[20200721]LSB10521_反垄断监管机构发布新的纵向合并指南.pdf

CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebar Antitrust Regulators Release New Vertical Merger Guidelines July 21, 2020 On June 30, the Department of Justice (DOJ) and Federal Trade Commission (FTC) finalized new V ertical Merger Guidelines (VMG) outlining their approach to mergers and acquisitions between firms at different stages of a supply chain. The revised guidelines are timely: vertical integration is growing increasingly economically significant and politically fraught. As large firms in major industriesincluding health care, telecommunications, agriculture, and information technologymake prominent vertical deals, some lawmakers and economists have cast a critical eye toward a phenomenon that was once viewed as largely benign. This Legal Sidebar provides a general overview of vertical merger enforcement and discusses the implications of the new VMG. A companion CRS Insight analyzes competition issues raised by vertical integration in digital marketsa topic that the revised guidelines do not explicitly address. Vertical Merger Enforcement Section 7 of the Clayton Antitrust Act prohibits mergers and acquisitions that may “substan