Mergers are a pivotal force in the economy, enabling companies to expand and thrive. Mergers may reduce competition but they can also generate benefits, some in the shape of efficiencies. These efficiencies can result in cost savings, improved products and enhanced services, which can be passed on to consumers or other agents in the economy. This paper explores the different approaches and developments in considering efficiencies in merger control, including the types of efficiencies considered and the criteria to assess them. It presents possible reasons why efficiencies as a defence or rebuttal in mergers remain rare, as is their acceptance by competition authorities and courts. It also discusses whether there is room for more consideration from competition authorities and courts, and raises some relevant questions for future discussions.
