Figure 8
Merger Settlements

Case	Product	Number of Firms	HHI/Delta	Plus Factors
Georgia-Pacific/ Domtar (1996)	Gypsum board	Merger of 3rd and 4th firms in 4-to-3 market	2700/400	Homogeneous products Inelastic demand History of coordination Price signaling Information exchange
New Holland/ Case (1999)	Tractors, balers, and windrowers	Multiple 5-to-4 and 4-to-3 markets	2885- 4460/ 510-995	Facilitating practices History of tacit coordination Information exchange Eliminate maverick
Earthgrains/Metz (2000)	White pan bread	Two 3-to-2 and one 4-to-3 market	3400-3800/ 875-1530	Homogeneous products Inelastic demand Stable demand and regular purchases Eliminate maverick History of coordination
Alcoa/Reynolds (2000)	Smelter and chemical grade alumina	SGA: 6-to-5 CGA: 5-to-4	SGA: 1800/531 CGA: 4222/1460	Homogeneous product Inelastic demand History of signaling History of coordination Transparent information Reynolds potential maverick Alcoa excess capacity
Premdor/Masonite (2001)	Residential doors	3-to-2 upstream market	N/A	Increased firm homogeneity Eliminate maverick History of coordination
Suiza/Broughton (1999)	School milk	Multiple 3-to-2 markets defined as single school districts	5,000/ 1,667	Inelastic demand History of coordination Public bid markets Multimarket contacts