Beyond internal documents: the Commission’s recent conglomerate effects practice

The European Commission has shown an increasing reliance on internal documents in its recent merger practice. However, whilst findings from internal documents can be informative, the economic assessment of the market evidence available remains crucial to test any such findings and put them in context.

The importance of an economic assessment has been reflected in both Essilor/Luxottica and Qualcomm/NXP, two recent conglomerate merger cases. This Brief discusses the Commission’s review of these two cases, drawing some general conclusions on its current approach to conglomerate effects.