M&A Review(the former version prior to
KFTC Notification No. 2007-12 promulgated on December 20, 2007did
not require efficiencies to be reverted to consumers. Relating to such claims,
the KFTC explained that efficiencies would be recognized as the grounds for
exceptions when efficiency generated through merger reduces operational cost
of the merging parties, subsequently triggering price cut, or increase in output,
and ultimately, stimulating competition or improving consumer welfare at
home. The key, here, was whether efficiency generated through merger
improved consumer welfare at home.