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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

Ex-ante assessment of a merger in the Italian insurance sector

Lear has assisted Assicurazioni Generali in the acquisition of Cattolica Assicurazioni. Lear has analysed the relevant geographic and product markets to identify affected markets according to the thresholds set by the European Commission in the horizontal mergers guidelines, and for those markets has analysed the competitive concerns that might arise from the concentration, showing that […] Read more

Merger in the banking sector

One of the largest banking groups in Italy, Intesa Sanpaolo S.p.a., has declared its intention to proceed with the takeover of UBI Banca S.p.a. The potential merger between these two banks raises concerns regarding the competition level in numerous markets: hence, the merger must be first approved by the Italian Competition Authority. Lear is assisting […] Read more

Vertical merger in the aerospace industry

Lear was retained by a leading operator in the aerospace industry to provide assistance in a merger case involving one of its rivals. Lear developed analyses aimed at showing how the merger may create the incentives for the merged entity to implement exclusionary practices that would harm competition and the client.


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