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US trustbusters: why Joe Biden is taking on private equity

The influence of buyout groups on American industry has never been greater, sparking closer scrutiny of the business by antitrust regulators

Almost 60 years ago the US Department of Justice argued before the Supreme Court that a couple of large grocery store chains in Los Angeles should not be allowed to merge. The government believed two things were at stake: the livelihood of ordinary Americans and the chance to set a legal precedent to pre-empt market saturation.

The 1966 case was not about proving existing concentration. It was about showing that the industry was beginning to “turn the corner to oligopoly”. The tie-up between Von’s Grocery Company and Shopping Bag Food Stores would have dealt the final blow, authorities argued.

“You can’t force the government to wait in intervening in a merger movement until the market has ceased to be competitive,” said the DoJ, which ultimately won the case.

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