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Practices

Mergers

Whether or not a concentration would raise competitive concerns must be evaluated through a rigorous economic analysis. Modern economic thinking and sophisticated quantitative techniques are now commonly used by the European Commission and National Competition Authorities to predict the competitive effects of a merger.

We can assist companies and their legal advisors starting from the initial stage of a transaction in order to both identify potential competitive concerns and suggest how to address them.

The assessment of a merger entails many steps:

  • Market definition
  • Appraisal of the effects of the concentration on the market
  • Evaluation of the efficiencies
  • Design of potential remedies

Our economists employ a wide array of empirical tools, including statistical analysis, econometric techniques and merger simulations, to perform all the above steps and advice clients on how best to structure a concentration to obtain the competition watchdog’s approval.

We have the skills and the experience to present the most sophisticated analyses in a clear and simple manner and make them accessible to a non-technical audience too.

We also support third-party complainants in their submission against potentially anticompetitive concentrations.

Over the last few years, we have advised on mergers in a variety of markets, ranging from air and maritime transportation, to infant food and dairy products, to leisure travel and white good components.

If your company needs advice for any matter related to the notification of a concentration, contact us.

 

Latest Engagements

Merger in the natural gas sector

Lear assisted 2i Rete Gas, the second largest operator in the Italian market for natural gas distribution, in the notification to the Italian Competition Authority of a merger between 2i Rete Gas and Nedgia, which is being evaluated by the Italian Competition Authority. Lear has assessed the competitive implications of the merger, quantified the efficiencies […] Read more

Merger in the broadcasting tower sector

Lear advised a major national broadcast tower company in the notification to the Italian Competition Authority (AGCM) of the acquisition of another national broadcast tower company in a complex “merger to monopoly” case. Lear’s economists presented the efficiencies brought about by the merger and illustrated the market mechanisms that would have ensured these efficiencies to […] Read more

Merger in the grocery retailing sector

Lear assisted a leading grocery retailer in a phase II merger inquiry before the Italian Competition Authority (AGCM). Lear’s primary responsibility within the project was to analyze the data resulting from customer surveys, estimate the diversion ratios and apply the UPP, GUPPI and IPR tests to assess the unilateral effects of the merger. The merger […] Read more


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