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국회도서관 홈으로 정보검색 소장정보 검색

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동의어 포함

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Title page 1

Contents 3

Foreword 5

Overview of merger assessment 6

Why merger scrutiny is important 6

How mergers can raise competition concerns 7

Guidelines summary 12

1. Analytical framework 14

Competition is a process of rivalry 14

How mergers can lessen competition 14

The forward-looking nature of the assessment 15

Types of mergers 16

Meaning of 'market' 16

Concentration 17

Creating, strengthening or entrenching a substantial degree of market power 17

2. Mergers between competitors - Unilateral effects 19

Differentiated products 19

Undifferentiated products 22

3. Coordinated effects 24

Market conditions 25

Incentives to deviate 26

Retaliation 27

Past conduct 27

4. Non-horizontal mergers 29

Vertical effects 30

Conglomerate effects 34

5. Specific merger issues 37

Mergers involving a vigorous and effective competitor 37

Mergers that prevent or hinder potential competition 37

Mergers involving competing buyers 39

Mergers involving multi-sided platforms 40

Mergers across multiple markets 41

Cumulative effects of mergers 43

Mergers involving partial acquisitions 44

6. Countervailing factors 45

Entry or expansion by rivals 45

Countervailing power 47

Efficiencies 49

7. Public benefits 51

The weighing of benefits and detriments 51

Meaning of public benefit 51

The meaning of detriment to the public 52

Quantifying public benefits and detriments 53

Appendix A - Market definition 55

The ACCC's approach to market definition 55

What is a market? 56

Defining markets 57

Hypothetical monopolist test 57

Specific issues that may arise in the context of market definition 60

Market shares and concentration 61

Appendix B - Counterfactuals 63

The future with and without test 63

The ACCC's approach to the future without the merger 63

Alternative scenario counterfactuals 64

Glossary and shortened forms 66

Boxes 20

Box 1. Example of product differentiation and diversion ratios 20

Box 2. Examples of vertical mergers 29

Box 3. Examples of conglomerate mergers 29

Box 4. Example of input foreclosure 30

Box 5. Example of customer foreclosure 30

Box 6. Example of bundling 35

Box 7. Example of a merger involving pricing across multiple markets 42

Box 8. Barriers to entry or expansion 46