of the efficiencies relevant to a potentially problematic merger. Although numerous articles address efficiencies from a …, verification, and merger specificity) and the balancing of anticompetitive effects with efficiencies are considered. Although the …

assumption were held, a positive external effect of a proposed merger would represent a sufficient condition to allow the merger … theory, moreover, demonstrates that privately unprofitable mergers can be the result of rational action. Therefore, we drop … this restrictive assumption and allow for unprofitable mergers to occur. This exerts a considerable impact on merger policy …