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- W418005240 abstract "In July 2001, European competition authorities did something once thought largely impossible: They blocked a merger between two U.S.-based companies, even though U.S. regulators had already approved the deal. General Electric and Honeywell saw their goal of an integrated industrial conglomerate dashed by regulators in Brussels who claimed that the merger would adversely impact competition in the European Common Market. This decision represented the culmination of over a decade of growth, development, and change in European competition policy and shows that the Europeans are increasingly committed to being major players on the global antitrust stage. In this article, I explore the strikingly different policies that underlie competition policy in the U.S. and EU, especially as they relate to the analysis of a merger's impact on market competition (the U.S. focus) versus a merger's impact on competitors operating in the market (the EU focus). Two previous mergers - those of Boeing/McDonnell Douglas and AOL/Time Warner - are briefly discussed to help flesh out the framework into which GE/Honeywell was ultimately unable to fit. Turning to the GE/Honeywell merger itself, careful attention is paid to the theories of market harm advanced by European regulators in their opposition to the merger. Especially prominent is an economic analysis of the bundling or product tying theory of competitive harm on which European regulators placed so much emphasis. Interestingly, this is the same theory that held sway in U.S. courts in the 1960s, only to be repudiated by advances in economic analysis of competitive forces. This section also explores how the Cournot Model may be an inappropriate metric for analyzing the relatively unique industries involved in the GE/Honeywell merger. The article concludes with some thoughts on the future challenges facing national antitrust policies operating on a global scale. A discussion of the role the new International Competition Network (ICN) can play in law harmonization is prominent. The focus here is on a significantly more robust ICN that can arbitrate divergent outcomes between competition authorities, like GE/Honeywell, with the goal of reaching a binding and economically defensible outcome based on best practices developed by competition authorities around the world. While this may sound like a radical threat to sovereignty, it may actually be significantly easier to implement, and for competition authorities to accept, than at first glance." @default.
- W418005240 created "2016-06-24" @default.
- W418005240 creator A5057600281 @default.
- W418005240 date "2003-09-11" @default.
- W418005240 modified "2023-09-23" @default.
- W418005240 title "All Bundled Up: Bringing the GE/Honeywell Merger in from the Cold" @default.
- W418005240 hasPublicationYear "2003" @default.
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