Merging firms:

• Stress test proposed remedies for rival responses. The remedies might not be as good as you think. Or perhaps better?

Regulator:

• Ditto

Rivals:

• War-game and opportunity-test behavioural commitments to work out how to respond to them to your advantage

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In future posts I’ll be looking at how to use scenarios like the one just told to help stress-test – and opportunity test – merger outcomes