Defending Deals where Coordination is a Primary Theory of Harm: Lessons from Tronox/Cristal and Evonik/PeroxyChem - May 21, 2020

The FTC has shown an increased interest in pursuing coordinated effects cases in recent years. The agency challenged Tronox/Cristal in 2018 and Evonik/PeroxyChem in 2019, alleging in both that the merger would harm competition by making coordination more likely. But the cases had very different litigation outcomes. What are the lessons from these two merger challenges?