Are Horizontal Mergers and Vertical Integration a Problem?

This report examines market power in rail markets in Europe arising from horizontal and vertical mergers in the sector, and was intended to provide a high-level basis for discussion at the Round Table itself. It presents factual information on horizontal and vertical merger cases involving rail freight operators, and highlights the processes used by competition authorities to determine the circumstances in which such mergers should be approved. It also provides commentary on the economics of these markets and, hence, the likely prospects for their future shape.  