On 25 October 2006, the German Federal Cartel Office prohibited the proposed merger between the two American companies Coherent, Inc. (Coherent) and Excel Technology, Inc. (Excel), each a market leader in the laser area [1] . Facts Coherent is an American company, listed on the US stock exchange, which develops, manufactures and distributes lasers, laser products, high-precision optics and related products. In 2005, Coherent had global revenues of EUR 416.5 million. Excel is an American holding also listed on the US stock exchange. Excel is likewise active in the fields of developing, manufacturing and distributing lasers and laser products. The global revenues of Excel amounted to EUR 110.7 million in 2005. Coherent planned to purchase all the shares in Excel, thereby acquiring
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The German Competition Authority prohibits a merger in the laser area cleared by the US DoJ showing its reluctance to apply a more effects-based short-term approach instead of a rather long-term structural approach (Coherent / Excel)
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