The Federal Trade Commission and the Department of Justice significantly expanded the efficiencies section of the Horizontal Merger Guidelines in April 1997. The revisions broadened the scope of the analysis and clarified the framework for determining when claimed efficiencies should be recognized in merger analysis. This study reviews how FTC staff have treated efficiencies claims in the following ten years, considering 186 mergers in which the Commission staff completed a second request investigation, between April 1997 and March 2007.
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