We offer a comparative analysis of the trends in vertical merger policy in the U.S. and Canada. Guidelines issued by the U.S. agencies hold lessons for Canada, which has no guidelines that are dedicated specifically to vertical mergers. Canadian policy—as reflected in consent decrees and rules set in specific cases by the agency—has nonetheless developed along similar lines as in the U.S. The sharpest difference between policies in the two jurisdictions is in the consumer welfare standard of the U.S. policy versus a standard that is close to total surplus in Canada.

中文翻译：

---

加拿大对纵向并购政策和指导方针的看法

我们对美国和加拿大的纵向并购政策趋势进行了比较分析。美国机构发布的指导方针为加拿大提供了经验教训，加拿大没有专门针对纵向合并的指导方针。加拿大的政策——正如该机构在特定案例中制定的同意法令和规则所反映的——仍然沿着与美国相似的路线发展 两个司法管辖区的政策之间最大的区别在于美国政策的消费者福利标准与标准这接近加拿大的总盈余。