In this new episode, Charles Beller (U.S. Department of Justice) and Ricardo Zimbron (Cleary Gottlieb Steen & Hamilton) closed the International Merger Conference that occurred in London on the 4th of June 2026.
If you would like to read more about this conference, see speakers' photos and/or videos, check this page.
KEY TAKEAWAYS
Merger Control Policy Shifts and the Role of Efficiencies in the US Framework
Merger enforcement in the US is driven primarily by competitive effects analysis rather than formal efficiency offsets.
Efficiencies are still considered, but they do not operate as a standalone legal defence against anticompetitive harm.
The 2023 Merger Guidelines aim to align enforcement practice more closely with established case law and judicial precedent.
Courts ultimately decide cases, meaning agencies must prove harm before a neutral fact-finder rather than rely solely on guidelines.
Efficiencies may still matter as part of rebutting a prima facie case, but they rarely determine outcomes alone.
The US system prioritizes litigation strategy and evidentiary burden over guideline-driven decision-making.
Enforcement remains focused on dynamic competitive effects, including entrenchment and barriers to entry in evolving markets.
Recent policy shifts reflect continuity in analytical tools, but differences in how they are applied depending on the Administration.
DOCUMENTATION
US Department of Justice Antitrust Division, The US DoJ requires a cement company and its subsidiary to divest 3 ready-mix concrete plants to proceed with a $712M acquisition, subject to divestiture to a local building materials operator (Taiheiyo Cement / CalPortland / Vulcan Materials), 21 May 2026, e-Competitions May 2026 - IV, Art. N° 134996
US Federal Trade Commission, The US FTC conditionally clears an $848M acquisition between the 2 largest micromarket kiosk providers, requiring divestiture of a competing business and imposing non-discrimination interoperability obligations (365 Retail Markets / Cantaloupe), 1 May 2026, e-Competitions May 2026, Art. N° 134587
US Federal Trade Commission, The US FTC reaches a preliminary settlement with a Texan services provider to restore competition following a decade-long roll-up acquisition scheme (US Anesthesia Partners), 23 April 2026, e-Competitions April 2026, Art. N° 134382
US Federal Trade Commission, The US FTC opens a public consultation on a request to set aside a 2018 merger consent order in the solid rocket motor sector citing market changes and defence priorities (Northrop Grumman / Orbital ATK), 2 April 2026, e-Competitions April 2026, Art. N° 133970
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