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Non-Horizontal Mergers in China: A Case Study of KLA-Tencor/Orbotech

BY | August 12, 2019

By Vanesa Yanhua Zhang, John Jiong Gong & Amanda Jing Yang –  In this paper, we analyze SAMR’s conditional approval and its competition concerns regarding the proposed acquisition of Orbotech…

By Vanesa Yanhua Zhang, John Jiong Gong & Amanda Jing Yang – 

In this paper, we analyze SAMR’s conditional approval and its competition concerns regarding the proposed acquisition of Orbotech by KLA-Tencor. Upon analysis into the potential spillover effect, we conclude that there would be no harm to competition, considering the transaction’s nature of being a conglomerate merger, a decided lack of economic incentive to tie or bundle, and the low entry threshold in the relevant

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