The Philadelphia National Bank Presumption: Merger Analysis in a Dynamic Economy
51 Pages Posted: 10 Oct 2018
Date Written: October 4, 2015
From its decision in 1963 until at least 1974, and arguably down to the present, the Philadelphia National Bank' (PNB) presumption of illegality of mergers that result in significant increases in concentration in an already concentrated market has been central to the resolution of merger cases.* Yet when one reads the decision, it is striking that so little is actually said about the basis or strength of the presumption. Indeed, the bulk of the text and the dissents are devoted to the esoteric question of whether or not bank mergers were to be subject to the Clayton Act or only to the Sherman Act. Nevertheless, the decision's significance rests on its articulation of the presumption of illegality.
Keywords: antitrust, presumption of illegality, doctrinal history
JEL Classification: K10, K21
Suggested Citation: Suggested Citation