Merger, she wrote (Part 2): How to run an investigation – Market power, theories of harm and the Innovation Shield

Under the EU’s new draft Merger Guidelines, the market power analysis is now more holistic. Structural shares remain the starting point, but dynamic competitive potential – R&D spending, patent portfolios, pipeline products, and the high valuation of a target relative to its turnover – feeds into a picture in which a firm with no current market share can still qualify as an important competitive force.... By: Hogan Lovells