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Abstract:
Abstract
The Union Pacific/Southern Pacific Rail Merger:
A Retrospective on Merger Benefits
The Review of Network Economics
Vol. 3, Issue 3 - September 2004, pp 283-322
Author
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Denis A. Breen
Bureau of Economics, Federal Trade Commission
E-mail: [email protected] |
Abstract
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This retrospective case study of merger efficiencies focuses on the 1996 merger of two large, U.S. rail
networks. Information on the public record permits some evaluation of pre-merger efficiency claims, and
the weighing of those claims against regulatory and antitrust standards. Access to additional public and
non-public information also permits at least a preliminary determination that a number of the claimed
efficiencies were plausibly merger-specific and actually realized post-merger. This is contrary to
skepticism expressed about merger efficiency claims, both generally and with respect to this particular
rail merger, and thereby illustrates the value of doing retrospective studies of merger outcomes.
Keywords: Mergers, Efficiencies, Railroads, Union Pacific, Southern Pacific
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