皇冠明珠条款——欧美实践与中国移植

皇冠明珠条款激励合并方促成剥离的动机并修正初始剥离的不确定性，在美国和欧盟等反垄断发达国家是合并救济的一项重要制度。在初始剥离执行存在不确定性或合并方缺少激励、消极履行剥离义务或阻挠剥离执行时有必要适用皇冠明珠条款。需依照一定原则确定皇冠明珠资产包的合理范围，在皇冠明珠条款被触发后，在更短的皇冠明珠剥离期限内由剥离受托人执行皇冠明珠剥离、管理受托人和监督受托人对皇冠明珠资产包进行管理和监督。皇冠明珠条款在中国的适用存在可能性和必要性，建议中国移植皇冠明珠条款。

Crown Jewel Provision- Practice of Europe and the United State and Chinese Transplantation

The crown jewel provision incentives the merging parties to complete the divestiture and correct the uncertainty of initial divestiture, which is one of the important systems of merger remedies in antitrust-developed countries, such as the United States and the European Union. It is necessary to apply the terms of the crown jewel provision when there is uncertainty of enforcing the initial divestiture, a lack of incentive to the merging parties or the merging parties fulfill the divestiture obligation negatively or try to stop the enforcement of divestiture. There is need to determine the reasonable range of the crown jewel package according to certain principles. Once the crown jewel provision is triggered, the selling trustee shall enforce the crown jewel divestiture, the managing trustee shall manage the crown jewel package and the monitoring trustee shall monitor that. There is possibility and necessity to apply the crown jewel provision in China, so it is recommended to transplant the crown jewel provision.