mergers. If this assumption held, a positive external effect of a proposed merger would represent a sufficient condition to … allow the merger. However, the empirical picture on mergers and acquisitions reveals a significant share of unprofitable … merger policy conclusions: while several insights of the original analysis are corroborated (f.i. efficiency defence), a …

We modify the UPP test of Farrell and Shapiro (2010) to take into account the possibility that a merger weakens (or … eliminates) a vertical supply relationship. After deriving a general effect of the merger, we provide an example of simple …