Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 556: Merger Control and Enterprise Competitiveness - Empirical Analysis and Policy Recommendations

Johan Stennek and Frank Verboven
Additional contact information
Johan Stennek: The Research Institute of Industrial Economics, Postal: P.O. Box 55665, SE-102 15 Stockholm, Sweden
Frank Verboven: University of Antwerp, Postal: Lange Nieuwstraat 55, B-2000 Antwerp, Belgium,

Abstract: This report studies the importance of efficiency gains from horizontal mergers. A general theme throughout this report is that efficiency gains, and their pass-on to consumers, may vary substantially from merger to merger. For this reason it seems appropriate to reconsider current practice in European merger control, which does not allow the merging parties to appeal to an efficiency defence. Our report provides a detailed examination of two main parts of an efficiency analysis. The first chapter considers the presence of efficiencies from mergers, with a focus on economies of scale. The second chapter consider the pass-on of efficiencies to consumers in the form of lower prices.

Keywords: Mergers & Acquisitions; Merger Control; Competition Policy; Antitrust

JEL-codes: K21; L10; L40

94 pages, May 3, 2001

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