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European Merger Control

Do We Need an Efficiency Defence? Edited by Fabienne Ilzkovitz, Director DG COMP/F , European Commission, Belgium and Roderick Meiklejohn, Head of Section (Competition Policy), Economic Evaluation Service, Directorate-General for Economic and Financial Affairs, European Commission, Belgium
This book examines the background to a change in the legal framework which occurred in May 2004 with the entry into force of a new Merger Regulation that for the first time explicitly recognises the possibility of an efficiency defence.

European Merger Control assesses the likely impact of this new regulation, and discusses the pros and cons of the efficiency defence, how other merger control systems deal with efficiencies, how the investigation process can be organised to accommodate the analysis of efficiency gains and the main theoretical and practical problems which arise when anti-competitive effects have to be weighed against efficiency gains.
In Association with the Directorate-General for Economic and Financial Affairs, European Commission
Extent: 336 pp
Hardback Price: $154.00 Web: $138.60
Publication Date: 2006
ISBN: 978 1 84542 491 6
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  • eISBN: 978 1 78195 299 3

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  • Economics and Finance
  • Competition Policy
  • Industrial Economics
  • Law - Academic
  • Competition and Antitrust Law
During its first fifteen years, the EU’s merger control system, unlike most others in the world, offered only minimal possibilities for taking efficiency gains into account as a mitigating factor that might offset the anti-competitive effects of a merger. This book examines the background to a change in the legal framework which occurred in May 2004 with the entry into force of a new Merger Regulation that for the first time explicitly recognises the possibility of an efficiency defence.

European Merger Control assesses the likely impact of this new regulation, and discusses the pros and cons of the efficiency defence, how other merger control systems deal with efficiencies, how the investigation process can be organised to accommodate the analysis of efficiency gains and the main theoretical and practical problems which arise when anti-competitive effects have to be weighed against efficiency gains.

With contributions from distinguished academics in the field of industrial economics and officials with practical experience of merger control, this book will be of interest to consulting economists practising in the field of competition policy, competition lawyers, micro-economists and officials of competition authorities.
‘It is an interesting and valuable contribution to the competition literature. It brings together in one place the arguments, both theoretical and empirical, in favour of the introduction of an efficiencies defence. . . the book is a very helpful reference on the consequences of mergers, and on the nature and source of efficiency benefits, particularly economies of scale. . . The papers that comprise this book are a rewarding read both for competition lawyers and for economists. Further, although the discussion of efficiencies is directed towards assessment of merger issues, it has wider application, especially in relation to vertical restraints.’
– Rhonda L. Smith, Competition and Consumer Law Journal
Contributors: F. Ilzkovitz, R. Meiklejohn, J. Motis, D. Neven, L.-H. Röller, P. Seabright, J. Stennek, F. Verboven
Contents:
Foreword
Mario Monti
Introduction
1. M&A Activity and Merger Control since 1991
Roderick Meiklejohn
2. European Merger Control: Do We Need an Efficiency Defence?
Fabienne Ilzkovitz and Roderick Meiklejohn
3. Efficiency Gains from Mergers
Lars-Hendrik Röller, Johan Stennek and Frank Verboven
4. Merger Control and Enterprise Competitiveness: Empirical Analysis and Policy Recommendations
Johan Stennek and Frank Verboven
5. Efficiencies in Merger Control
Jrissy Motis, Damien Neven and Paul Seabright
Index