1 / 9

Basic Framework for Merger Analysis

Basic Framework for Merger Analysis. Japan Fair Trade Commission Mergers and Acquisitions Division Yuji Kimura Yuji_Kimura@jftc.go.jp. Merger Analysis Framework. 0. Identifying Type of Merger 1. Market Definition, and Market Share and Concentration 2. Competitive Analysis

hope
Télécharger la présentation

Basic Framework for Merger Analysis

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Basic Framework for Merger Analysis Japan Fair Trade Commission Mergers and Acquisitions Division Yuji Kimura Yuji_Kimura@jftc.go.jp

  2. Merger Analysis Framework • 0. Identifying Type of Merger • 1. Market Definition, and Market Share and Concentration • 2. Competitive Analysis • 2.1 Unilateral Effects • 2.2 Coordinated Effects • 3. Entry and Expansion • 4. Efficiency • 5. Failing Firm

  3. 0. Identifying Type of Merger • Type of Merger • Horizontal Merger (*) • Vertical Merger • Conglomerate Merger

  4. 1. Market Definition, and Market Share and Concentration • Relevant Market • Product Market • Geographic Market • Market Definition • Demand-side Substitutability • Supply-side Substitutability • Market Share and Concentration • Market Share and HHI • Safe Harbor

  5. 2. Competitive Analysis • 2.1 Unilateral Effects • Entry and Expansion • Buyer Power • Product Differentiation • Competitors’ Characteristics • Alternative Products • etc.

  6. 2. Competitive Analysis • 2.2 Coordinated Effects • Number of Firms • Frequency of Trade • Product Homogeneity • Market Transparency • Existence of Maverick firms • Market Stability • Cross-shareholding • Multi-market Contact and Symmetry • etc.

  7. 3. Entry and Expansion • Entry • Likelihood of Entry • Sufficiency of Entry • Timeliness of Entry • Expansion

  8. 4. Efficiency • Efficiency Criteria • Verifiability • Benefit to Consumers • Merger Specificity

  9. 5. Failing Firm • Failing Firm Criteria • Financial Difficulties without the Merger • Inevitability of Exit in the absence of a Merger • No Less Anti-Competitive Alternative to the Merger

More Related