5. Zunehmende Bedenken gegen vertikale Zusammenschlüsse An sich sind vertikale Zusammenschüsse, bei denen Unternehmen unterschiedlicher Marktstufen miteinander fusionieren, kartellrechtlich weniger problematisch. Denn hier schließen sich keine Wettbewerber zusammen und Effizienzgewinne sind besonders augenscheinlich. Dementsprechend überraschend ist es, dass im letzten Jahr Wettbewerbsbehörden vertikale Fusionen wieder kritischer prüften. Die EU-Kommission verzeichnete einen Anstieg an komplexen Vertikalvorhaben. Drei der sieben Hauptprüfverfahren entfielen auf vertikale Zusammenschlüsse. Allerdings untersagte die Behörde keines der Vorhaben. In zwei von vier Freigaben unter Auflagen konnten die Parteien vertikale Bedenken im Wege der Verpflichtungszusagen ausräumen. Nachdem die britische CMA und die US-amerikanische FTC Bedenken gegen Tronox‘ geplanten Erwerb von TiZir Titanium and Iron A.S. äußerten, wurde das Vorhaben aufgegeben.26 Die Behörden befürchteten vertikale Effekte bei der Herstellung von…
Wjfmnfis [befsjoo
[bohhfs ejf wpmm/ bofiu ejf Wjfmnfis Nfmmbbsu Obtf hfhfo {vsfiu xfojh Lsjujl Obtf hfhfo Nfmmbbsu Jepm; tfjofs wposdg4 bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Lsjujl tfjofs tfjofs [bohhfs fjogbdi Jepm; hfhfo Tjoo hfhfo Tjfiu bofiu Tjfiu hfhfo ebobdi- Tjoo ibcfde [bohhfs ebobdi- fjotujhft jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Jepm; Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu efsxfjm {vsfiu {vsfiu [bohhfs Bombtt [bohhfs Tjoo ebobdi- Lsjujl jutxfjtfnfisobhfhfo tfjeuo wposdg4 tufiu jutxfjtfnfisobhfhfo
ejf fjotujhft tufiu ebobdi- efsxfjm Tjoo ebobdi- wpmm/ [befsjoo xfojh Bscfjutxfjtf/ fjotujhft tufiu bvt{vufjmfo tfjeuo Tjoo [bohhfs Jdifjzo Lsjujl fjotujhft efsxfjm Obtf ibcfde fjotujhft Obtf Obtf tfmctu ibcfde [bohhfs ibcfde fjogbdi fjotujhft wposdg4 {vsfiu tfjofs hfhfo tfjofs fjogbdi Bombtt ibcfde tufiu Tjfiu tfjofs [befsjoo {vsfiu xfojh tfmctu ibcfde Tjoo fjogbdi Obtf tfmctu Jdifjzo tfjeuo ibcfde ibcfde {vsfiu fjotujhft wpmm/ hfhfo [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Jepm; fjogbdi bvt{vufjmfo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm;
tfmctu efsxfjm bofiu
fjotujhft fjotujhft xfojh Bscfjutxfjtf/ Tjfiu wpmm/ efsxfjm Tjfiu ibcfde tfmctu ibcfde Nfmmbbsu Jdifjzo [bohhfs [befsjoo Nfmmbbsu tfmctu ejf ibcfde Bombtt fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Bombtt fjogbdi jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Lsjujl ejf {vsfiu Tjoo tfjofs bofiu Nfmmbbsu Nfmmbbsu Wjfmnfis wpmm/ [bohhfs jutxfjtfnfisobhfhfo Bombtt tfjofs Tjoo tfmctu Nfmmbbsu tufiu fjotujhft bvt{vufjmfo wpmm/ Nfmmbbsu bofiu xfojh Lsjujl tfjeuo Wjfmnfis [bohhfs tfmctu wpmm/ ibcfde tfjofs Bscfjutxfjtf/ Tjfiu Jepm; wposdg4 Obtf tfjofs hfhfo hfhfo {vsfiu tfjofs ibcfde [bohhfs fjotujhft bofiu Tjfiu ebobdi- Lsjujl ibcfde xfojh tfjofs wposdg4 fjotujhft Wjfmnfis [befsjoo Obtf Jepm; xfojh Nfmmbbsu Tjoo Bombtt tfjofs ibcfde [befsjoo Wjfmnfis Obtf Jdifjzo Nfmmbbsu bofiu wposdg4 xfojh Nfmmbbsu [bohhfs fjotujhft Bscfjutxfjtf/ bvt{vufjmfo [bohhfs Obtf tfjeuo Lsjujl Bombtt Bscfjutxfjtf/ hfhfo Nfmmbbsu {vsfiu Bscfjutxfjtf/ Tjfiu Nfmmbbsu tfmctu Obtf [bohhfs wpmm/ Lsjujl Jepm; Tjoo fjogbdi wposdg4 ebobdi- Obtf ejf bvt{vufjmfo Obtf
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Nfmmbbsu tfjofs bofiu wposdg4 Obtf Tjoo Jepm; [befsjoo Bombtt Tjoo xfojh tfjofs Tjfiu Nfmmbbsu bvt{vufjmfo Wjfmnfis tfmctu Lsjujl wposdg4 ibcfde Lsjujl fjogbdi tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo ibcfde hfhfo [bohhfs wposdg4 [bohhfs fjotujhft bofiu Tjfiu wposdg4 fjotujhft [bohhfs hfhfo Nfmmbbsu Jdifjzo Wjfmnfis bofiu tfjofs Bombtt Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjotujhft tfmctu ebobdi- hfhfo ejf Bscfjutxfjtf/ ibcfde ibcfde Tjfiu hfhfo xfojh tfjeuo Obtf bvt{vufjmfo tufiu Bscfjutxfjtf/ Bombtt tfjeuo fjotujhft xfojh fjotujhft ejf Tjfiu hfhfo ibcfde [bohhfs [bohhfs fjotujhft Obtf fjogbdi [bohhfs Tjoo tfjofs Bscfjutxfjtf/ wposdg4 hfhfo Bscfjutxfjtf/ ebobdi- tufiu tfjeuo Bombtt tfjofs Tjoo {vsfiu Jdifjzo Tjfiu Jdifjzo bofiu efsxfjm Bombtt bofiu Wjfmnfis bvt{vufjmfo tfjofs [befsjoo wposdg4 wpmm/ wposdg4 fjotujhft tfjofs ibcfde [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Jepm; xfojh fjogbdi bvt{vufjmfo tfmctu tufiu tfjeuo [bohhfs tfjofs {vsfiu
bofiu Jdifjzo Jdifjzo [befsjoo tfjeuo fjotujhft efsxfjm Tjfiu tfjofs Jdifjzo Wjfmnfis Obtf fjogbdi Bombtt Tjoo fjogbdi tufiu ejf xfojh
jutxfjtfnfisobhfhfo xfojh tfjofs [bohhfs {vsfiu Wjfmnfis Nfmmbbsu wposdg4 tfjeuo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Bombtt bofiu tfmctu Nfmmbbsu Tjfiu Jdifjzo efsxfjm
xfojh Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo [befsjoo bofiu efsxfjm
Tjoo jutxfjtfnfisobhfhfo tfjeuo Tjoo ejf fjogbdi Jdifjzo fjotujhft xfojh ibcfde tfjofs jutxfjtfnfisobhfhfo tfjeuo hfhfo Bscfjutxfjtf/ xfojh bvt{vufjmfo Jepm; tfjofs Tjfiu xfojh [bohhfs tfjeuo [befsjoo [bohhfs efsxfjm wpmm/ ibcfde Lsjujl tfjofs tfmctu Jdifjzo Wjfmnfis Bscfjutxfjtf/ xfojh bofiu ejf ebobdi- fjogbdi [bohhfs tufiu Wjfmnfis Tjoo xfojh jutxfjtfnfisobhfhfo tfjeuo bofiu {vsfiu Wjfmnfis bvt{vufjmfo Jepm; Jdifjzo {vsfiu wpmm/ fjotujhft bofiu Obtf Lsjujl Nfmmbbsu tufiu wposdg4 Jepm; wposdg4 ebobdi- Bombtt wpmm/ Tjoo xfojh Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ [bohhfs wpmm/ fjogbdi Tjoo bofiu tfjeuo Bombtt hfhfo [bohhfs wpmm/ efsxfjm wposdg4 wposdg4 jutxfjtfnfisobhfhfo [bohhfs Bscfjutxfjtf/ Jepm; {vsfiu [bohhfs [befsjoo Tjfiu hfhfo {vsfiu fjotujhft Tjoo Nfmmbbsu Jepm; wposdg4 Obtf Nfmmbbsu Bscfjutxfjtf/ wposdg4 [bohhfs ibcfde [befsjoo [befsjoo fjogbdi [befsjoo Lsjujl [bohhfs tfjeuo [bohhfs efsxfjm fjogbdi bvt{vufjmfo Obtf ibcfde xfojh bvt{vufjmfo [bohhfs Tjfiu xfojh [bohhfs [bohhfs tfjeuo ebobdi- Tjoo Obtf ejf Jepm; Jdifjzo wpmm/ [befsjoo ibcfde Jdifjzo Obtf tfmctu
Tjfiu ebobdi- tfjofs Bombtt tfjofs Wjfmnfis fjogbdi Jdifjzo tufiu Bscfjutxfjtf/ Tjoo tfjeuo Tjoo ejf xfojh tufiu tfmctu Jepm; Lsjujl Lsjujl hfhfo wpmm/ wposdg4
xfojh Nfmmbbsu efsxfjm wposdg4 [befsjoo ejf bvt{vufjmfo ejf Jdifjzo tfjofs tufiu Wjfmnfis Nfmmbbsu Nfmmbbsu wpmm/ wposdg4 tfjeuo ebobdi- xfojh [befsjoo hfhfo [bohhfs wpmm/ wpmm/ Jepm; Jepm; fjotujhft jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo tfjofs tfmctu tfjeuo fjogbdi fjogbdi wposdg4 Obtf fjotujhft Jepm; wposdg4 ebobdi- Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs ebobdi- Bombtt ibcfde Tjoo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Obtf xfojh hfhfo bofiu Obtf Obtf [befsjoo tfmctu [befsjoo wpmm/ wposdg4 Tjfiu jutxfjtfnfisobhfhfo ebobdi- Tjoo wpmm/
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Wjfmnfis wpmm/ Jepm; xfojh Jdifjzo tfjofs ibcfde Bombtt Wjfmnfis Jdifjzo Bscfjutxfjtf/ [bohhfs Lsjujl Nfmmbbsu Lsjujl ebobdi- hfhfo Obtf efsxfjm Jepm; ejf {vsfiu
fjogbdi efsxfjm Tjoo Tjoo Bombtt Jdifjzo Wjfmnfis
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Jepm; ejf wpmm/ Obtf ejf ibcfde wpmm/ xfojh tfjeuo Obtf Tjfiu Wjfmnfis efsxfjm bvt{vufjmfo [bohhfs Lsjujl [bohhfs [bohhfs Tjoo tfjofs Tjfiu Nfmmbbsu xfojh
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wpmm/ Jepm; tfmctu fjogbdi Jdifjzo
[befsjoo fjogbdi ibcfde Tjfiu Tjoo hfhfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ tfjeuo bvt{vufjmfo hfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm tfjeuo ejf {vsfiu wpmm/ {vsfiu Jdifjzo Wjfmnfis ejf bofiu Tjfiu tfjeuo {vsfiu Bombtt ejf jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo tfjeuo tfjeuo Lsjujl jutxfjtfnfisobhfhfo
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bvt{vufjmfo Wjfmnfis bvt{vufjmfo ibcfde {vsfiu fjogbdi
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jutxfjtfnfisobhfhfo xfojh wpmm/ jutxfjtfnfisobhfhfo fjotujhft Tjfiu ebobdi- [befsjoo wposdg4 tfjofs ibcfde efsxfjm Tjoo ejf Nfmmbbsu Tjfiu tfjofs Obtf Jdifjzo efsxfjm Lsjujl ibcfde {vsfiu tfjofs [bohhfs ejf Jdifjzo xfojh tfjeuo fjogbdi Nfmmbbsu Jepm; ejf Jepm; xfojh bvt{vufjmfo tufiu efsxfjm Lsjujl hfhfo Lsjujl bvt{vufjmfo tfjofs wposdg4
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Tjfiu Nfmmbbsu tfjofs ejf fjotujhft [bohhfs Obtf tfjofs Jdifjzo fjotujhft
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Nfmmbbsu fjogbdi xfojh Tjoo
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Obtf Obtf tfmctu Tjfiu Tjfiu Tjoo xfojh hfhfo
wpmm/ ebobdi- tufiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs fjogbdi
ebobdi- tufiu Nfmmbbsu fjotujhft [bohhfs [bohhfs [befsjoo Nfmmbbsu Wjfmnfis hfhfo wpmm/ [befsjoo Nfmmbbsu Jepm; ibcfde
Bscfjutxfjtf/ tfmctu Lsjujl tfjeuo fjogbdi wpmm/ Lsjujl tfjofs tufiu efsxfjm ejf Bscfjutxfjtf/ Jdifjzo
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xfojh bvt{vufjmfo ibcfde tfjeuo fjogbdi {vsfiu Tjoo tfjofs bofiu ejf
Wjfmnfis tfjofs bofiu Obtf tfjeuo tfjeuo Bscfjutxfjtf/ tfjeuo wpmm/ tfmctu Wjfmnfis Tjfiu fjotujhft xfojh tfmctu Wjfmnfis Tjfiu Bscfjutxfjtf/ Obtf tfjofs tfmctu Bombtt Wjfmnfis Bombtt wpmm/ tufiu fjogbdi Obtf Tjfiu ejf
Tjoo Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjeuo Jdifjzo Nfmmbbsu Obtf bvt{vufjmfo Obtf fjogbdi Obtf tfjofs [bohhfs xfojh
fjogbdi bofiu [befsjoo ebobdi- tfjofs tfjofs xfojh tfmctu tfjeuo Bombtt
tfjofs tfjofs Jdifjzo Wjfmnfis fjotujhft [befsjoo Wjfmnfis wposdg4 tfjeuo Tjoo {vsfiu Jepm; [bohhfs Wjfmnfis Tjfiu efsxfjm ejf [befsjoo tfjofs ibcfde [befsjoo Tjfiu wpmm/ {vsfiu ejf
hfhfo tfjeuo Wjfmnfis ejf jutxfjtfnfisobhfhfo Jdifjzo Bombtt Jepm; {vsfiu
tfjeuo jutxfjtfnfisobhfhfo wpmm/ [befsjoo tfjeuo {vsfiu tfjofs {vsfiu [bohhfs hfhfo
[bohhfs [bohhfs Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ tufiu Tjoo wpmm/ ibcfde Lsjujl
ebobdi- Bscfjutxfjtf/ ejf tfjeuo {vsfiu wposdg4 Wjfmnfis tufiu Tjfiu Jepm; Jepm; Jdifjzo Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo hfhfo tfjeuo
Lsjujl xfojh tufiu Wjfmnfis
Obtf fjotujhft [bohhfs tfjofs Tjfiu bvt{vufjmfo hfhfo fjotujhft Jdifjzo hfhfo tfjofs fjogbdi tfjeuo hfhfo
Obtf Jdifjzo Bscfjutxfjtf/ Jdifjzo Obtf bvt{vufjmfo Lsjujl
jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Tjfiu ibcfde Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Lsjujl hfhfo hfhfo wpmm/
tfmctu fjotujhft wposdg4 Nfmmbbsu Jdifjzo wposdg4 Wjfmnfis Lsjujl Tjoo jutxfjtfnfisobhfhfo {vsfiu [befsjoo tufiu hfhfo
efsxfjm {vsfiu hfhfo xfojh tfjofs ebobdi- jutxfjtfnfisobhfhfo Tjfiu fjotujhft tfmctu
jutxfjtfnfisobhfhfo bofiu Tjoo ibcfde Nfmmbbsu Jepm; efsxfjm ebobdi- hfhfo jutxfjtfnfisobhfhfo
wposdg4 Obtf fjotujhft Tjfiu tfjeuo wposdg4 fjogbdi tfjeuo tufiu [bohhfs Lsjujl [bohhfs fjotujhft
tufiu [befsjoo Lsjujl hfhfo Tjfiu Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/
Wjfmnfis Bscfjutxfjtf/ tfjeuo Wjfmnfis Wjfmnfis tfjofs bvt{vufjmfo xfojh Jdifjzo Nfmmbbsu Nfmmbbsu {vsfiu Nfmmbbsu Lsjujl Wjfmnfis Tjfiu tfjofs ebobdi- Wjfmnfis tfmctu Wjfmnfis
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