MERGERS & ACQUISITIONS

Lexonomics has carried out economic analyses for merging parties and their legal advisors in transactions before the European Commission and the Dutch Authority for Consumers & Markets (ACM). Lexonomics has also provided advice to third parties. Experience includes the following cases:

 

KPN/CIF. On 10 April 2012 KPN and CIF, owner of cable company CAIW, have withdrawn their notification with the NMa for KPN’s takeover of CAIW.  During the process of assessing the competitive impact of this concentration, Lexonomics advised a third party.

 

Royal Philips/Indal Group. On 21 December 2011 DG Competition of the European Commission has unconditionally approved the takeover of Indal Group by Royal Philips (case M.6357). Indal and Philips are both present in the area of professional light fixtures, indoor and outdoor. Lexonomics has provided economic advice to Philips during the complete takeover process.

 

Eureko/De Friesland. On 1 June 2011 the NMa unconditionally approved the merger between helath insurers Eureko and De Friesland. The concerns of the NMa in the first phase of the assessment, namely that the new entity would experience less competitive pressure in the health insurance market as a result of a better purchasing position, were taken away in the second phase. Lexonomics gave economic advice to the parties during the second phase.

 

Transdev/Veolia. On 10 December 2010 the Dutch Competition authority NMa unconditionally approved the merger between public transport companies Transdev (Connexxion) and Veolia in the Netherlands, despite relatively high combined market shares. Lexonomics provided economic advice to Transdev during the in-depth investigation by the NMa.

 

Agrifirm/Cehave. On 6 May 2010 the Dutch Competition authority NMa unconditionally approved the merger between Agrifirm and Cehave. Lexonomics gave economic advice to the parties during the licensing phase.

 

Koninklijke Philips/Saeco International Group. On 27 July 2009 the European Commission unconditionally approved the takeover of Saeco International Group by Royal Philips Electronics (M.5547). Lexonomics carried out a quantitative economic analysis for Philips in the area of market definition and conglomerate effects.

 

CSM/Royal Cosun. After an in-depth investigation in the licensing phase, on 20 April 2007 the NMa cleared without remedies the acquisition of CSM sugar by Royal Cosun. Lexonomics provided economic advise to both parties.

 

Connexxion/GVU, Connexxion/Novio. In December 2006, the NMa cleared the acquisitions of GVU and Novio by public transport company Connexxion. Despite a high combined market share, the NMa concluded these acquisitions did not raise competitive concerns because a bidding analysis showed these parties were not Connexxion’s closest competitors. Lexonomics carried out the bidding analysis for Connexxion.

 

Advisory Committee on Vertical Integration. On 29 May 2009 the Committee on Vertical Integration adviced the Minister of Health, Welfare and Sport on the question whether a prohibition of vertical integration between health insurance companies and suppliers of healthservices is “necessary” and “proportional”.