[Federal Register Volume 60, Number 157 (Tuesday, August 15, 1995)]
[Notices]
[Pages 42164-42168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20142]



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FEDERAL TRADE COMMISSION

[File No. 931-0121]


Mustad International Group NV and Mustad Connecticut, Inc.; 
Proposed Consent Agreement With Analysis to Aid Public Comment

AGENCY: Federal Trade Commission.

ACTION: Proposed consent agreement.

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SUMMARY: In settlement of alleged violations of federal law prohibiting 
unfair acts and practices and unfair methods of competition, this 
consent agreement, accepted subject to final Commission approval, would 
require a Bulle, Switzerland-based company and its Bloomfield, 
Connecticut-based subsidiary to divest assets or technology in its 
manufacture and sale of roll horseshoe nails.

DATES: Comments must be received on or before October 16, 1995.

ADDRESSES: Comments should be directed to: FTC/Office of the Secretary, 
Room 159, 6th St. and Pa. Ave NW., Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT:
Howard Morse, Bureau of Competition, Federal Trade Commission, S-3627, 
6th Street & Pennsylvania Ave. NW., Washington, DC 20580. (202) 326-
2949.

SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal 
Trade Commission Act, 38 Stat. 721, 15 U.S.C. 46 and Section 2.34 of 
the Commission's Rules of Practice (16 CFR 2.34), notice is hereby 
given that the following consent agreement containing a consent order 
to cease and desist, having been filed with and accepted, subject to 
final approval, by the Commission, has been placed on the public record 
for a period of sixty (60) days. Public comment is invited. Such 
comments or views will be considered by the Commission and will be 
available for inspection and copying at its principal office in 
accordance with Section 4.9(b)(6)(ii) of the Commission's Rules of 
Practice (16 CFR 4.9(b)(6)(ii)).
Agreement Containing Consent Order

    The Federal Trade Commission (``Commission'') having initiated an 
investigation of acquisitions by Mustad Connecticut, Inc. (``Mustad 
Connecticut'') and Mustad International Group NV (``Mustad Group'') of 
the horseshoe nail assets of Capewell Manufacturing Company, the assets 
of Cooper Horseshoe Nail Co., Ltd., a majority interest in Emcoclavos 
S.A., and the horseshoe nail assets of Sterward Engineering Company, 
Ltd., and it now appearing that Mustad Connecticut and Mustad Group, 
hereinafter sometimes referred to as ``proposed respondents,'' are 
willing to enter into an agreement containing an order to divest 
certain assets and to cease and desist from making certain 
acquisitions, and providing for other relief.
    It is hereby agreed by and between proposed respondents, by their 
duly authorized officers and attorney, and counsel for the Commission 
that:
    1. Proposed respondent Mustad Connecticut, a wholly owned 
subsidiary of Mustad International Group NV, is a corporation 
organized, existing and doing business under and by virtue of the laws 
of the State of Connecticut, with its principal place of business at 
1395 Blue Hills Avenue, Bloomfield, Connecticut 06002.
    2. Proposed respondent Mustad Group is a corporation organized, 
existing, and doing business under and by virtue of the laws of the 
Netherlands Antilles with its principal place of business at St. 
Pierhalsteeg 5, NL-1012 GL Amsterdam.
    3. Proposed respondents admit all the jurisdictional facts set 
forth in the draft of complaint.
    4. Proposed respondents waive:
    (a) any further procedural steps;
    (b) the requirement that the Commission's decision contain a 
statement of findings of fact and conclusions of laws;
    (c) all rights to seek judicial review or otherwise to challenge or 
contest the validity of the order entered pursuant to this agreement; 
and
    (d) any claim under the Equal Access to Justice Act.
    5. This agreement shall not become part of the public record of the 
proceedings unless and until it is accepted by the Commission. If this 
agreement is accepted by the Commission it, together with the draft of 
complaint contemplated thereby, will be placed on the public record for 
a period of sixty (60) days and information in respect thereto publicly 
released. The Commission thereafter may either withdraw its acceptance 
of this agreement and so notify the proposed respondents, in which 
event it will take such action as it may consider appropriate, or issue 
and serve its complaint (in such form as the circumstances may require) 
and decision, in disposition of the proceeding.
    6. This agreement is for settlement purposes only and does not 
constitute an admission by proposed respondents that the law has been 
violated as alleged in the draft of complaint, or that the facts as 
alleged in the draft complaint, other than jurisdictional facts, are 
true.
    7. This agreement contemplates that, if it is accepted by the 
Commission, and if such acceptance is not subsequently withdrawn by the 
Commission pursuant to the provisions of Section 2.34 of the 
Commission's Rules, the Commission may, without further notice to 
proposed respondents, (1) issue its complaint corresponding in form and 
substance with the draft of complaint and its decision containing the 
following order to divest, license, and cease and desist in disposition 
of the proceeding, and (2) make information public with respect 

[[Page 42165]]
thereto. When so entered, the order shall have the same force and 
effect and may be altered, modified, or set aside in the same manner 
and within the same time provided by statute for other orders. The 
order shall become final upon service. Delivery by the United States 
Postal Service of the complaint and decision containing the agreed-to 
order to proposed respondents' or to their counsel's addresses as 
stated in this agreement shall constitute service. Proposed respondents 
waive any right they may have to any other manner of service. The 
complaint may be used in construing the terms of the order, and no 
agreement, understanding, representation, or interpretation not 
contained in the order or the agreement may be used to vary or 
contradict the terms of the order.
    8. Proposed respondents have read the proposed complaint and order 
contemplated hereby. Proposed respondents understand that once the 
order has been issued, they will be required to file one or more 
compliance reports showing they have fully complied with the order. 
Proposed respondents further understand that they may be liable for 
civil penalties in the amount provided by law for each violation of the 
order after it becomes final.

Order

I

    It is ordered that, as used in this order, the following 
definitions shall apply:
    A. ``Mustad Connecticut'' means Mustad Connecticut, Inc., a wholly 
owned subsidiary of Mustad International Group NV, its predecessors, 
subsidiaries, divisions, and groups and affiliates controlled by Mustad 
Connecticut, their successors and assigns, and their directors, 
officers, employees, agents and representatives.
    B. ``Mustad Group'' means Mustad International Group NV, its 
predecessors, subsidiaries, divisions, and groups and affiliates 
controlled by Mustad Group, their successors and assigns, and their 
directors, officers, employees, agents and representatives.
    C. ``Respondents'' or ``Mustad'' means Mustad Connecticut and 
Mustad Group.
    D. ``Acquisitions'' means the acquisitions by Mustad of the assets 
of Cooper Horseshoe Nail Co., Ltd.; stock of Emcoclavos S.A.; and 
assets of Sterward Engineering Company, Ltd.
    E. ``Capewell'' means substantially all assets of Capewell 
Horsenails, Inc., including assets, properties, business and goodwill, 
tangible and intangible, used in the manufacture and sale of Rolled 
Horseshoe Nails, including the following:
    1. Machinery, fixtures, equipment, vehicles, transportation 
facilities, furniture, tools and other tangible personal property;
    2. Customer lists, vendor lists, catalogs, sales promotion 
literature, advertising materials, research materials, technical 
information, management information systems, software, inventions, 
trade secrets, intellectual property, patents, technology, know-how, 
specifications, designs, drawings, processes and quality control data;
    3. Inventory of nails produced by Capewell;
    4. Rights, titles and interests in and to the contracts entered 
into in the ordinary course of business with customers (together with 
associated bid and performance bonds), suppliers, sales 
representatives, distributors, agents, personal property lessors, 
personal property lessees, licensors, licensees, consignors and 
consignees;
    5. Rights under warranties and guarantees, express or implied;
    6. Books, record, files; and
    7. Items of prepaid expense.
    F. ``Commission'' means the Federal Trade Commission.
    G. ``Rolled Horseshoe Nails'' means horseshoe nails that are 
produced by the rolling process of drawing the shank of the nail 
through a series of dies.
    H. ``Functioning Nail Machine'' means a fully functioning and 
operational machine that has produced at least 800 pounds per week of 
City Head No. 5 Rolled Horseshoe Nails during the preceding year, or 
the equivalent production of other types and sizes of nails, including 
tooling used in the maintenance or operation of such nail machines, and 
capable of producing Rolled Horseshoe Nails in at least the following 
sizes: city head 5, city head 6, slim blade 5, regular head 5, and race 
nail 3\1/2\.
    I. ``Spare Nail Machine'' means a functioning or non-functioning 
machine suitable for use in providing spare and replacement parts for 
the Functioning Nail Machines.
    J. ``Nail Machine'' means a Functioning Nail Machine or Spare Nail 
Machine.
    K. ``Technology and Know-how'' means all of Mustad's drawings, 
blueprints, patents, specifications, tests, and other documentation, 
and all information contained therein or available to Mustad personnel 
relating to the design, and the production methods, processes and 
systems used in the production of Rolled Horseshoe Nails.

II

    It is further ordered that:
    A. Mustad shall divest, absolutely and in good faith, by May 15, 
1996, either (i) Capewell as an ongoing business, or (ii) four (4) 
Functioning Nail Machines and one (1) Spare Nail Machine and shall 
grant a perpetual non-exclusive license of the Technology and Know-how 
to the acquirer.
    B. The divestiture and granting of the license shall be made only 
to an acquirer that receives the prior approval of the Commission and 
only in a manner that receives the prior approval of the Commission. 
The purpose of the divestiture and licensing is to create an 
independent competitor in the production and sale of Rolled Horseshoe 
Nails and to remedy the lessening of competition in the United States 
resulting from the Acquisitions as alleged in the Commission's 
complaint. Mustad shall divest such other ancillary assets and effect 
such other arrangements as are reasonably necessary for the acquirer to 
be viable, and competitive.
    C. If Mustad divests the Functioning Nail Machines and Spare Nail 
Machine, then upon reasonable notice from the acquirer to respondents, 
respondents shall provide such assistance to the acquirer as is 
reasonably necessary to enable the acquirer to produce Rolled Horseshoe 
Nails in substantially the same manner and quality employed or achieved 
by the respondent prior to divestiture. Such assistance shall include 
reasonable consultation with knowledgeable employees and training for a 
period of time sufficient to satisfy the acquirer's management that its 
personnel are appropriately trained in the production of rolled 
horseshoe nails. Respondents shall convey all know-how necessary to 
produce rolled horseshoe nails in substantially the same manner and 
quality employed or achieved by respondent prior to divestiture. 
However, respondents shall not be required to continue providing such 
assistance for more than one (1) year from the date of divestiture. 
Respondents shall charge the acquirer its own direct costs for 
providing such assistance.

III

    It is further ordered that, pending divestiture of Capewell or the 
Functioning Nail Machines and Spare Nail Machine pursuant to Paragraphs 
II.A., Mustad shall take such action as is necessary to maintain the 
viability and marketability of the Nail Machines to be divested and 
shall not cause or permit the destruction, removal, 

[[Page 42166]]
wasting, deterioriation or impairment of such Nail Machines, except for 
ordinary wear and tear that does not affect the viability and 
marketability of the Nail Machines.

IV

    It is further order that:
    A. If respondents have not completed the divestiture required by 
paragraph II.A. by May 15, 1996, the Commission may appoint a trustee 
to divest four (4) Functioning Nail Machines, one (1) Spare Nail 
Machine, and license the Technology and Know-how. In the event the 
Commission or the Attorney General brings an action pursuant to 
Sec. 5(1) of the Federal Trade Commission Act, 15 U.S.C. Sec. 45(1), or 
any other statute enforced by the Commission, Mustad shall consent to 
the appointment of a trustee in such action. Neither the appointment of 
a trustee nor a decision not to appoint a trustee under this Paragraph 
shall preclude the Commission or the Attorney General from seeking 
civil penalties or any other relief available to it, including a court-
appointed trustee, pursuant to Section 5(1) of the Federal Trade 
Commission Act, or any other statute enforced by the Commission, for 
any failure by Mustad to comply with this order.
    B. If a trustee is appointed by the Commission or a court pursuant 
to Paragraph IV.A. of this order, Mustad shall consent to the following 
terms and conditions regarding the trustee's powers, duties, 
authorities, and responsibilities:
    (1) The Commission shall select the trustee, subject to the consent 
of Mustad, which consent shall not be unreasonably withheld. The 
trustee shall be a person with experience and expertise in acquisitions 
and divestitures. If Mustad has not opposed the selection of a proposed 
trustee within fifteen (15) days after notice by the Commission's staff 
to Mustad of the identity of the proposed trustee, Mustad shall be 
deemed to have consented to the selection of the proposed trustee.
    (2) Subject to the prior approval of the Commission, the trustee 
shall have the exclusive power and authority to divest the Nail 
Machines and grant a license for the Technology and Know-how and to 
make any further arrangements that may be reasonably necessary to 
maintain the viability and competitiveness of the business.
    (3) The trustee shall have twelve (12) months from the date the 
Commission approves the trust agreement described in Paragraph IV.B.8 
to accomplish the divestiture, which shall be subject to the prior 
approval of the Commission. If, however, at the end of the twelve-month 
period, the trustee has submitted a plan of divestiture or believes 
that the divestiture can be accomplished within a reasonable time, the 
divestiture period may be extended by the Commission or, in the case of 
a court-appointed trustee, by the court, provided, however, that the 
Commission may extend this period only two (2) times and for a total 
period not to exceed two (2) years.
    (4) The trustee shall have full and complete access to the 
personnel, books, records, and facilities related to the Nail Machines, 
or to any other relevant information, as the trustee may reasonably 
request. Respondents shall provide such financial or other information 
as such trustee may reasonably request and shall cooperate with the 
trustee. Mustad shall take no action to interfere with or impede the 
trustee's accomplishment of the divestiture and licensing. Any delays 
in divestiture caused by Mustad shall extend the time for divestiture 
under Paragraph IV.B.3 in an amount equal to the delay, as determined 
by the Commission or, for a court-appointed trustee, by the court.
    (5) Subject to Mustad's absolute and unconditional obligation to 
divest and license at no minimum price, and the purpose of the 
divestiture and licensing as stated in Paragraph II of this order, the 
trustee shall use his or her best efforts to negotiate the most 
favorable price and terms available in each contract that is submitted 
to the Commission. The divestiture shall be made in the manner set out 
in Paragraph III of this order, provided, however, if the trustee 
receives bona fide offers from more than one acquiring entity, and if 
the Commission determines to approve more than one such acquiring 
entity, the trustee shall divest to the acquiring entity or entities 
selected by Mustad from among those approved by the Commission.
    (6) The trustee shall serve, without bond or other security, at the 
cost and expense of Mustad, on such reasonable and customary terms and 
conditions as the Commission or, in the case of a court-appointed 
trustee, the court may set. The trustee shall have authority to employ, 
at the cost and expense of Mustad, such consultants, accountants, 
attorneys, investment bankers, business brokers, appraisers, and other 
representatives and assistants as are reasonably necessary and at 
reasonable cost to carry out the trustee's duties and responsibilities. 
The trustee shall account for all monies derived from the divestiture 
and licensing and all expenses incurred. After approval by the 
Commission and, in the case of a court-appointed trustee, by the court, 
of the account of the trustee, including fees for his or her services, 
all remaining monies shall be paid at the direction of Mustad and the 
trustee's power shall be terminated. The trustee's compensation shall 
be based in significant part on a reasonable commission arrangement 
contingent on the trustee's divesting the Nail Machines and licensing 
the technology and know-how.
    (7) Mustad shall indemnify the trustee and hold the trustee 
harmless against any losses, claims, damages, liabilities, or expenses 
arising out of, or in connection with, the performance of the 
trusteeship, including all reasonable fees of counsel and other 
expenses incurred in connection with the preparation for, or defense of 
any claim, whether or not resulting in any liability, except to the 
extent that such liabilities, losses, damages, claims, or expenses 
result from misfeasance, negligence, willful or wanton acts, or bad 
faith by the trustee.
    (8) Within ten (10) days after appointment of the trustee, and 
subject to the prior approval of the Commission and, in the case of a 
court-appointed trustee, of the court, Mustad shall execute a trust 
agreement that transfers to the trustee all rights and powers necessary 
to permit the trustee to effect the divestiture and licensing required 
by this order.
    (9) If the trustee ceases to act or fails to act diligently, a 
substitute trustee shall be appointed in the same manner as provided in 
Paragraph IV.A. of this order.
    (10) The Commission or, in the case of a court-appointed trustee, 
the court may on its own initiative or at the request of the trustee 
issue such additional orders or directions as may be necessary or 
appropriate to accomplish the divestiture and licensing required by 
this order.
    (11) The trustee shall have no obligation or authority to operate 
or maintain the Nail Machines.
    (12) The trustee shall report in writing to Mustad and to the 
Commission every sixty (60) days concerning the trustee's efforts to 
accomplish the divestiture and licensing.

V

    It is further ordered that:
    A. Within sixty (60) days after the date this order becomes final 
and every sixty (60) days thereafter until Mustad has fully complied 
with the provisions of Paragraph II or IV of this order, Mustad shall 
submit to the Commission a verified written report setting forth in 
detail the manner and form in which it intends to comply, is complying, 
and has complied with those provisions. 

[[Page 42167]]
Mustad shall include in its compliance reports, among other things that 
are required from time to time, a full description of the efforts being 
made to comply with Paragraphs II and IV of the order, including a 
description of all substantive contacts or negotiations for the 
divestiture and licensing and the identity of all parties contacted. 
Mustad also shall include in its compliance reports copies of all 
written communications to and from such parties, all internal 
memoranda, and all reports and recommendations concerning divestiture.
    B. One year from the year that this order becomes final, annually 
for the next nine (9) years on the anniversary of the date on which 
this order becomes final, and at such other times as the Commission may 
require, Mustad shall file with the Commission a verified written 
report setting forth in detail the manner and form in which it has 
complied and is complying with Paragraph VI of this order.
    It is further ordered that, for a period of ten (10) years from the 
date this order becomes final, respondent shall not, without providing 
advance written notification to the Commission, directly or indirectly, 
through subsidiaries, partnerships, or otherwise:
    A. Acquire any stock, share capital, equity or other interest in 
any concern, corporate or non-corporate, presently engaged in, within 
the two years preceding such acquisition engaged in, or in the process 
of attempting to engage in producing or selling horseshoe nails in the 
United States; or
    B. Acquire any assets used for, or previously used for (and still 
suitable for use for) the production of horseshoe nails from any 
concern, corporate or non-corporate, presently engaged in, within the 
past two years engaged in, or in the process of attempting to engage in 
producing or selling horseshoe nails in the United States.
    Said notification shall be given on the Notification and Report 
Form set forth in the Appendix to Part 803 of Title 16 of the Code of 
Federal Regulations as amended (hereinafter referred to as ``the 
Notification''). Respondent shall provide to the Commission at least 
thirty days prior to acquiring any such interest (hereinafter referred 
to as the ``first waiting period''), both the Notification and 
supplemental information either in respondent's possession or 
reasonably available to respondent. Such supplemental information shall 
include a copy of the proposed acquisition agreement; the names of the 
principal representatives of respondent and of the firm respondent 
desires to acquire who negotiated the acquisition agreement; and any 
management or strategic plans discussing the proposed acquisition. If, 
within the first waiting period, representatives of the Commission make 
a written request for additional information, respondent shall not 
consummate the acquisition until twenty days after submitting such 
additional information. Early termination of the waiting periods in 
this paragraph may be requested and, where appropriate, granted in the 
same manner as is applicable under the requirements and provisions of 
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, 15 U.S.C. 
Sec. 18a.

VII

    It is further ordered that, for the purposes of determining or 
securing compliance with this order, and subject to any legally 
recognized privilege, upon written request, Mustad reasonably shall 
permit any duly authorized representatives of the Commission:
    A. Access, during office hours and in the presence of counsel, to 
inspect and copy all books, ledgers, accounts, correspondence, 
memoranda and other records and documents in the possession or under 
the control of Mustad relating to any matters contained in this order; 
and
    B. Upon five (5) days notice to Mustad, and without restraint or 
interference from Mustad, to interview officers or employees of Mustad, 
who may have counsel present, regarding such matters.

VIII

    It is further ordered that Mustad shall notify the Commission at 
least thirty (30) days prior to any proposed change in Mustad, such as 
dissolution, assignment, or sale resulting in the emergence of a 
successor, the creation or dissolution of subsidiaries, or any other 
change that may affect compliance obligations arising out of this 
order.
Analysis of Proposed Consent Order to Aid Public Comment

    The Federal Trade Commission (``Commission'') has accepted, subject 
to final approval, and Agreement Containing Consent Order 
(``Agreement'') from Mustad International Group NV (``Mustad''), a 
Netherlands Antilles firm, and Mustad Connecticut, Inc., a Connecticut 
company.
    The proposed Order has been placed on the public record for sixty 
(60) days for reception of comments by interested persons. Comments 
received during this period will become part of the public record. 
After sixty (60) days, the Commission will again review the Agreement 
and the comments received and will decide whether it should withdraw 
from the Agreement or make final the Agreement's proposed Order.
    Mustad has consummated a series of acquisitions, beginning in July 
1985 through January 1993. The proposed complaint alleges that the 
effect of the acquisitions was to substantially lessen competition and 
to give Mustad a virtual monopoly in the market for rolled horseshoe 
nails, which allowed Mustad to raise prices by as much as 50-75% on the 
most popular, large volume sizes of horseshoe nails in the United 
States.
    The complaint alleges that Mustad acquired Capewell Manufacturing 
Company (``Capewell''), Cooper Horseshoe Nail Co., Ltd. (``Cooper''), 
and Emcoclavos S.A. (``Emcoclavos'') and acquired a horseshoe nail 
machine from Sterward Engineering Company, Ltd. (``Sterward''). Cooper 
and Emcoclavos were direct competitors of Mustad and Sterward was a 
potential competitor to Mustad. The complaint also alleges that Mustad 
entered into non-compete agreements with Cooper and Sterward for a 
period of at least twenty years. The complaint also alleges that Mustad 
destroyed saleable rolled horseshoe nail machines in order to prevent 
potential competitors from producing horseshoe nails.
    The proposed complaint alleges that the Mustad's acquisitions of 
Cooper, Emcoclavos and Sterward violated Section 7 of the Clayton Act, 
as amended, 15 U.S.C. Sec. 18, and Section of the Federal Trade 
Commission Act, as amended, 15 U.S.C. Sec. 45; that the Sterward non-
compete agreement violates Section 5 of the Federal Trade Commission 
Act, as amended, 15 U.S.C. Sec. 45; and that Mustad, in making its 
acquisitions of Capewell, Cooper, and Emcoclavos, in destroying 
machinery, and in entering the non-compete agreements, attempted to 
monopolize and did monopolize the market for rolled horseshoe nails in 
violation of Section 5 of the Federal Trade Commission Act, as amended, 
15 U.S.C. Sec. 45.
    The complaint alleges that rolled horseshoe nails are a relevant 
line of commerce that differ from other types of nails used by farriers 
(the people who shoe horses). Rolled horseshoe nails are not reasonably 
interchangeable with forged nails.
    The complaint alleges that Mustad gained a virtual monopoly, nearly 
a 90% share of sales of rolled horseshoe nails in the world, as a 
result of its acquisitions of Cooper, Emcoclavos, and 

[[Page 42168]]
Sterward. Prior to each acquisition, the rolled horseshoe nail market 
was highly concentrated and concentration increased substantially 
following each acquisition. The complaint alleges that entry into the 
production and sale of rolled horseshoe nails would be difficult and 
time consuming--taking well in excess of two years, entailing 
significant sunk costs, and requiring technical expertise.
    The proposed Order would remedy the alleged violations by replacing 
the lost competition that has resulted from the acquisitions. The 
proposed Order would require Mustad to divest either (1) Capewell as an 
ongoing business, or (2) four fully functioning horseshoe nail 
machines, one spare nail machine, and grant a perpetual non-exclusive 
license to technology and know-how. In order to ensure that the 
acquirer of machinery would be able to quickly begin production at the 
same level of quality as exists currently, Mustad would be required to 
provide training and technical assistance to the acquirer for up to one 
year.
    The proposed Order provides that Mustad shall divest Capewell or 
the machinery no later than May 15, 1996. If Mustad does not complete 
the required divestiture during the allotted time period, then a 
trustee may be appointed to divest the machinery within twelve months. 
The time period for the trustee to complete the divestiture may be 
extended twice.
    The proposed Order requires Mustad to submit a report of compliance 
with the proposed Order's divestiture requirements within sixty (60) 
days following the date the proposed Order becomes final, and every 
sixty (60) days thereafter until Mustad has completed the divestiture.
    Finally, the proposed Order prohibits Mustad from acquiring any 
interest in any other company engaged in, or attempting to engage in, 
the production or sale of horseshoe nails without giving prior notice 
to the Commission and observing certain waiting periods for a period of 
ten years.
    The purpose of this analysis is to facilitate public comment on the 
proposed Order. This analysis is not intended to constitute an official 
interpretation of the Agreement or the proposed Order or in any way to 
modify the terms of the Agreement or the proposed Order.
Benjamin I. Berman,
Acting Secretary.
[FR Doc. 95-20142 Filed 8-14-95; 8:45 am]
BILLING CODE 6750-01-M