In a blog early in 2021 I looked at how CMA merger case outcomes differ by category of merger.
By way of update, here is the picture of Phase 1 outcomes for cases for which decisions were published in 2021:
As before, the areas in the chart are sized in proportion to the case numbers.
Green means unconditional clearance at Phase 1.
Red means reference to a Phase 2 investigation or undertakings instead of reference.
The picture is important for merging companies and for the CMA.
For companies the picture shows how important it is to look beyond the aggregate figures that are most often commented on and the narrative they generate.
For the CMA it raises the following question: How well-balanced is the selection of cases for investigation?
Or, put another way, are investigative resources being prioritised as well as they might be?
Posted January 31st 2022
This is the latest in my series of short notes looking at UK merger control statistics relevant to companies and investors.