Happy birthday, Philadelphia National Bank: The Tipline for 17 June 2021

On this day in 1963, the Supreme Court held in US v Philadelphia National Bank that a merger leading to market shares of at least 30% should be presumed anticompetitive. Fifty-eight years later, the Department of Justice has challenged a transaction – Aon’s $30 billion purchase of Willis Towers Watson – alleging that the combined market share of the two companies exceeds 40% in each of the five relevant markets described in its complaint.

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