Senior Managing Director and Head of EMEA, Jorge Padilla, contributed to Competition Policy International’s December 2023 Antitrust Chronicle with an article titled ‘Expelling the Economists from EU Merger Control’. In the article, Jorge discusses the claims and evidence from a recent paper, which has received significant attention in the media and the policy debate.
In this paper, Jorge Padilla, Joe Perkins, and Paul Reynolds focus on industries that require intensive investment to compete and innovate well before demand materializes (or fails to do so). In these industries, the existence of exit barriers may cause firms to become “zombies” ex-post and result in significant underinvestment ex-ante. They first discuss the link between the investment decisions of firms and the existence and significance of exit barriers. Then, they consider the role of mergers as an exit mechanism that promotes efficient investment and fosters competition. They conclude with a discussion about optimal merger policy.
Expert Economist Andy Parkinson participated in a Q&A with Financier Worldwide, joining lawyers from Baker Botts, Hogan Lovells, and Latham & Watkins LLP, providing a UK and EU perspective on recent developments in vertical merger enforcement. Could you provide an overview of how vertical mergers are generally treated for antitrust enforcement purposes? Parkinson: Most vertical … Continued
Our panel discussion concerned the substantive test in UK merger control, in particular the revised merger assessment guidelines (MAGs) of the UK’s Competition and Markets Authority (CMA) and the CAT’s judgment in JD Sports v CMA.
Read the Expert Opinion by Rashid Muhamedrahimov and Andrew Tuffin Merger regulators exist to prevent mergers and acquisitions that would substantially harm competition. In performing their duties, two key issues arise: accuracy and speed. In each case, the decision-making process matters. Decisions need to be thorough, well-reasoned, and well evidenced. A regulator that errs in … Continued
Expert Economist Rameet Sangha joined a panel with speakers from Baker Botts, the UK Competition and Markets Authority and Lloyds Banking Group in a webinar on 24 February, organized by Concurrences.
Obtaining clearance by competition agencies is a crucial step in many merger cases. Merger control matters for firms, as it matters for public policy. Mergers can benefit consumers, increasing innovation and reducing costs and prices; they can also adversely affect competition to consumers’ detriment. Competition agencies need to assess this in their merger reviews. How competition agencies apply control is changing.
Lorenzo Coppi contributed to a webinar hosted by Concurrences on 17 September with speakers from DG COMP, the UK CMA and Skadden.