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Innovation Concerns in Horizontal Mergers: The Brazilian Experience

Innovation Concerns in Horizontal Mergers: The Brazilian Experience

Lyra, Marcos Puccioni de Oliveira; Pires-Alves, Camila Cabral;

Artigo:

This paper discusses the Brazilian Merger Control experience in addressing innovation concerns in the assessment of horizontal mergers. The goal is to investigate how CADE – the Brazilian antitrust authority – has discussed innovation concerns in merger assessment, taking the antitrust literature and the US and European Commission experiences as starting points. We consider as innovation concerns both: (i) cases that are assessed under the standard analysis (focused on product market competition) in which innovation issues are relevant for the assessment of innovation and other (prices mainly) unilateral effects; and (ii) cases assessed under an alternative procedure (“innovation-specific assessment”). To achieve our goal, we discuss the theoretical background of innovation concerns in merger analysis and debate the US and European Commission experiences. Then, we look at cases assessed by CADE between 2015 and 2021 which had a decision by the Administrative Tribunal and debate how innovation concerns are included in the analysis. We find that in 20 cases (22.2%) there were innovation concerns, in which 19 cases were assessed exclusively through the standard analysis and in Bayer/Monsanto (2018) an innovation-specific assessment was used, a limited experience when compared to the US and the European Commission. Although innovation concerns were part of the assessment to some extent, improvements are needed in both the Brazilian Horizontal Merger Guidelines and in the merger procedure itself.

Artigo:

This paper discusses the Brazilian Merger Control experience in addressing innovation concerns in the assessment of horizontal mergers. The goal is to investigate how CADE – the Brazilian antitrust authority – has discussed innovation concerns in merger assessment, taking the antitrust literature and the US and European Commission experiences as starting points. We consider as innovation concerns both: (i) cases that are assessed under the standard analysis (focused on product market competition) in which innovation issues are relevant for the assessment of innovation and other (prices mainly) unilateral effects; and (ii) cases assessed under an alternative procedure (“innovation-specific assessment”). To achieve our goal, we discuss the theoretical background of innovation concerns in merger analysis and debate the US and European Commission experiences. Then, we look at cases assessed by CADE between 2015 and 2021 which had a decision by the Administrative Tribunal and debate how innovation concerns are included in the analysis. We find that in 20 cases (22.2%) there were innovation concerns, in which 19 cases were assessed exclusively through the standard analysis and in Bayer/Monsanto (2018) an innovation-specific assessment was used, a limited experience when compared to the US and the European Commission. Although innovation concerns were part of the assessment to some extent, improvements are needed in both the Brazilian Horizontal Merger Guidelines and in the merger procedure itself.

Palavras-chave: Competition Policy; Mergers; Innovation; Brazil; CADE,

Palavras-chave: Competition Policy; Mergers; Innovation; Brazil; CADE,

DOI: 10.5151/vi-enei-868

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Como citar:

Lyra, Marcos Puccioni de Oliveira; Pires-Alves, Camila Cabral; "Innovation Concerns in Horizontal Mergers: The Brazilian Experience", p. 1197-1219 . In: Anais do VI Encontro Nacional de Economia Industrial e Inovação (ENEI): “Indústria e pesquisa para Inovação: novos desafios ao desenvolvimento sustentável”. São Paulo: Blucher, 2022.
ISSN 2357-7592, DOI 10.5151/vi-enei-868

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