Introduction After an in-depth phase II investigation, on 12 June 2008 the French Minister for Economy, Indutry and Employment (hereafter, the MinisterMinister), cleared the acquisition of Zürfluh-Feller by Somfy. Both companies are active on the market for accessories to construct rolling shutters. While Somfy produces motorized control panels (tubular motors, electrical controlled drives and radio-guided drives) for the shutters, Zürfluh-Feller provides a wide range of other components, such as tubes, fasteners, pulleys, manual control system, and locks. Since the Minister found that manual and motorized control panels for shutters do not belong to the same relevant market, the horizontal overlap between the firms is small [1]. As Somfy and Zürfluh-Feller are no direct competitors but

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