denne vækst i 1998 den fjerde store rejsearrangører, der er integreret vertikalt og således bedre placeret for at kunne konkurrere med andre integrerede rejsearrangører.
The applicant submits that the relevant market is not transparent during the planning period. It argues, in essence, that overall capacity decisions consist of a wide range of individual planning decisions concerning each resort and each flight and that changes made to capacity planned by reference to past capacity are significant and very difficult to identify.
Denne omstændighed kan ikke fortolkes som en faktor, der godtgør, at markedet ikke er konkurrencepræget.
The fact that several integrated tour operators may negotiate with the same hotel does not significantly increase market transparency at the time when capacity decisions are made.
Det følger heraf, at Kommissionen med urette vurderede, at den horisontale og vertikale integration, der var sket efter offentliggørelsen af MMC-rapporten i 1997, nødvendiggjorde, at der blev set bort fra MMC's vurdering af den konkurrencegrad, der kendetegnede det relevante marked.
It is appropriate to observe in limine that the fact that a market is sufficiently transparent to enable each member of the oligopoly to be aware of the conduct of the others is conducive to the creation of. a collective dominant position.
Det fremgår af ovenstående, at det var med urette, at Kommissionen i beslutningens betragtning 138 konkluderede, at de forhold, der er redegjort for i beslutningens betragtning 128138, viser, at »der er belæg for, at der allerede i dag er en tendens til kollektiv dominans på markedet (især med hensyn til kapacitetsplanlægning)«.
Therefore, contrary to the Commission's contention, the fact that the major tour operators negotiate between themselves to obtain or supply capacity or arrange swaps of seats or slots does not result in a sufficient degree of transparency at the time when capacity decisions are taken.
Kommissionen anførte i beslutningens betragtning 132, at First Choice i 1998 vedtog en politik vedrørende vertikal integration i distributionen, som havde til formål at beskvtte selskabet mod de andre
It follows from all of the foregoing that the Commission wrongly formed the view, at paragraph 102 of the Decision, that market
ii) Vurderingen af de historiske markedsandeles ustabilitet hensyn til kapacitetsfastlæggelsen.
transparency is high for the four major integrated operators during the planning period.
På den anden side har Kommissionen ikke, således som den skulle have, taget hensyn til det forhold, at de største rejsearrangørers markedsandele hidtil har været svingende, og al denne ustabilitet er tegn på, at der er tale om et konkurrencepræget marked.
Accordingly, it appears that it wrongly concluded that the degree of market transparency was a characteristic which made the market conducive to collective dominance (Decision, paragraph 87), and it is not necessary to examine the merits of its findings concerning the degree of transparency during the selling season, since the crucial capacity decisions for the following season are taken during the planning period and thereafter the scope for increasing capacity is very limited.
b) Vurderingen af den hidtidige og forudsigelige udvikling af efterspørgslen, dennes svingende karakter og graden af gennemsigtighed på markedet
iv) Conclusions on the assessment of past and anticipated development of demand, demand volatility and the degree of market transparency
Det følger heraf, at det var med urette, at Kommissionen fandt, at de markedsandele, der skyldes opkøb, ikke skulle tage i betragtning, og at den dermed fandt, at udviklingen i de største rejsearrangørers markedsandele havde været stabil i de senere år.
The Court observes, in limine, that, as it has already pointed out, the prospective analysis of the market necessary in any assessment of an alleged collective dominant position must not only view that position statically at a fixed point in time — the point when the transaction takes place and the structure of competition is altered
Der redegøres i beslutningen i afsnittet med overskriften »Markedets karakteristika (oligopolistisk dominans)« for en række karakteristika, der ifølge Kommissionen kan føre til oligopolistisk dominans på det relevante marked. Der er bl.a. tale om homogene produkter, lav vækst i efterspørgslen, lidet prisfølsom efterspørgsel, ensartede omkostningsstrukturer hos de førende udbydere, høj grad af gennemsigtighed, gensidig afhængighed og forretningsmæssige forbindelser mellem de førende udbydere, betydelige adgangsbarriererog ubetydelig markedsstyrke hos forbrugerne.
It follows from the foregoing that the Commission's examination of competition obtaining between the main tout operators at the time of the notification was inadequate, and that the Commission made errors of assessment concerning the development and predictability of demand, demand volatility and the degree of market transparency, and that it wrongly concluded that those factors were, in this instance, conducive to the creation of a collective dominant position.
Ifølge beslutningen findes disse karakteristika allerede og vil fortsætte med at eksistere, såfremt den planlagte transaktion gennemføres.
— but must also assess it dynamically, with regard in particular to its internal equilibrium, stability, and the question as to whether any parallel anticompetitive conduct to which it might give rise is sustainable over time.
Sagsøgeren har anfægtet de vurderinger, der førte Kommissionen til den opfattelse, at disse karakteristika allerede fandtes på det pågældende marked, og at de kan føre til oligopolistisk dominans, såfremt den planlagte transaktion gennemføres.
The fact that there is scope for retaliation goes some way to ensuring that the members of the oligopoly do not in the long run break ranks by deterring each of them from departing from the common course of conduct.
Sagsøgeren har navnlig gjort gældende, at efterspørgslens vækstniveau og dens svingende karakter på det relevante marked samt graden af gennemsigtighed på markedet i denne sag udgør forhold, der i modsætning til det af Kommissionen påståede gør det vanskeligere at skabe en kollektiv dominerende stilling.
It follows from all of the foregoing that the Commission made errors of assessment when it concluded that if the transaction were to proceed, the three major tour operators remaining after the merger would have an incentive to cease competing with one another.
iii) Konklusion vedrørende vurderingen af den konkurrence, der er mellem de største rejsearrangører af den lave vækst i i) Vurderingerne efterspørgslen
In this instance the following deterrents are identified in the Decision:
Sagsøgeren har i det væsentlige gjort gældende, at Kommissionen foretog en fejlvurdering, da den fandt, at væksten i efterspørgslen samlet set var lav, mens de oplysninger, der er meddelt under den administrative procedure, og det forhold, at væksten i efterspørgslen sker hurtigere end
The fact that there are no effective retaliation mechanisms within the relevant market raises the question as to whether the scope for a tour operator to add capacity between seasons and indicate that its conduct is retaliation for a particular action so as to make clear the link between the deviation and the punishment;
væksten i bruttonationalproduktet, godtgør det modsatte.
- tour operators are in a position to act to an appreciable extent independently of other current or future competitors and consumers.
Retten skal fastslå, at Kommissionens vurderinger imidlertid hviler på en ufuldstændig og fejlagtig vurdering af de oplysninger, den har fået meddelt under den administrative procedure.
the scope for de-racking or directional selling during the selling season to the detriment of an operator who has broken ranks in oidei to force it to sell a larger share of its holidays at discount prices.
Kommissionen foretog en ukorrekt fortolkning af de oplysninger om væksten i efterspørgslen, som den rådede over, idet den ikke tog hensyn til, at dette marked i det seneste tiår generelt har vist en udpræget tendens til betydelig vækst, på trods af udsving i efterspørgslen fra år til år, og al efterspørgslen er steget hurtigt navnlig i løbet af de seneste år.
a) The possible response of current competitors: smaller tour operators i) Preliminary observations on the issue of the size of the smaller tour operators
Forsigtigheden kan derfor ikke i sig selv fortolkes som et forhold, der tyder på en kollektiv dominerende stilling, i stedet for som et forhold, der er karakteristisk for et konkurrencepræget marked af samme art som det, der fandtes på anmeldelsestidspunktet.
It must first be observed that the characteristics of the relevant market and the way that it functions make it difficult foi retaliatory measures to be implemented quickly and effectively enough for them to act as adequate deterrents.
Det følger af ovenstående, at Kommissionen ikke har godtgjort, at den økonomiske teori ikke er af relevans i denne sag, og at den med urette fandt, at udsvinget i efterspørgslen lettede de tre sidste store rejsearrangørers skabelse af et dominerende oligopol.
At paragraphs 77 and 78 of the Decision, the Commission states that the ability of the 'fringe' of smaller suppliers to compete effectively with the four large tour operators is further constrained by their lack of vertical integration and their small size, which means inter alia that they cannot make the same economies of scale and scope as the larger operators.
Sagsøgeren har anført, at udsvinget i efterspørgslen gør det vanskeligere at godtgøre, at der er en kollektiv dominerende stilling, da udsvinget skaber »støj« på markedet, som gør det vanskeligere at skelne mellem de forskelle i efterspørgslen, der skyldes udsving på markedet, og de kapacitetsstigninger, der fremprovokeres af afvigelser fra den fælles adfærd.
Thus, in a case of deviation or, in other words, cheating, (where, for example, during the planning period one of the main tour operators attempted to turn to its advantage the overall capacity restriction resulting from parallel anticompetitive conduct), the other members of the oligopoly would find it difficult to detect the deviation because the market is not sufficiently transparent, as the Court has already held.
Det forhold, at det ikke er muligt at skelne mellem de to typer begivenheder, medfører tydeligvis, at ethvert forsøg på stiltiende forståelse er ustabilt.
It is difficult to detect any deviation at the planning stage, given the difficulties that a large tour operator has in anticipating the capacity decisions of its main competitors with any precision.
iii) Vurderingen af den eksisterende gennemsigtighed på det relevante marked
In that context, the deterrents identified by the Commission do not appear to be capable of coming into play.
I denne sag har Kommissionen anerkendt, at det pågældende marked er kendetegnet ved et vist udsving i efterspørgslen.
However, it must be made clear that the issue here is not whether a small tour operator can reach the size necessaiy foi it to compete effectively with the integrated tour operators by challenging them for their places as market leaders.
Det skal i øvrigt fastslås, at der er flere forhold i sagsakterne, der antyder, at der er betydelige udsving på markedet.
Rather, it is a question of whether, in the anticompetitive situation anticipated by the Commission, the hundreds of small operators already present on the market, taken as a whole, can respond effectively to a reduction in capacity put on to the maiket by the large tour operators to a level below estimated demand by increasing their capacity to take advantage of the opportunities inherent in a situation of overall under-supply and whether they can thereby counteract the creation of a collective dominant position.