Conglomerate Mergers Project Report

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In 2019-20, the Merger Working Group (MWG) explored conglomerate mergers, defined as mergers involving products or services that customers perceive as complementary, or for which customers may have independent demand. The project consisted of a comparative survey of members in order to explore conglomerate merger theories and case studies, and webinars to share experiences on conglomerate merger reviews and acquisitions of nascent competitors. This paper summarizes the results of the survey and outlines the webinars.

Some jurisdictions may rely on vertical or horizontal theories of harm to address at least some of the competitive concerns raised by conglomerate mergers and/or mergers where the merging parties are not current competitors. As a result, their enforcement activities may not have been accounted for in the surveys or other aspects of this project.

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