Mergers: No Guidelines in Sight

These days the Government seldom loses an antitrust case in the Supreme Court. And last week the trustbusters won big. In a unanimous decision, the court agreed with the Federal Trade Commission's contention that the ten year-old Procter & Gamble-Clorox Chemical merger violated the Clayton Antitrust Act and should be dissolved.

P. & G. was understandably disappointed, and so was the rest of the business community. Noting that the P. & G.-Clorox link seemed neither vertical (between suppliers and customers) nor horizontal (between competitors), businessmen had hoped that either way the decision went, it would mark the first clear-cut application of...

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