Passive partial ownership,sneaky takeovers,and merger control |
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| Authors: | Dragan Jovanovic Christian Wey |
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| Institution: | 1. Goethe University Frankfurt, Grüneburgplatz 1, 60323 Frankfurt, Germany;2. Düsseldorf Institute for Competition Economics (DICE), Heinrich-Heine University of Düsseldorf, Universitätsstrasse 1, 40225 Düsseldorf, Germany |
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| Abstract: | We analyze the impact of passive partial ownership (PPO) on horizontal mergers. We show that antitrust authorities ignoring the effects of previous PPO acquisitions invite sneaky takeovers: a PPO is strategically used prior to a full takeover to get a merger approved which is in fact detrimental to consumers. |
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| Keywords: | D43 K21 L13 L41 |
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