A comparison of the control over horizontal mergers in the EU and the USA with a special focus on advantages of a merger and the protection of an insolvent company

A comparison of merger control in the EU and the USA focusing on efficiency defence and failing company defence This paper compares the interpretation of efficiency defence and failing company defence in horizontal mergers in the EU and the USA. The arguments for each were first introduced in the decisional practice of US antitrust authorities and then included in the Merger Guidelines. Over the years both types of defence have been used in US antitrust law. Harsh criticism of the prohibition of several mergers at the beginning of the 21st century led to the reform of European merger control. Among other things, the reforms introduced efficiency defence and failing company defence. Given the complexity of competition law and the many factors that influence it, several background issues must first be analyzed, such as basic economic theories of competition law, the economic grounds for mergers and the political background. After comparing the relevant written law, the case law regarding efficiency defence and failing company defence in both jurisdictions is described. In this way the developments of the doctrines are clearly visible. Subsequently the current situation is described by comparing the requirements set by written law and their interpretation by decisional practice. It was found that the..