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Exploitative Portfolio Effects In EU Merger Control: From Mars/Kellanova to the Draft Merger Guidelines

BY , and | October 19, 2026

This article examines the emergence of exploitative portfolio effects as a standalone theory of harm in EU merger control.  Unlike the traditional exclusionary conglomerate framework — which targets foreclosure of...

This article examines the emergence of exploitative portfolio effects as a standalone theory of harm in EU merger control.  Unlike the traditional exclusionary conglomerate framework — which targets foreclosure of competitors through bundling or tying — the exploitative theory posits that combining complementary branded product portfolios can strengthen a merged firm’s bargaining power vis-à-vis retailers, enabling the extraction of higher wholesale prices to the ultimate detriment of co

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