It was announced late last week that the FTC provided the antitrust approval. The merger was on a list of proposed transactions for the FTC to oversee. The federal agency offered a very fast approval since the merging firms had either very few or no overlaps whatsoever.
Tesla CEO Elon Musk presented the proposal earlier this summer. The offer was worth $2.6 billion. After some intensive lobbying and combating against public opinion, the merger was completed on Aug. 1.
Officials still had to seek approval from the government. The initiative is part of Tesla’s efforts to enhance economies of scale when it comes to battery production, electrical energy management systems and marketing.
Although Tesla plans to take advantage of SolarCity’s technology, it is SolarCity that benefits more. The solar firm, which has been struggling over the last 12 months, has found it very difficult to compete because of the growing competition. Other solar firms have been offering consumers with low-cost solar energy and installations. Moreover, SolarCity has been hurt by state governments veering away from subsidies that intended to ramp up rooftop solar installations.
Full Content: Petro Global News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI