RBB Economics

RBB is delighted to once again be named as an elite economics practice by Global Competition Review (GCR). Published commentary by GCR in their 2024 listing: "RBB Economics now has over 200 competition-focused economists, making it the largest specialised independent economics consultancy in Europe. Not just a European outfit, though, it has an increasingly global outlook with an office count of 14 and a presence in Europe, Africa, Oceania and now Asia, following its opening of a new branch in Singapore in August 2023. RBB Economics also opened in Milan, Oslo and Sydney during 2023. At the head of the wider practice is managing partner Adrian Majumdar, who brings nearly three decades of experience to the table and was a former chief economist at the UK’s Office of Fair Trading, which preceded the Competition and Markets Authority. Who’s Who Legal: Competition counts him as one of a select few Global Elite Thought Leaders. In total, the firm has 25 nominees in those listings, which reflects the firm’s depth and quality amongst its senior ranks. Simon Bishop, former leader of the practice, retired in April 2023. RBB Economics claims to have advised on more than a third of EU Phase II mergers in the last five years. A notable recent highlight saw it help Norsk Hydro secure unconditional approval from the European Commission for its acquisition of Alumetal following an in-depth probe. The firm also advised French media company Vivendi in its acquisition of Lagardère, which was conditionally approved by the commission after a Phase II investigation. In one of its highest-profile matters, RBB Economics advised US genetic testing company Illumina in its takeover of cancer test-maker Grail. In July 2023, the commission issued a record €432 million gun-jumping penalty against Illumina for unlawfully closing its acquisition before the end of its Phase II probe. Illumina has appealed against the penalty and continues to challenge the agency’s jurisdiction to review and subsequently unwind the deal under Article 22 of the EU merger regulation. Turning to investigations, the firm advised Swedish forestry cooperative Södra in an EU antitrust probe in the wood pulp and water infrastructure sectors. After raiding several companies in both sectors, including Södra, the commission discontinued the investigation due to a lack of evidence. The firm says its litigation practice is growing rapidly and there’s plenty of evidence to back that up. It advises Google in multiple appeals against commission decisions; represents Scania and Nordzucker in follow-on damages litigation arising from the EU trucks and sugar cartels, respectively; and supports K-Line in litigation filed by Volkswagen against companies in the roll-on, roll-off shipping cartel. GCR 100 2024" #GCR100 #Competition #CompetitionEconomics #RBBEconomics

Next month RBB's Benoit Durand will participate in the AI panel at the #GCRLawLeadersAPAC conference. At the end of that first day RBB will also host the conference drinks reception, all delegates are invited. RBB attendees: Benoit Durand, Yan Yu and Yi Ling Ng View the full agenda on the GCR website here: https://lnkd.in/dd4ugi-u #GCRLive #CompetitionLaw #AsiaPacific #DigitalCompetition

Earlier this year, the European Commission issued an updated and significantly expanded version of its market definition notice. More than 25 years since the original notice was published, a period which has seen many developments including the growth of digital markets and ecosystems, an update was clearly due.  This updated notice is largely to be welcomed. It restates the continued value and importance of market definition in all relevant European competition cases, including mergers and Article 102 investigations, and importantly maintains the core principles of demand-side and supply-side substitution. It also explains how the existing market definition framework can be applied to digital markets.  However, when defining geographic markets, the updated notice downplays the role of demand-side substitutability in favour of greater prominence of less (economically) relevant and vaguer principles based on case law. As our latest Brief explains, this marks a departure from the otherwise sound economic basis that the notice rightly adopts: https://lnkd.in/eQHFQf8Z #CompetitionLaw #MarketDefinition #RBBEconomics

Our RBB team enjoyed catching up with industry friends at last week's #GCRLawLeadersEurope. Ethel Maia da Fonseca was delighted to co-chair the conference this year, and Yi Ling Ng enjoyed participating in the exclusionary abuses of dominance session. Thank you to all the panellists for the insightful discussions.   #CompetitionLaw #EUCompetitionLaw

We continue to grow and are looking for skilled competition economists to join our new Berlin office. We are interested in hearing from both entry-level and senior economists with German language skills. If you are the person that we’re looking for, or you know who that person might be, please get in touch: https://lnkd.in/ep43NHJD Alia Schweiger #RBBEconomics #CompetitionEconomics

In May 2024, the UK Competition and Markets Authority (CMA) published its draft guidance for the digital markets competition regime, as established by the Digital Markets, Competition and Consumers Act (the Act). In response to the public consultation, RBB submitted a reply setting out a number of observations. We acknowledge that the Act has the potential to deliver meaningful benefits to competition in the digital space. Moreover, the CMA’s commitment to adopting an evidence-based approach is welcome. However, implementation is not without risk. It has the potential to impose a significant regulatory burden on firms and to chill competition and innovation, to the detriment of consumers. The draft guidance exacerbates these risks by creating considerable uncertainty as to which firms and activities will be captured by regulation and failing to acknowledge that there is a well-recognised process for assessing substantial market power that can (and should) apply in respect of digital markets. We urge the CMA to provide more clarity, in line with established economic principles, to resolve these issues. Read RBB's response here: https://lnkd.in/evTMujd8 #CompetitionLaw #CompetitionPolicy #DigitalCompetition #RBBEconomics

RBB’s Tristan Lécuyer and George Tucker are participating in this month’s workshop on the Economics of Competition and Regulation organised by the Competition and Markets Authority and City, University of London. The workshop takes place at City, University of London on 22-23 July. It will bring together academics, policy makers and industry practitioners to share their perspectives on a broad range of topics related to competition and regulation of various markets. Presentations: Session 5 – George Tucker: Influencer cartels Session 8 - Tristan Lécuyer: Sustainability agreements – Experience from a practical assessment under the EU Horizontal Guidelines   View the full programme here: https://lnkd.in/dRUH35BC #CompetitionEconomics #Cartels #SustainabilityAgreements

Earlier this year, the European Commission issued an updated and significantly expanded version of its market definition notice. More than 25 years since the original notice was published, a period which has seen many developments including the growth of digital markets and ecosystems, an update was clearly due.  This updated notice is largely to be welcomed. It restates the continued value and importance of market definition in all relevant European competition cases, including mergers and Article 102 investigations, and importantly maintains the core principles of demand-side and supply-side substitution. It also explains how the existing market definition framework can be applied to digital markets.  However, when defining geographic markets, the updated notice downplays the role of demand-side substitutability in favour of greater prominence of less (economically) relevant and vaguer principles based on case law. As our latest Brief explains, this marks a departure from the otherwise sound economic basis that the notice rightly adopts: https://lnkd.in/eQHFQf8Z #CompetitionLaw #MarketDefinition #CompetitionEconomics #RBBEconomics

Attending #GCRLawLeadersEurope this week? Keep an eye out for our RBB attendees Ethel Maia da Fonseca, Annabelle Jochem, Tristan Lécuyer, Nuno Alvim, Yi Ling Ng and Joost Vandenbossche. Ethel and Yi Ling will participate in sessions during the event and look forward to seeing you there: 9-10 July - Conference co-chair: Ethel Maia da Fonseca 9 July, 15:45-16:45 - Reflecting on the EU’s draft guidelines on exclusionary abuses of dominance: Yi Ling Ng 10 July, 13:15-14:15 - Political influence and interference in merger control: Ethel Maia da Fonseca View the full programme here: https://lnkd.in/eYkQ_EXT #CompetitionLaw #EUCompetitionLaw #MergerControl

Great session on digital developments at last week's Law Society #4thAntitrustConf. RBB’s Katie Curry joined Sarah Long (Euclid Law), Steve Thomas (Kelkoo Group), and Shruti Hiremath (Clifford Chance) to discuss digital change and what's on the horizon. #CompetitionLaw #DigitalCompetition Image provided by The Law Society with permission to share.