Economic Effects of Antitrust Laws on Mergers and Acquisitions
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The absence of a consensus as to the meaning of the pursued goal (s) at the center of the antitrust enforcement leads to an insecurity. While many enforcement agencies claimed that the consumer protection shall be the ultimate goal under the competition review, most of them do not specifically define consumer welfare and appear to have different economic understandings of the term. The megamergers that have taken place over the past 30 years in pharmaceuticals, among/between big airlines, or big banks have not improved customers’ welfare. Instead, some megamergers like AT&T and Time Warner have crushed customer welfare.