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Economic Analysis Methodologies Applied in Merger Investigations in the EU and China: Comparative Case Studies

  • Shuping Lyu EMAIL logo , Caroline Buts und Marc Jegers
Veröffentlicht/Copyright: 6. Mai 2022
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Asian Journal of Law and Economics
Aus der Zeitschrift Asian Journal of Law and Economics Band 13 Heft 1

Abstract

Understanding the application of economic analysis methods in merger reviews across various jurisdictions can benefit antitrust authorities when reviewing cases and aid the legal and economic teams that work with merging parties in better anticipating concerns and outcomes. The comparative studies on economic analysis methods applied in merger cases have mainly been focused on China/the US and the EU/US. The objective of this study is to explore how the EU and China apply economic analysis methods to merger control enforcement for the same concentrations, by means of a comparative case study. Two research questions are addressed: (i) What are the economic analysis methods employed by Chinese antitrust authorities when investigating merger cases and how are they used? (ii) What similarities and differences exist between the antitrust authorities in the EU and China in applying economic analysis methods during merger case reviews?

Keywords: concentration of undertakings; merger review; economic analysis methods; EU; China; comparative case studies
Corresponding author: Shuping Lyu, Department of Applied Economics, Vrije Universiteit Brussel, Brussel, Belgium, E-mail:

Funding source: China Scholarship Council

Award Identifier / Grant number: 201707650005

  1. Research funding: We thank the China Scholarship Council (CSC) for funding support.

Appendix 1

Overview of the economic analysis methods employed by the Chinese antitrust authorities in 53 mergers of undertakings that were forbidden or approved subject to commitments.

Case Market Definition Competitive Assessment Result
Inbev N.V./S.A./Anheuser-Busch1 (2008) Industry survey Market share Hybrid remedies
Coca-Cola/China Huiyuan2 (2009) Industry survey None Forbidden
Mitsubishi Rayon Japan/Lucite International3 (2009) Industry survey Market share Hybrid remedies
General Motors/Delphi4 (2009) Industry survey None Behavioral remedies
Pfizer/Wyeth5 (2009) Industry survey; competitor questionnaire Market share; HHI; market entry analysis; market investigation Structural remedies
Panasonic/Sanyo6 (2009) Industry survey; competitor and customer questionnaire; Interview with competitor; field investigation Market share; buyer power analysis; market entry analysis Structural remedies
Novartis/Alcon7 (2010) Industry survey; competitor questionnaire; Interview with competitor Market share Behavioral remedies
Uralkali/Silvinit8 (2011) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies
Penelope/Savio Macchine Tessili9 (2011) Industry survey; competitor and customer questionnaire Market share; market entry analysis Structural remedies
General Electric (China)/China Shenhua Coal-to-liquid chemical/JV10 (2011) Industry survey Market share; market entry analysis Behavioral remedies
Seagate/Samsung Electronics11 (2011) Industry survey Market share; customer switching analysis; buyer power analysis; market entry analysis Hybrid remedies
Henkel Hong Kong Holding/Tiande chemical/JV12 (2012) Industry survey; competitor and customer questionnaire Market share; HHI Behavioral remedies
Western Digital Ireland/Viviti Technologies13 (2012) Industry survey Market share; customer switching analysis; buyer power analysis; market entry analysis; price concentration analysis Hybrid remedies
Google/Motorola Mobility14 (2012) Industry survey Market share; market entry analysis Behavioral remedies
UTC/Goodrich15 (2012) Competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis Structural remedies
Walmart/Niuhai Holdings16 (2012) Industry survey; demand and supply substitutability analysis None Behavioral remedies
Arm/Giesecke & Devrient/Gemalto/JV17 (2012) Industry survey Market entry analysis Behavioral remedies
Glencore International/Xstrata18 (2013) Industry survey; competitor and customer questionnaire; market share Market share; market entry analysis; buyer power analysis Hybrid remedies
Marubeni/Gavilon Holdings19 (2013) Industry survey; supply and demand substitutability analysis Market share; market entry analysis; buyer power analysis Hybrid remedies
Baxter International/Gambro AB20 (2013) Industry survey; customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis Structural remedies
United development Technology/MStar Semiconductor21 (2013) Industry survey; competitor and customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis Hybrid remedies
Thermo Fisher Scientific/Life Technologies22 (2014) Industry survey; demand and supply substitutability analysis Market share; HHI; illustrative price rise (IPR); profit ratio-HHI regression analysis Hybrid remedies
Microsoft/Nokia23 (2014) Industry survey; market investigation; demand substitutability analysis Market share; market investigation Behavioral remedies
Merck KGaA/AZ electronic materials S.A24 (2014) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies
A.P.Moller A/S./MSC Mediterranean shipping/CMA CGM S.A.25 (2014) Industry survey; demand substitutability analysis Market share; HHI; market entry analysis Forbidden
Corun/Toyota (China)/PEVE/STAES/Toyota Tsusho/JV26 (2014) Industry survey Market share; CR4 Behavioral remedies
Nokia/Alcatel-Lucent27 (2015) Industry survey; market investigation; demand substitutability analysis Market share; market investigation Behavioral remedies
NXP/Freescale28 (2015) Industry survey Market share; market entry analysis Structural remedies
Anheuser-Busch InBev/SAB Miller29 (2016) Industry survey Market share; market entry analysis; buyer power analysis Structural remedies
Abbott Laboratories/St Jude Medical30 (2016) Industry survey Market share; HHI; market entry analysis Structural remedies
Dow chemical/E.I. Du Pont De Nemours31 (2017) Industry survey; customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis; substitutability analysis Hybrid remedies
Broadcom/Brocade32 (2017) Industry survey; demand and supply substitutability analysis Market share; market investigation; market entry analysis Behavioral remedies
HP/Samsung Electronics33 (2017) Industry survey; price correlation analysis; demand and supply substitutability analysis Market share; HHI; market entry analysis Behavioral remedies
Agrium/Potash Corporation of Saskatchewan34 (2017) Industry survey; price correlation analysis; demand substitutability analysis Market share; buyer power analysis; market entry analysis Hybrid remedies
Maersk line/HSDG35 (2017) Industry survey; demand and supply substitutability analysis Market share; HHI; GUPPI; Merger simulation; market entry analysis Behavioral remedies
Advanced Semiconductor Engineering/Siliconware Precision Industries36 (2017) Industry survey; competitor and customer questionnaire; market investigation Market share; customer switching analysis; profit rate correlation coefficient; profit ratio regression analysis; market entry analysis Hybrid remedies
Becton, Dickinson/C. R. Bard37 (2017) Industry survey; customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis Structural remedies
Bayer/Monsanto38 (2018) Industry survey; customer questionnaire Market share; HHI; market entry analysis; buyer power analysis Hybrid remedies
Essilor/Luxottica39 (2018) Industry survey; supply and demand substitutability analysis Market share; diversion ratio analysis Behavioral remedies
Linde AG/Praxair40 (2018) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; buyer power analysis; market entry analysis; customer switching analysis Hybrid remedies
United Technologies Corporation/Rockwell Collins41 (2018) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis; buyer power analysis; analysis of the impact of rivals’ presence Hybrid remedies
KLA-Tencor/Orbotech42 (2019) Industry survey Market share; market investigation; market entry analysis Behavioral remedies
Cargotec/TTS Gruppen43 (2019) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis; customer switching analysis Hybrid remedies
II-VI/Finisar44 (2019) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis Hybrid remedies
Zhejiang Garden Biochemical High-Tech/Royal DSM/JV45 (2019) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; HHI; market entry analysis Hybrid remedies
Novelis/Aleris46 (2019) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; HHI; market investigation; market entry analysis Hybrid remedies
Danaher/GE Healthcare life sciences Biopharma47 (2020) Industry survey; competitor and customer questionnaire Market share; HHI; bidding data analysis; GUPPI; market entry analysis Structural remedies
Infineon/Cypress48 (2020) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies
Nvidia/Mellanox49 (2020) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies
ZF/Wabco50 (2020) Industry survey; supply and demand substitutability analysis Market share; market entry analysis Behavioral remedies
Cisco/Acacia51 (2021) Industry survey;

Demand substitutability analysis		 Market share; market entry analysis; price correlation analysis Behavioral remedies
Danfoss/Eaton52 (2021) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; HHI; market entry analysis; buyer power analysis Structural remedies
HUYA/DouYu53 (2021) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; market entry analysis; buyer power analysis Forbidden

  1. Source: Own compilation based on an analysis of the cases in chronological order.

  2. 1Announcement No. 95 (2008) – Review Decision on Conditional Approval of the Acquisition of Anheuser-Busch by InBev N.V./S.A., the Ministry of Commerce of the People’s Republic of China, released on 18 November 2008. See www.mofcom.gov.cn/article/b/c/200811/20081105899353.shtml.

  3. 2Announcement No. 22 (2009) – Review Decision on Forbidden Acquisition of Huiyuan by Coca-Cola, the Ministry of Commerce of the People’s Republic of China, released on 18 March 2009. See www.mofcom.gov.cn/article/b/c/200903/20090306108617.shtml.

  4. 3Announcement No. 28 (2009) – Review Decision on Conditional Approval of the Acquisition of Lucite International by Mitsubishi Rayon Japan, the Ministry of Commerce of the People’s Republic of China, released on 24 April 2009. See www.mofcom.gov.cn/article/b/c/200904/20090406198963.shtml.

  5. 4Announcement No. 76 (2009) – Review Decision on Conditional Approval of the Acquisition of Delphi by U.S. General Motors Corporation, the Ministry of Commerce of the People’s Republic of China, released on 28 September 2009. See www.mofcom.gov.cn/article/b/c/200909/20090906540220.shtm.

  6. 5Announcement No. 77 (2009) – Review Decision on Conditional Approval of the Acquisition of Wyeth by Pfizer, the Ministry of Commerce of the People’s Republic of China, released on 29 September 2009. See www.mofcom.gov.cn/article/b/c/200910/20091006544714.shtml.

  7. 6Announcement No. 82 (2009) – Review Decision on Conditional Approval of the Acquisition of Sanyo by Panasonic, the Ministry of Commerce of the People’s Republic of China, released on 30 October 2009. See www.mofcom.gov.cn/article/b/c/200910/20091006593293.shtml.

  8. 7Announcement No. 53 (2010) – Review Decision on Conditional Approval of the Acquisition of Alcon by Novartis Corporation, the Ministry of Commerce of the People’s Republic of China, released on 13 August 2010. See www.mofcom.gov.cn/article/b/c/201008/20100807080645.shtml.

  9. 8Announcement No. 33 (2011) – Review Decision on Conditional Approval of the Merger of Silvinit by Uralkali, the Ministry of Commerce of the People’s Republic of China, released on 2 June 2011. See www.mofcom.gov.cn/article/b/c/201106/20110607583481.shtml.

  10. 9Announcement No.73 (2011) – Review Decision on Conditional Approval of the Acquisition of Savio Macchine Tessili by Penelope, the Ministry of Commerce of the People’s Republic of China, released on 31 October 2011. See www.mofcom.gov.cn/article/b/c/201111/20111107810069.shtml.

  11. 10Announcement No.74 (2011) – Review Decision on Conditional Approval of the Joint Venture Formed by General Electronic (China) and China Shenhua Coal-to-Liquid Chemical Corporation, the Ministry of Commerce of the People’s Republic of China, released on 10 November 2011. See www.mofcom.gov.cn/article/b/c/201111/20111107824510.shtml.

  12. 11Announcement No. 90 (2011) – Review Decision on Conditional Approval of the Acquisition of Seagate Technology Company by Hard Drive Business of Samsung Electronics Co., Ltd., the Ministry of Commerce of the People’s Republic of China, released on 12 December 2011. See www.mofcom.gov.cn/article/b/c/201112/20111207874295.shtml.

  13. 12Announcement No. 06 (2012) – Review Decision on Conditional Approval of the Joint Venture Formed by Henkel Hong Kong Holding and Tiande Chemical Corporation, the Ministry of Commerce of the People’s Republic of China, released on 9 February 2012. See www.mofcom.gov.cn/article/b/c/201202/20120207960518.shtml.

  14. 13Announcement No. 09 (2012) – Review Decision on Conditional Approval of the Acquisition of Viviti Technologies Ltd by Western Digital Ireland, the Ministry of Commerce of the People’s Republic of China, released on 2 March 2012. See www.mofcom.gov.cn/article/b/c/201203/20120307993792.shtml.

  15. 14Announcement No. 25 (2012) – Review Decision on Conditional Approval of the Acquisition of Motorola Mobility by Google, the Ministry of Commerce of the People’s Republic of China, released on 19 May 2012. See www.mofcom.gov.cn/article/b/c/201205/20120508134325.shtml.

  16. 15Announcement No. 35 (2012) – Review Decision on Conditional Approval of the Acquisition of Goodrich by United Technology Corporation, the Ministry of Commerce of the People’s Republic of China, released on 15 June 2012. See www.mofcom.gov.cn/article/b/c/201206/20120608181085.shtml.

  17. 16Announcement No. 49 (2012) – Review Decision on Conditional Approval of the Acquisition of Niuhai Holdings by Walmart, the Ministry of Commerce of the People’s Republic of China, released on 13 August 2012. See www.mofcom.gov.cn/article/b/c/201208/20120808284418.shtml.

  18. 17Announcement No. 87 (2012) – Review Decision on Conditional Approval of the Joint Venture by Arm, Giesecke & Devrient and Gemalto, the Ministry of Commerce of the People’s Republic of China, released on 6 December 2012. See www.mofcom.gov.cn/article/b/c/201212/20121208469908.shtml.

  19. 18Announcement No. 20 (2013) – Review Decision on Conditional Approval of the Acquisition of Xstrata Company by Glencore International Company, the Ministry of Commerce of the People’s Republic of China, released on 16 April 2013. See www.mofcom.gov.cn/article/b/c/201304/20130400091299.shtml.

  20. 19Announcement No. 22 (2013) – Review Decision on Conditional Approval of the Equity Acquisition of Gavilon Holdings, LLC by Marubeni Corporation, the Ministry of Commerce of the People’s Republic of China, released on 22 April 2013. See www.mofcom.gov.cn/article/b/c/201304/20130400100765.shtml.

  21. 20Announcement No. 58 (2013) – Review Decision on Conditional Approval of the Acquisition of Gambro AB by Baxter International Inc., the Ministry of Commerce of the People’s Republic of China, released on 8 August 2013. See www.mofcom.gov.cn/article/b/c/201308/20130800244230.shtml.

  22. 21Announcement No. 61 (2013) – Review Decision on Conditional Approval of the Merger of MStar Semiconductor by United Development Technology, the Ministry of Commerce of the People’s Republic of China, released on 26 August 2013. See www.mofcom.gov.cn/article/b/c/201308/20130800269861.shtml.

  23. 22Announcement No. 03 (2014) – Review Decision on Conditional Approval of the Acquisition of Life Technologies Corporation by Thermo Fisher Scientific Corporation, the Ministry of Commerce of the People’s Republic of China, released on 14 January 2014. See www.mofcom.gov.cn/article/b/e/201401/20140100463733.shtml.

  24. 23Announcement No. 24 (2014) – Review Decision on Conditional Approval of the Acquisition of Devices & Services Business of Nokia Corporation by Microsoft Corporation, the Ministry of Commerce of the People’s Republic of China, released on 8 April 2014. See www.mofcom.gov.cn/article/b/e/201404/20140400542508.shtml.

  25. 24Announcement No. 30 (2014) – Review Decision on Conditional Approval of the Acquisition of AZ Electronic Materials S.A by Merck KGaA, the Ministry of Commerce of the People’s Republic of China, released on 30 April 2014. See www.mofcom.gov.cn/article/b/e/201404/20140400569107.shtml.

  26. 25Announcement No. 46 (2014) – Review Decision on Forbidden Concentration of A.P. Moller A/S., MSC Mediterranean Shipping and CMA CGM S.A. to Set Up Network Center, the Ministry of Commerce of the People’s Republic of China, released on 17 June 2014. See www.mofcom.gov.cn/article/b/c/201406/20140600628730.shtml.

  27. 26Announcement No. 49 (2014) – Review Decision on Conditional Approval of the Joint Venture Formed by Corun, Toyota (China), PEVE, STAES and Toyota Tsusho Corporation, the Ministry of Commerce of the People’s Republic of China, released on 2 July 2014. See www.mofcom.gov.cn/article/b/e/201407/20140700648515.shtml.

  28. 27Announcement No. 44 (2015) – Review Decision on Conditional Approval of the Equity Acquisition of Alcatel-Lucent by Nokia, the Ministry of Commerce of the People’s Republic of China, released on 19 October 2015. See www.mofcom.gov.cn/article/b/c/201510/20151001139748.shtml.

  29. 28Announcement No. 64 (2015) – Review Decision on Conditional Approval of the Entire Equity Acquisition of Freescale Semiconductor by NXP Semiconductors, the Ministry of Commerce of the People’s Republic of China, released on 25 November 2015. See www.mofcom.gov.cn/article/b/c/201511/20151101196189.shtm.

  30. 29Announcement No. 38 (2016) – Review Decision on Conditional Approval of the Equity Acquisition of SAB Miller by Anheuser-Busch InBev, the Ministry of Commerce of the People’s Republic of China, released on 29 July 2016. See www.mofcom.gov.cn/article/b/g/201610/20161001542533.shtm.

  31. 30Announcement No. 88 (2016) – Review Decision on Conditional Approval of the Equity Acquisition of St Jude Medical Corporation by Abbott Corporation, the Ministry of Commerce of the People’s Republic of China, released on 30 December 2016. See www.mofcom.gov.cn/article/b/c/201612/20161202440212.shtml.

  32. 31Announcement No. 25 (2017) – Review Decision on Conditional Approval of the Merger of the Dow Chemical Company and E.I. Du Pont De Nemours and Company, the Ministry of Commerce of the People’s Republic of China, released on 29 April 2017. See www.mofcom.gov.cn/article/b/c/201705/20170502568059.shtml.

  33. 32Announcement No. 46 (2017) – Review Decision on Conditional Approval of the Equity Acquisition of Brocade Communications Systems by Broadcom Limited, the Ministry of Commerce of the People’s Republic of China, released on 22 August 2017. See www.mofcom.gov.cn/article/b/c/201708/20170802632069.shtml.

  34. 33Announcement No. 58 (2017) – Review Decision on Conditional Approval of the Acquisition of HP by Samsung Electronics Co., the Ministry of Commerce of the People’s Republic of China, released on 5 October 2017. See www.mofcom.gov.cn/article/b/c/201710/20171002654064.shtml.

  35. 34Announcement No. 75 (2017) – Review Decision on Conditional Approval of the Merger of the Agrium Inc. and Potash Corporation of Saskatchewan Inc., the Ministry of Commerce of the People’s Republic of China, released on 6 November 2017. See www.mofcom.gov.cn/article/b/c/201711/20171102669581.shtml.

  36. 35Announcement No. 77 (2017) – Review Decision on Conditional Approval of the Equity Acquisition of Hamburg Südamerikanische Dampfschifffahrts -Gesellschaft KG by Maersk Line A/S, the Ministry of Commerce of the People’s Republic of China, released on 7 November 2017. See www.mofcom.gov.cn/article/b/c/201711/20171102669569.shtml.

  37. 36Announcement No. 81 (2017) – Review Decision on Conditional Approval of the Equity Acquisition of Siliconware Precision Industries by Advanced Semiconductor Engineering, the Ministry of Commerce of the People’s Republic of China, released on 24 November 2017. See www.mofcom.gov.cn/article/b/c/201712/20171202690190.shtml.

  38. 37Announcement No. 92 (2017) – Review Decision on Conditional Approval of the Merger of Becton, Dickinson and Company and C. R. Bard, Inc., the Ministry of Commerce of the People’s Republic of China, released on 27 December 2017. See www.mofcom.gov.cn/article/b/c/201801/20180102692706.shtml.

  39. 38Announcement No. 31 (2018) – Review Decision on Conditional Approval of the Equity Acquisition of Monsanto Company by Bayer Aktiengesellschaft, the Ministry of Commerce of the People’s Republic of China, released on 13 March 2018. See www.mofcom.gov.cn/article/b/c/201803/20180302724189.shtml.

  40. 39Announcement (2018) – Review Decision on Conditional Approval of the Merger of the Essilor International and Luxottica Group, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 25 July 2018. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202003/t20200309_312682.html.

  41. 40Announcement (2018) – Review Decision on Conditional Approval of the Merger of the Linde AG and Praxair, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 30 September 2018. See www.cqn.com.cn/zj/content/2018-09/30/content_6311297.htm.

  42. 41Announcement (2018) – Review Decision on Conditional Approval of the Equity Acquisition of the Rockwell Collins by the United Technologies Corporation, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 24 November 2018. See www.cqn.com.cn/zj/content/2018-11/24/content_6502272.htm.

  43. 42Announcement (2019) – Review Decision on Conditional Approval of the Equity Acquisition of the Orbotech Ltd. by the KLA-Tencor Corporation, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 13 February 2019. See http://gkml.samr.gov.cn/nsjg/xwxcs/201902/t20190220_290940.html.

  44. 43Announcement (2019) – Review Decision on Conditional Approval of the Acquisition of the TTS Gruppen by the Cargotec Group, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 12 July 2019. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/201907/t20190712_303428.html.

  45. 44Announcement (2019) – Review Decision on Conditional Approval of the Equity Acquisition of the Finisar by the II-VI Corporation, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 23 September 2019. See www.samr.gov.cn/fldj/tzgg/ftjpz/201909/t20190920_306948.html.

  46. 45Announcement (2019) – Review Decision on Conditional Approval of the Joint Venture Formed by Zhejiang Garden Biochemical High-Tech Corporation and Royal DSM company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 18 October 2019. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/201910/t20191018_307455.html

  47. 46Announcement (2019) – Review Decision on Conditional Approval of the Equity Acquisition of Aleris by Novelis, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 20 December 2019. See www.samr.gov.cn/fldj/tzgg/ftjpz/201912/t20191220_309365.html.

  48. 47Announcement (2020) – Review Decision on Conditional Approval of Acquisition of GE Healthcare Life Sciences Biopharmaceutical Business by Danaher, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 28 February 2020. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202002/t20200228_312297.html.

  49. 48Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of Infineon Technology Company by Cypress Semiconductor company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 8 April 2020. See www.samr.gov.cn/fldj/tzgg/ftjpz/202004/t20200408_313950.html.

  50. 49Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of Mellanox Company by Nvidia, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 16 April 2020. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202004/t20200416_314327.html.

  51. 50Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of WABCO Holdings by ZF Stock Company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 15 May 2020. See www.samr.gov.cn/fldj/tzgg/ftjpz/202005/t20200515_315255.html.

  52. 51Announcement (2021) – Review Decision on Conditional Approval of the Equity Acquisition of Acacia Communication company by Cisco System company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 19 January 2021. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202101/t20210119_325338.html.

  53. 52Announcement (2021) – Review Decision on Conditional Approval of the Acquisition of Eaton Corporation by Danfoss company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 7 June 2021. See www.samr.gov.cn/fldj/tzgg/ftjpz/202106/t20210607_330289.html.

  54. 53Announcement (2021) – Review Decision on Forbidden the Merger Between HUYA Inc. and DouYu International Holdings Limited, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 10 July 2021. See www.samr.gov.cn/fldj/tzgg/ftjpz/202107/t20210708_332421.html.

Appendix 2

Overview of the economic analysis methodologies employed in the investigations of 33 mergers by antitrust authorities in the EU and China, respectively.

Comparison China EU
Case Market definition Competitive assessment Result Market definition Competitive assessment Result
General Motors/Delphi1 (2009) Industry survey None Behavioral remedies Market investigation Market share Compatible
Pfizer/Wyeth2 (2009) Industry survey; competitor questionnaire Market share; HHI; market entry analysis; market investigation Structural remedies Customer survey; market investigation; competitor and customer substitutability analysis; SSNIP test Market share; customer switching analysis; analysis of the impact of rivals’ presence; market entry analysis Structural remedies
Panasonic/Sanyo3 (2009) Industry survey; competitor and customer questionnaire; Interview with competitor; field investigation Market share; buyer power analysis; market entry analysis Structural remedies Competitor and customer questionnaire; demand and supply substitutability analysis; SSNIP test; price correlation analysis; price stationarity analysis Market share; customer switching analysis; market entry analysis Structural remedies
Novartis/Alcon4 (2010) Industry survey; competitor questionnaire; Interview with competitor Market share Behavioral remedies Market investigation; demand substitutability analysis Market share; HHI; market entry analysis Structural remedies
Seagate/Samsung Electronics5 (2011) Industry survey Market share; customer switching analysis; buyer power analysis; market entry analysis Hybrid remedies Market investigation; demand and supply substitutability analysis; SSNIP test Market share; customer switching analysis; analysis of the impact of rivals’ presence; bidding data analysis; market entry analysis Compatible
Western digital Ireland/Viviti Technologies6 (2012) Industry survey Market share; customer switching analysis; buyer power analysis; market entry analysis; price concentration analysis Hybrid remedies Competitor and customer questionnaire; Interview with competitor and customer; demand and supply substitutability analysis; SSNIP test; analysis of price levels; price correlation analysis Market share; customer switching analysis; analysis of the impact of rivals’ presence; regression analysis of bidding data; market entry analysis; buyer power analysis Structural remedies
Google/Motorola Mobility7 (2012) Industry survey Market share; market entry analysis Behavioral remedies Market investigation; demand and supply substitutability analysis Market share Compatible
UTC/Goodrich8 (2012) Competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis Structural remedies Customer and competitor questionnaire; demand and supply substitutability analysis Market share; customer switching analysis; bidding data analysis; market entry analysis; analysis of the impact of rivals’ presence; buyer power analysis Structural remedies
Arm/Giesecke &Devrient/Gemalto/JV9 (2012) Industry survey Market entry analysis Behavioral remedies Market investigation; demand and supply substitutability analysis Market share; market entry analysis; customer switching analysis Behavioral remedies
Glencore International/Xstrata10 (2013) Industry survey; competitor and customer questionnaire; market share Market share; market entry analysis; buyer power analysis Hybrid remedies Industry survey; customer and competitor questionnaire; SSNIP test; demand and supply substitutability analysis Market share; HHI; market investigation; market entry analysis; buyer power analysis Hybrid remedies
Marubeni/Gavilon Holdings11 (2013) Industry survey; supply and demand substitutability analysis Market share; market entry analysis; buyer power analysis Hybrid remedies None None Simplified procedure,

Compatible
Baxter International/Gambro AB12 (2013) Industry survey; customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis Structural remedies Competitor and customer questionnaire; SSNIP test Market share; customer switching analysis; bidding data analysis; analysis of the impact of rivals’ presence; market entry analysis; buyer power analysis Structural remedies
Thermo Fisher Scientific/Life Technologies13 (2014) Industry survey; demand and supply substitutability analysis Market share; HHI; illustrative price rise (IPR); profit ratio-HHI regression analysis Hybrid remedies Customer and competitor questionnaire; demand and supply substitutability analysis; SSNIP test; analysis of price levels Market share; customer switching analysis; market entry analysis; buyer power analysis Structural remedies
Microsoft/Nokia14 (2014) Industry survey; market investigation; demand substitutability analysis Market share; market investigation Behavioral remedies Customer and competitor questionnaire; demand and supply substitutability analysis; analysis of price levels Market share; customer switching analysis Compatible
Nokia/Alcatel-Lucent15 (2015) Industry survey; market investigation; demand substitutability analysis Market share; market investigation Behavioral remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share; analysis of price levels; market entry analysis Compatible
NXP/Freescale16 (2015) Industry survey Market share; market entry analysis Structural remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share; market entry analysis Structural remedies
Anheuser-Busch InBev/SAB Miller17 (2016) Industry survey Market share; market entry analysis; buyer power analysis Structural remedies Customer and competitor questionnaire; demand and supply substitutability analysis Market share; customer switching analysis; analysis of the impact of rivals’ presence; market entry analysis; buyer power analysis Structural remedies
Abbott Laboratories/St Jude Medical18 (2016) Industry survey Market share; HHI; market entry analysis Structural remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share Structural remedies
Dow Chemical/EI DuPont De Nemours19 (2017) Industry survey; customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis; substitutability analysis Hybrid remedies Competitor and customer questionnaire; supply and demand substitutability analysis; market investigation; SSNIP test Market share; HHI; price index; Lerner index; customer switching analysis; buyer power analysis; market entry analysis; market investigation; patent analysis Hybrid remedies
Broadcom/Brocade20 (2017) Industry survey; demand and supply substitutability analysis Market share; market investigation; market entry analysis Behavioral remedies Competitor and customer questionnaire; demand and supply substitutability analysis; analysis of price levels Market share; customer switching analysis; analysis of the impact of rivals’ presence; market entry analysis Behavioral remedies
HP/Samsung Electronics21 (2017) Industry survey; price correlation analysis; demand and supply substitutability analysis Market share; HHI; market entry analysis Behavioral remedies Customer and competitor questionnaire; demand and supply substitutability analysis Market share Compatible
Maersk Line/HSDG22 (2017) Industry survey; demand and supply substitutability analysis Market share; HHI; GUPPI; Merger simulation; market entry analysis Behavioral remedies Competitor and customer questionnaire Market share; market entry analysis Behavioral remedies
Becton, Dickinson/C. R. Bard23 (2017) Industry survey; customer questionnaire; demand and supply substitutability analysis Market share; HHI; market entry analysis Structural remedies Customer and competitor questionnaire; demand substitutability analysis; market investigation Market share; HHI; customer switching analysis Structural remedies
Bayer/Monsanto24 (2018) Industry survey; customer questionnaire Market share; HHI; market entry analysis; buyer power analysis Hybrid remedies Industry survey; competitor and customer questionnaire; demand and supply substitutability analysis Market share; HHI; customer switching analysis; analysis of the impact of rivals’ presence; market entry analysis; buyer power analysis Structural remedy
Essilor/Luxottia25 (2018) Industry survey; supply and demand substitutability analysis Market share; diversion ratio analysis Behavioral remedies Demand and supply substitutability analysis; customer and competitor questionnaire Market share; HHI; analysis of the impact of rivals’ presence; market investigation Compatible
Praxair/Linde AG26 (2018) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; buyer power analysis; market entry analysis; customer switching analysis Hybrid remedies Customer and competitor questionnaire; demand and supply substitutability analysis; Interview with competitor and customer Market share; HHI; Customer’s switching analysis; bidding data analysis; market entry analysis; buyer power analysis Hybrid remedy
United Technologies Corporation/Rockwell Collins27 (2018) Industry survey; competitor and customer questionnaire; demand substitutability analysis Market share; HHI; market entry analysis; buyer power analysis; analysis of the impact of rivals’ presence Hybrid remedies Competitor and customer questionnaire; demand and supply substitutability analysis; Interview with competitor and customer Market share; bidding data analysis; customer switching analysis; market entry analysis; analysis of the impact of rivals’ presence Structural remedies
Novelis/Aleris28 (2019) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; HHI; market investigation; market entry analysis Hybrid remedies Competitor and customer questionnaire; demand and supply substitutability analysis; SSNIP test; critical loss analysis; analysis of price levels Market share; bidding data analysis; econometric analysis; customer switching analysis; analysis of the impact of rivals’ presence; diversion ratio; market entry analysis; buyer power analysis Structural remedies
Danaher/GE Healthcare life sciences Biopharma29 (2020) Industry survey; competitor and customer questionnaire; demand and supply substitutability analysis Market share; HHI; bidding data analysis; GUPPI; market entry analysis Structural remedies Customer and competitor questionnaire; demand and supply substitutability analysis Market share; bidding data analysis; market entry analysis; customer switching analysis; analysis of the impact of rivals’ presence; buyer power analysis Structural remedies
Infineon/Cypress30 (2020) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share Compatible
Nvidia/Mellanox31 (2020) Industry survey; demand substitutability analysis Market share; market entry analysis Behavioral remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share; analysis of the impact of rivals’ presence; market entry analysis; buyer power analysis Compatible
ZF/WABCO32 (2020) Industry survey; supply and demand substitutability analysis Market share; market entry analysis Behavioral remedies Competitor and customer questionnaire; demand and supply substitutability analysis Market share; analysis of the impact of rivals’ presence; market entry analysis; buyer power analysis Compatible
Danfoss/Eaton33 (2021) Industry survey; competitor and customer questionnaire; supply and demand substitutability analysis Market share; HHI; market entry analysis; buyer power analysis Structural remedies N/A N/A Structural remedies

  1. Source: Own compilation based on published merger review decisions in China in chronological order.

  2. 1Announcement No. 76 (2009) – Review Decision on Conditional Approval of the Acquisition of Delphi by U.S. General Motors Corporation, the Ministry of Commerce of the People’s Republic of China, released on 28 September 2009. See www.mofcom.gov.cn/article/b/c/200909/20090906540220.shtm. Case No COMP/M.5617 – General Motors/Delphi Corporation, European Commission Decision of 2 October 2009.

  3. 2Announcement No. 77 (2009) – Review Decision on Conditional Approval of the Acquisition of Wyeth by Pfizer, the Ministry of Commerce of the People’s Republic of China, released on 29 September 2009. See www.mofcom.gov.cn/article/b/c/200910/20091006544714.shtml. Case No COMP/M.5476 – Pfizer/Wyeth, European Commission Decision of 17 July 2009.

  4. 3Announcement No. 82 (2009) – Review Decision on Conditional Approval of the Acquisition of Sanyo by Panasonic Corporation, the Ministry of Commerce of the People’s Republic of China, released on 30 October 2009. See www.mofcom.gov.cn/article/b/c/200910/20091006593293.shtml. Case No COMP/M.5421 – Panasonic/Sanyo, European Commission Decision of 29 September 2009.

  5. 4Announcement No. 53 (2010) – Review Decision on Conditional Approval of the Acquisition of Alcon by Novartis Corporation, the Ministry of Commerce of the People’s Republic of China, released on 13 August 2010. See www.mofcom.gov.cn/article/b/c/201008/20100807080645.shtml. Case No COMP/M.5778 -Novartis/Alcon, European Commission Decision of 9 August 2010.

  6. 5Announcement No. 90 (2011) – Review Decision on Conditional Approval of the Acquisition of Seagate Technology Company by Hard Drive Business of Samsung Electronics Co., Ltd., the Ministry of Commerce of the People’s Republic of China, released on 12 December 2011. See www.mofcom.gov.cn/article/b/c/201112/20111207874295.shtml. Case No COMP/M.6214 – Seagate/HDD Business of Samsung, European Commission Decision of 19 October 2011.

  7. 6Announcement No. 09 (2012) – Review Decision on Conditional Approval of the Acquisition of Viviti Technologies Ltd by Western Digital Ireland, the Ministry of Commerce of the People’s Republic of China, released on 2 March 2012. See www.mofcom.gov.cn/article/b/c/201203/20120307993792.shtml. Case No COMP/M.6203 – Western Digital Irland/Viviti Technologies, European Commission Decision of 23 November 2011.

  8. 7Announcement No. 25 (2012) – Review Decision on Conditional Approval of the Acquisition of Motorola Mobility by Google, the Ministry of Commerce of the People’s Republic of China, released on 19 May 2012. See www.mofcom.gov.cn/article/b/c/201205/20120508134325.shtml. Case No COMP/M.6381 – Google/Motorola Mobility, European Commission Decision of 13 February 2012.

  9. 8Announcement No. 35 (2012) – Review Decision on Conditional Approval of the Acquisition of Goodrich by United Technology Corporation, the Ministry of Commerce of the People’s Republic of China, released on 15 June 2012. See www.mofcom.gov.cn/article/b/c/201206/20120608181085.shtml. Case No COMP/M.6410- UTC/Goodrich, European Commission Decision of 26 July 2012.

  10. 9Announcement No. 87 (2012) – Review Decision on Conditional Approval of a Joint Venture by Arm, Giesecke & Devrient and Gemalto, the Ministry of Commerce of the People’s Republic of China, released on 6 December 2012. See www.mofcom.gov.cn/article/b/c/201212/20121208469908.shtml. Case No COMP/M.6564 – Arm/Giesecke & Devrient/Gemalto/JV, European Commission Decision of 6 November 2012.

  11. 10Announcement No. 20 (2013) – Review Decision on Conditional Approval of the Acquisition of Xstrata Company by Glencore International Company, the Ministry of Commerce of the People’s Republic of China, released on 16 April 2013. See www.mofcom.gov.cn/article/b/c/201304/20130400091299.shtml. Case No COMP/M.6541 – Glencore/Xstrata, European Commission Decision of 22 November 2012.

  12. 11Announcement No. 22 (2013) – Review Decision on Conditional Approval of the Equity Acquisition of Gavilon Holdings, LLC by Marubeni Corporation, the Ministry of Commerce of the People’s Republic of China, released on 22 April 2013. See www.mofcom.gov.cn/article/b/c/201304/20130400100765.shtml. Case No COMP/M.6657 – Marubeni Corporation/Gavilon Holdings, European Commission Decision of 24 August 2012.

  13. 12Announcement No. 58 (2013) – Review Decision on Conditional Approval of the Acquisition of Gambro AB by Baxter International Inc., the Ministry of Commerce of the People’s Republic of China, released on 8 August 2013. See www.mofcom.gov.cn/article/b/c/201308/20130800244230.shtml. Case No COMP/M.6851 – Baxter International/Gambro, European Commission Decision of 22 July 2013.

  14. 13Announcement No. 03 (2014) – Review Decision on Conditional Approval of the Acquisition of Life Technologies Corporation by Thermo Fisher Scientific Corporation, the Ministry of Commerce of the People’s Republic of China, released on 14 January 2014. See www.mofcom.gov.cn/article/b/e/201401/20140100463733.shtml. Case No COMP/M.6944 – Thermo Fisher Scientific/Life Technologies, European Commission Decision of 26 November 2013.

  15. 14Announcement No. 24 (2014) – Review Decision on Conditional Approval of the Acquisition of Devices & Services Business of Nokia Corporation by Microsoft Corporation, the Ministry of Commerce of the People’s Republic of China, released on 8 April 2014. See www.mofcom.gov.cn/article/b/e/201404/20140400542508.shtml. Case No COMP/M.7047 – Microsoft/Nokia, European Commission Decision of 4 December 2013.

  16. 15Announcement No. 44 (2015) – Review Decision on Conditional Approval of the Equity Acquisition of Alcatel-Lucent by Nokia, the Ministry of Commerce of the People’s Republic of China, released on 19 October 2015. See www.mofcom.gov.cn/article/b/c/201510/20151001139748.shtml. Case No COMP/M.7632 – Nokia/Alcatel-Lucent, European Commission Decision of 24 July 2015.

  17. 16Announcement No. 64 (2015) – Review Decision on Conditional Approval of the Entire Equity Acquisition of Freescale Semiconductor by NXP Semiconductors, the Ministry of Commerce of the People’s Republic of China, released on 25 November 2015. See www.mofcom.gov.cn/article/b/c/201511/20151101196189.shtm. Case M.7585 – NXP Semiconductors/Freescale Semiconductor, European Commission Decision of 17 September 2015.

  18. 17Announcement No. 38 (2016) – Review Decision on Conditional Approval of the Equity Acquisition of SAB Miller by Anheuser-Busch InBev, the Ministry of Commerce of the People’s Republic of China, released on 29 July 2016. See www.mofcom.gov.cn/article/b/g/201610/20161001542533.shtm. Case M.7881 – AB InBev/SAB Miller, European Commission Decision of 24 May 2016.

  19. 18Announcement No. 88 (2016) – Review Decision on Conditional Approval of the Equity Acquisition of St Jude Medical Corporation by Abbott Corporation, the Ministry of Commerce of the People’s Republic of China, released on 30 December 2016. See www.mofcom.gov.cn/article/b/c/201612/20161202440212.shtml. Case M.8060 – Abbott Laboratories/St Jude Medical, European Commission Decision of 23 November 2016.

  20. 19Announcement No. 25 (2017) – Review Decision on Conditional Approval of the Concentrations between the Dow Chemical Company and E.I. Du Pont De Nemours and Company, the Ministry of Commerce of the People’s Republic of China, released on 29 April 2017. See www.mofcom.gov.cn/article/b/c/201705/20170502568059.shtml. Case M.7932 – Dow/ DuPont, European Commission Decision of 27 March 2017.

  21. 20Announcement No. 46 (2017) – Review Decision on Conditional Approval of the Equity Acquisition of Brocade Communications Systems by Broadcom Limited, the Ministry of Commerce of the People’s Republic of China, released on 22 August 2017. See www.mofcom.gov.cn/article/b/c/201708/20170802632069.shtml. Case M.8314 – Broadcom/Brocade, European Commission Decision of 12 May 2017.

  22. 21Announcement No. 58 (2017) – Review Decision on Conditional Approval of the Acquisition of HP by Samsung Electronics Co., the Ministry of Commerce of the People’s Republic of China, released on 5 October 2017. See www.mofcom.gov.cn/article/b/c/201710/20171002654064.shtml. Case M.8254 – HP/Printer Business of Samsung Electronics, European Commission Decision of 4 April 2017.

  23. 22Announcement No. 77 (2017) – Review Decision on Conditional Approval of the Equity Acquisition of Hamburg Südamerikanische Dampfschifffahrts -Gesellschaft KG by Maersk Line A/S, the Ministry of Commerce of the People’s Republic of China, released on 7 November 2017. See www.mofcom.gov.cn/article/b/c/201711/20171102669569.shtml. Case M.8330 – Maersk Line/HSDG, European Commission Decision of 10 April 2017.

  24. 23Announcement No. 92 (2017) – Review Decision on Conditional Approval of the Merger of the Becton, Dickinson and Company and C. R. Bard, Inc., the Ministry of Commerce of the People’s Republic of China, released on 27 December 2017. See www.mofcom.gov.cn/article/b/c/201801/20180102692706.shtml. Case M.8523 – BD/BARD, European Commission Decision of 18 October 2017.

  25. 24Announcement No. 31 (2018) – Review Decision on Conditional Approval of the Equity Acquisition of Monsanto Company by Bayer Aktiengesellschaft, the Ministry of Commerce of the People’s Republic of China, released on 13 March 2018. See www.mofcom.gov.cn/article/b/c/201803/20180302724189.shtml. Case M.8084 – Bayer/Monsanto, European Commission Decision of 21 March 2018.

  26. 25Announcement (2018) – Review Decision on Conditional Approval of the Merger of the Essilor International and Luxottica Group S.p.A., the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 25 July 2018. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202003/t20200309_312682.html. Case M.8394 – Essilor/Luxottica, European Commission Decision of 1 March 2018.

  27. 26Announcement (2018) – Review Decision on Conditional Approval of the Merger of the Linde AG and Praxair, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 30 September 2018. See www.cqn.com.cn/zj/content/2018-09/30/content_6311297.htm. Case M.8480 – Praxair/Linde, European Commission Decision of 20 August 2018.

  28. 27Announcement (2018) – Review Decision on Conditional Approval of the Equity Acquisition of the Rockwell Collins by the United Technologies Corporation, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 24 November 2018. See www.cqn.com.cn/zj/content/2018-11/24/content_6502272.htm. Case M.8658 – UTC/Rockwell Collins, European Commission Decision of 4 May 2018.

  29. 28Announcement (2019) – Review Decision on Conditional Approval of the Equity Acquisition of Aleris by Novelis, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 20 December 2019. See www.samr.gov.cn/fldj/tzgg/ftjpz/201912/t20191220_309365.html. Case M.9706 – Novelis/Aleris, European Commission Decision of 1 October 2019.

  30. 29Announcement (2020) – Review Decision on Conditional Approval of Acquisition of GE Healthcare Life Sciences Biopharmaceutical Business by Danaher, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 28 February 2020. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202002/t20200228_312297.html. Case M.9331 – Danaher/GE Healthcare Life Sciences Biopharma, European Commission Decision of 18 December 2019.

  31. 30Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of Infineon Technology Company by Cypress Semiconductor Company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 8 April 2020. See www.samr.gov.cn/fldj/tzgg/ftjpz/202004/t20200408_ 313950.html. Case M.9466 – Infineon/Cypress, European Commission Decision of 16 October 2019.

  32. 31Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of Mellanox Company by Nvidia, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 16 April 2020. See http://www.samr.gov.cn/fldj/tzgg/ftjpz/202004/t20200416_314327.html. Case M.9424 – Nvidia/Mellanox, European Commission Decision of 19 December 2019.

  33. 32Announcement (2020) – Review Decision on Conditional Approval of the Equity Acquisition of WABCO Holdings by ZF Stock Company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 15 May 2020. See www.samr.gov.cn/fldj/tzgg/ftjpz/202005/t20200515_315255.html. Case M.9383 – ZF/WABCO, European Commission Decision of 23 January 2020.

  34. 33Announcement (2021) – Review Decision on Conditional Approval of the Acquisition of Eaton Corporation by Danfoss Company, the State Administration for Market Regulation (SAMR) of the People’s Republic of China, released on 7 June 2021. See www.samr.gov.cn/fldj/tzgg/ftjpz/202106/t20210607_330289.html. Case M.9820 – Danfoss/Eaton Hydraulics, European Commission – Press release, “Mergers: Commission Clears Acquisition of Eaton Hydraulics by Danfoss, Subject to Conditions.” Brussels, 18 March 2021.

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Supplementary Material

The online version of this article offers supplementary material (https://doi.org/10.1515/ajle-2021-0066).

Published Online: 2022-05-06

© 2022 Walter de Gruyter GmbH, Berlin/Boston

Artikel in diesem Heft

  1. Frontmatter
  2. Research Articles
  3. Segmentation of Social Norms and Emergence of Social Conflicts Through COVID-19 Laws
  4. Economic Analysis Methodologies Applied in Merger Investigations in the EU and China: Comparative Case Studies
  5. Employment Protection Legislation and Labour Market Outcomes: A Unit Level Analysis of the Indian Manufacturing Sector
  6. Review
  7. China’s New Developments in Crackdown on Criminal Copyright Infringement in the Digital Era
https://doi.org/10.1515/ajle-2021-0066
Schlagwörter für diesen Artikel
concentration of undertakings; merger review; economic analysis methods; EU; China; comparative case studies

Artikel in diesem Heft

  1. Frontmatter
  2. Research Articles
  3. Segmentation of Social Norms and Emergence of Social Conflicts Through COVID-19 Laws
  4. Economic Analysis Methodologies Applied in Merger Investigations in the EU and China: Comparative Case Studies
  5. Employment Protection Legislation and Labour Market Outcomes: A Unit Level Analysis of the Indian Manufacturing Sector
  6. Review
  7. China’s New Developments in Crackdown on Criminal Copyright Infringement in the Digital Era
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