Azar, J. and Tzanaki, A. orcid.org/0009-0001-6269-3426 (2022) Chapter 10: Common ownership and merger control enforcement. In: Kokkoris, I. and Lemus, C., (eds.) Research Handbook on the Law and Economics of Competition Enforcement. Research Handbooks in Competition Law . Edward Elgar , pp. 243-279. ISBN 9781789903782
Abstract
Common ownership fundamentally upsets the well-settled merger enforcement ecosystem. Not only it challenges basic principles informing merger policy such as the presumed profitability of mergers for the merging firms and the merger-specificity of potential efficiencies but also it works against implementing tools and presumptions in merger practice such as concentration indices for screening out unproblematic from potentially harmful mergers. The incremental effect of a merger taking place in an environment of common ownership may be either smaller or larger by comparison to a counterfactual with no common ownership. The sign and size of the merger effect will depend on the relative post-merger stakes of the common shareholders in the merging firms vis-à-vis any stakes in non-merging rivals in the same industry and on the specific financial structure of the merger deal. Accordingly, merger enforcement should shift towards more fact-specific analysis and antitrust authorities may want to consider developing guidelines.
Metadata
Item Type: | Book Section |
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Authors/Creators: |
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Editors: |
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Copyright, Publisher and Additional Information: | © Edward Elgar Publishing 2021. This is an open access book chapter under the terms of the Creative Commons Attribution License (CC-BY-NC-ND 4.0). |
Keywords: | Common ownership, horizontal shareholding, merger control, antitrust, competition, institutional investors |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 23 Jan 2025 11:18 |
Last Modified: | 23 Jan 2025 11:19 |
Status: | Published |
Publisher: | Edward Elgar |
Series Name: | Research Handbooks in Competition Law |
Identification Number: | 10.4337/9781789903799.00020 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:222224 |
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