data from the European Commission’s market assessments in merger decisions with production data, we use recent … the performance of almost 600 rival firms in close to 200 merger cases before and after the change in market structure … increase their markups in the years after a merger. The effects are concentrated in markets with few competitors, among firms …

's failure to meet the Court's newly-found higher threshold demonstrating that the merger would lead to 'significant impediment … merger specific efficiencies are also discussed. …