10. Mergers and acquisitions

Ariel Ezrachi
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Abstract

‘Mergers and acquisitions’ discusses mergers and acquisitions. While of potential benefit to society, mergers, takeovers, share acquisitions, and joint ventures also affect the market structure, and at times may reduce competition. When markets become more concentrated following a merger, we move further away from a competitive market structure to a structure in which market power might undermine the competitive process. To address this risk, the competition agency must assess the impact of the transaction. There are important procedural differences between the European administrative system and the US system in terms of the appraisal of mergers and acquisitions. Other types of mergers include: horizontal mergers, vertical mergers, and conglomerate transactions.
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10. 兼并与收购
“兼并与收购”讨论的是兼并与收购。虽然合并、接管、股份收购和合资企业对社会有潜在的好处,但它们也会影响市场结构,有时可能会减少竞争。当市场在合并后变得更加集中时,我们就会进一步远离竞争性市场结构,进入市场力量可能破坏竞争过程的结构。为了应对这种风险,竞争机构必须评估交易的影响。在并购评估方面,欧洲行政体系与美国行政体系存在重要的程序差异。其他类型的合并包括:横向合并、纵向合并和综合企业交易。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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Final reflections 2. Markets 5. The legal framework 10. Mergers and acquisitions 6. Who enforces the law?
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