Mergers and Acquisitions

Our economists have worked for the merging parties on one third of all EU Phase II mergers in the last five years, many more Phase I cases, and on numerous cases before national authorities.

This work has routinely included the analysis of the standard competition concerns potentially raised by both horizontal and vertical mergers, as well as less common issues such as the impact of mergers on buyer power, media plurality and the public interest.

Mergers and Acquisitions case studies

IAG/bmi (2012)

RBB Economics advised IAG (the holding company of British Airways and Iberia) in connection with its successful application for regulatory clearance for the acquisition of British Midland (bmi) by the European Commission – EC Case No COMP/M.6447

Anglo-American/Lafarge (2012)

RBB Economics advised both parties during the UK Competition Commission investigation of their proposed joint venture – Anglo-American plc/Lafarge SA, Competition Commission

Alpha Flight Group/LSG Lufthansa (2012)

RBB Economics advised both parties during the UK Competition Commission investigation of their proposed joint venture in airline catering – Alpha Alpha Flight Group/LSG Lufthansa Competition Commission

Western Digital (WD)/Hitachi (2011)

RBB Economics advised both parties during the European Commission investigation of the acquisition by WD of the hard disk drive business of Hitachi – EC Case No COMP/M.6203

Shell/Total (2011)

RBB Economics advised Shell on its 2011 acquisition of a portfolio of Total motor fuel retail sites in the UK during its investigation by the UK OFT – OFT Case No.ME/5191/11

Tsogo Sun/Gold Reef (2010)

RBB Economics advised casino operator Tsogo Sun during the South African Competition Tribunal investigation of its merger with Gold Reef – SA CT Case No. 26/LM/May10

COFEPP/QFS (2011)

RBB Economics advised both parties during the French Competition Authority’s phase II investigation of COFEPP’s acquisition of branded and unbranded spirits producer QFS – French Competition Authority decision 11-DCC-187

American Airlines/British Airways/Iberia (2010)

RBB Economics advised AA, BA and Iberia on the European Commission investigation of their alliance – EC Case No. COMP 39596

Oracle/Sun Microsystems (2010)

RBB Economics advised Oracle during the investigation by the European Commission of its acquisition of Sun – EC Case No COMP/M.5529

Walmart/Massmart (2011)

RBB Economics advised both parties to the acquisition by Walmart of Massmart during its investigation by the South African Competition Tribunal – SA CT Case No. 73/LM/Nov10

Ticketmaster/Live Nation (2010)

RBB Economics advised Ticketmaster during the UK Competition Commission investigation of its merger with Live Nation – Ticketmaster and Live Nation, Competition Commission

Zipcar/Streetcar (2010)

RBB Economics advised both parties during the OFT and UK Competition Commission investigation of their merger – Zipcar and Streetcar, Competition Commission

BHP Billiton/Rio Tinto (2008)

RBB Economics advised BHP Billiton on its proposed acquisition of Rio Tinto, and in the subsequent proposed West Australian Iron Ore Production Joint Venture with Rio Tinto, before the European Commission as well as national competition authorities in Australia and China – EC Case No COMP/M.4985

Nokia/Navteq (2008)

RBB Economics advised both parties in the European Commission and US DOJ investigation of their merger, in relation to the provision of digital maps and vehicle navigation services – EC Case No COMP/M.4942

Google/DoubleClick (2008)

RBB advised Google on its proposed acquisition of DoubleClick, a provider of internet advertising services, during its investigation by the European Commission – EC Case No COMP/M.4731

Lloyds TSB/HBOS (2008)

RBB Economics advised HBOS during its acquisition by Lloyds TSB – Decision by Lord Mandelson, the Secretary of State for Business, not to refer to the Competition Commission the merger between Lloyds TSB Group plc and HBOS plc under Section 45 of the Enterprise Act 2002

Campina/Friesland Foods (2008)

RBB Economics advised both parties during the investigation of the merger of their dairy businesses by the European Commission – EC Case No COMP/M.5046

TUI/First Choice (2007)

RBB Economics advised both merging parties during the investigation of the transaction by the European Commission – EC Case No COMP/M.4600

Sony/BMG (2007)

RBB Economics advised the parties during the European Commission investigation of their merger, its appeal before the CFI, and its subsequent reinvestigation by the European Commission – EC Case No COMP/M.3333

Ryanair/Aer Lingus (2007)

RBB Economics advised Ryanair during the 2007 European Commission investigation of its bid for Aer Lingus and in its subsequent appeal to the General Court – EC Case No COMP/M.4439