U.S. president-elect Donald Trump has a choice: He can let the big get bigger and see competition keep falling away, or he can take the populist stand and fight the corporate M&A that is hurting the average family. Trump gestures after ringing the opening bell at the New York Stock Exchange, on Dec. 12.Wall Street is one happy place. The markets have been on fire since Donald Trump won the U.S. presidential election, and fortunes large and small are being made.
Less well advertised was the flurry of mergers and acquisitions. On Monday alone, American companies banged together some US$33-billion worth of deals, according to the Financial Times. The biggie that day was Omnicom’s US$13-billion all-shareof Interpublic, an advertising industry competitor.
And Trump 2.0? No one knows yet whether he will go tough on antitrust or take more of a hands-off approach than his White House predecessor. During his first term as president, he was no friend of Big Tech but did allow some blockbuster mergers, such as the oneThe market rally suggests his pro-business approach will win the day.
Corporate concentration in the United States – less so in Europe, though rising there too – has been climbing by the year, reducing consumer choice and allowing companies to pass price increases on to their customers. With so few competitors in so many industries, customers have little choice but to pay up.
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