Tui and Thomas Cook have benefited from substantial merger synergies, which are now running out; significant capacity cuts, which we think are getting harder to deliver; and fuel hedges, which are now at less favourable rates.
In fact, the substantial merger of Trizec into Brookfield, expected to close in the fourth quarter, will create a pre-eminent office-building company with excellent holdings in the country's three top commercial markets Manhattan, Los Angeles and Washington at a time when rental growth in those markets is expected to continue at a strong clip.
The OFT said Global already had "a substantial pre-merger presence" through Heart in the east Midlands, and Heart and Galaxy in the West Midlands, which overlapped with GCap's Leicester Sound, Trent, RAM, BRMB Birmingham, Wyvern, Beacon and Mercia stations.
For example, Vivendi's actual revenue in 2000 was 41.6 billion euros, but that figure is not strictly comparable with 2001 because it does not reflect the substantial effects of mergers and sales of businesses.
There could be substantial layoffs if Compaq and Enron mergers take place.
We are almost certainly moving toward substantial new concentrations and mergers in the financial services industry that is almost certainly not in the interest of consumers, and we are deliberately and certainly moving with this legislation, moving towards much greater risk in our financial services industries.
In other words, when firms propose a type of merger different from the equilibrium one, authorities face cases where the efficiency effects obtained are substantial to make that merger type preferable.
To prove its case, which it is bringing under Section 7 of the Clayton Antitrust Act of 1914, the Justice Department will have to persuade a federal judge that there is a "substantial likelihood" that the merger would lessen competition.
And a substantial proportion of the merger-and-acquisition wave that started last year has been cash deals.But a sea change has slowly been taking place since the middle of last year.
The industry in recent years has undergone substantial consolidation, leading to the mergers of United and Continental in 2010, Delta Air Lines and Northwest in 2008, and Southwest Airlines with AirTran in 2011.
