The Department of Justice (DoJ) and the Federal Trade
Commission (FTC) have finally published long-awaited guidelines on vertical mergers in the US.
If adopted the guidelines will supersede the DoJ's 1984 Non-Horizontal Merger Guidelines.
Although widely well-received, sources say the guidelines
leave some holes and could have gone further, for instance in
clarifying what constitutes a contentious issue.
Some say that vertical merger enforcement has been way too
lax over the past 15 to 20 years and that the new guidelines
should take a strong stance, should have presumptions based on
market share and the anticompetitive nature of deals , should
rely less on quantitative models, and should be more focused on
the issue of vertical integration.
"Basically, both groups will be disappointed by the new
guidelines that are not trying to describe a big change in
enforcement, but more accurately describe what the...