Yesterday the EU announced they would green-light Microsoft’s blockbuster $69 billion acquisition of game company Activision Blizzard.
Isn’t it pathetic that the Europeans are allowing a merger between two U.S. companies, but Biden’s own trust-buster-in-chief here at home, Federal Trade Commission chair Lina Kahn, is doing all she can to stop it? What a patriot.
Regular readers of the Hotline know that the 32-year-old Khan — a former leftist legal professor — knows absolutely nothing about how to build a business. But Biden picked her for this job because she knows a lot about how to tear them down. She’s getting clobbered in court routinely with her inventive legal theory that almost all mergers and acquisitions are de facto antitrust violations.
She lost her antitrust case against Meta earlier this year, and last year she got slapped down in the courts trying to stop a merger between drug companies Illumina and Grail.
The Wall Street Journal editorial page asked this question earlier this year: “Does Lina Khan ever win a single case?”
Her perfect record is still intact. But Khan argues that her constant harassment of mergers and the related millions of dollars of legal fees has a chilling effect on M&A activity – even though acquisitions are often the lifeblood of small entrepreneurial start-up companies. Cloistered in government and academia, Khan is oblivious to that reality.
The big winner:
The big loser: