California Attorney General Xavier Becerra, whose state is leading a fight to stop T-Mobile US from buying Sprint, warned on Tuesday his agency was concerned about corporate consolidation, reported Reuters.
He said in an interview with Reuters that if states can successfully block the Sprint deal it would send a message that “antitrust enforcers will be back in the driver’s seat. It will make industries, not just telecoms, but industries, recognize that there are antitrust laws that can be enforced.”
California, along with New York, is leading the effort in Manhattan federal court to show the proposed $26.5 billion deal between the No. 3 and No. 4 wireless carriers is illegal because it would raise prices, particularly for users on prepaid plans.
Last month, San Francisco-headquartered Charles Schwab agreed to buy TD Ameritrade Holding in a $26 billion deal to create a brokerage giant in a market that has been ravaged by price wars.
While analysts expect federal regulators will take a soft line on the deal, Becerra did not rule out a state probe by his office. “We will look at anything that has an impact on the ability of consumers at the end of the day to get a good deal. And financial services are critically important,” he said.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 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