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CMA’s Draft Merger Guidelines: Observations by RBB Economics 18.12.20

Apparently motivated by concerns of historic under-enforcement, the CMA’s Draft Merger Guidelines seek to enshrine the broadest possible margin of discretion to prohibit mergers (or require remedies before approving them). This note assesses the justification for the CMA’s proposals. As we explain, the Draft Merger Guidelines threaten real and potentially very significant costs of over-enforcement for consumers, competition, and the efficient functioning of the UK economy.

RBB’s observations can be downloaded here