November 24, 2017 | Telecom | North America | Ended

Time Warner / AT&T: Precedent Parallels: EC-Blocked Vertical / Conglomerate Mergers

In this deal commentary, we provide an in-depth summary of two relevant precedent mergers that were both initially blocked by the European Competition Commission (EC) on vertical and conglomerate grounds, Sidel (SID FP) / Tetra Laval (private), and Honeywell (HON US) / General Electric (GE US). Although from over 15 years ago, these precedents provide hints on how the DOJ may look to justify its recent actions in relation to the $108bn Time Warner / AT&T transaction and, equally, how AT&T may attempt to refute the negative decision by the DOJ. In this commentary, we do not delve into the content of the DOJ’s civil lawsuit and we do not try and predict an outcome.

1. Market Definitions and High-Level Thoughts 2. Sidel / Tetra Laval, 2001 3. Honeywell / General Electric, 2001

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