Review of Industrial Organization 12: 655–685, 1997. 1997 Kluwer Academic Publishers. Printed in the Netherlands. Merger Policy in the United States: A Reconsideration DENNIS C. MUELLER University of Vienna, Department of Economics, BWZ-Brunner ¨ Strasse 72, A-1210 Vienna, Austria Key words: Mergers, antitrust policy, efﬁciency. JEL Classiﬁcations: L41, G34, L21. The merger between Boeing and McDonnell Douglas, announced in the closing days of 1996, will join the last two commercial airplane manufacturers in the United States, two of the last three major manufacturers in the world. As with almost all mergers, there is considerable talk of potential synergies and economies surrounding the merger, and these along with the importance of Boeing as an exporter and McDonnell Douglas as a defense contractor ensure that the merger will not be challenged by the antitrust authorities, despite the obvious grounds for doing so. Indeed, the merger occurs in the midst of the United States’s ﬁfth great merger wave, a wave that has seen many mergers between giant ﬁrms like Boeing and McDonnell Douglas, a wave that appears likely to surpass its four predecessors in terms of the amount of assets acquired (Shepherd, 1997, p. 154). These ﬁve waves have transformed the structure
Review of Industrial Organization – Springer Journals
Published: Sep 29, 2004
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