NERA's Role in Three European Commission Clearances

31 January 2019

31 January 2019/New York—NERA Economic Consulting’s European Competition Group advised clients in three major mergers, recently cleared by the European Commission.

Prof. Dr. Frank Maier-Rigaud and Dr. Nicola Tosini were retained by BASF to provide economic analysis and advice for the acquisition of Solvay’s polyamide business. NERA’s advice covered issues including market definition, competitive effects, and the suitability of remedies. Following an in-depth investigation, the Commission conditionally cleared the transaction on 18 January 2019.

Prof. Dr. Frank Maier-Rigaud and Dr. Nicola Tosini also assisted Quaker Chemical Corporation’s counsel in the acquisition of US-based Houghton International. NERA’s European Competition Group provided analysis and advice throughout the notification and review process in the EU and a number of other jurisdictions. The European Commission conditionally cleared the transaction in December 2018.

NERA expert economists, Prof. Dr. Frank Maier-Rigaud and Heiner Lindenlaub were retained by KME to evaluate the likely competitive effects of an acquisition of MKM, and to assist its legal advisers throughout the merger review process. Both KME and MKM are active in the manufacturing of intermediate and semi-finished products made from copper and copper alloys. NERA submitted several economic analyses to the European Commission, demonstrating that: (i) the merged entity will be unable to increase prices of rolled products due to intense rivalry in the industry resulting from a sufficient number of competitors with substantial spare capacities; and (ii) the merged entity’s sanitary copper tubes business in certain EU Member States will be sufficiently constrained by a large number of competitors located in the same or other Member States. After a Phase II investigation, the European Commission gave unconditional clearance to the transaction in December 2018.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 25 offices across North America, Europe, and Asia Pacific.