authorized during the same time period. We also provide the first comparison of legal and illegal cartels in Germany. Legal … the industries involved. The construction industries are the most cartelized sectors in Germany (29.8% of all legal …

&As). Specifically, we discuss the effects of M&As on innovation, product variety, and sustainability. Although the relationship is … sustainability is still scarce and not conclusive so far. Overall, the existing literature indicates that non-price effects of …