Zum Effizienzvortrag in Fusionen und Kooperationen: Heterogenität der Entscheidungspraxis und empirische Analyse der Anerkennungswahrscheinlichkeit in Deutschland

This article investigates the decision practice of the Federal Cartel
Office regarding efficiency claims in agreements and mergers. To
overcome the challenge posed by limited empirical information,
the assessment is based on a novel database specifically compiled
for this task. It is found that less than 20 % of all efficiency claims
meet all cumulative criteria of either Recital 29 of the Merger Regulation
or Art. 101(3) TFEU. The chance of success may however be
higher for specific types of claims, and common determinants can
be identified despite significant heterogeneities between cases.
To reduce uncertainties faced by merger and agreement parties,
it is necessary to establish certain standard practices and procedures
concerning the economic proof of efficiency claims.