The 2023 U.S. Merger Guidelines : A Review

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POINTS CLÉS

Introductory Remarks

Sean SULLIVAN
Professor, University of Iowa

Release of the new Merger Guidelines and its changes

• The text discusses the importance of antitrust guidelines in providing clarity to an otherwise vague statutory standard, with a focus on mergers and competition.
• It emphasizes the scrutiny each release of these guidelines undergoes, not only for what they do but also for the changes they incorporate over time.
• Changes in style and content are noted throughout various versions of the guidelines, including shifts in economic theories and models.
• The 2023 guidelines are highlighted for their substantive and stylistic de-emphasis of economics, along with a renewed focus on non-horizontal effects and potential competition theories.
• The skeptical posture toward mergers and efficiency implications in the latest guidelines represents a departure from prior iterations and requires examination.
• The context of the 2023 guidelines release includes the rapid withdrawal of the 2020 vertical merger guidelines, raising questions about political capital and the permanence of regulatory documents.