Last week's cancellation of Ritchie Bros.' proposed takeover of Euro Auctions is a further indication of the lengths to which the UK Competition and Markets Authority will go to preserve market dynamics.
Readers will recall that the CMA was also the final stumbling block to the Konecranes/Cargotec merger which passed the scrutiny of the other major competition authorities.
Few have questioned the tough CMA stance, but perhaps the recent State of Competition Report goes some way to explaining the caution.
Summarising the findings, Mike Walker, chief economic adviser at the CMA, said: "Our ... report shows a worrying combination of trends. We are seeing markets getting more concentrated, companies enjoying higher mark-ups and the biggest firms maintaining their leading positions for longer. The fact that all these indicators are pointing in the same direction provides a warning sign about the state of competition in the UK."
That sounds like a warning for any other potential mergers and acquisitions which need a UK tick of approval! Indeed, Walker continued: "We will use our findings to direct our work to keep markets competitive and protect consumers at this crucial time."