commiss decis septemb declar concentr incompat common market eea agreement case iv airtour choic notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec particulr articl thereof regard commiss decis june initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr april commiss receiv notif propos concentr pursuant articl regul eec herinaft refer quot merger regul quot airtour plc quot airtour quot acquir mean articl merger regul control choic plc quot choic quot public bid june commiss decid initi proceed applic articl merger regul parti oper airtour british compani activ tour oper travel agenc charter airlin hotel cruis ship oper countri europ notabl unit kingdom ireland north america choic british compani activ tour oper travel agenc charter airlin seat broke car rental broke unit kingdom ireland activ canada airtour propos acquir choic public bid ii concentr airtour propos acquir equiti choic notifi oper constitut concentr mean articl merger regul iii commun dimens joint worldwid turnov undertak concern exce eur billion eur airtour eur choic undertak commun wide turnov excess eur million eur airtour eur choic achiev third aggreg commun wide turnov member state notifi oper commun dimens iv relev market relev product market parti activ overlap suppli leisur travel servic custom unit kingdom ireland suppli packag tour holidai product vertic integr upstream airlin oper downstream travel agenc busi previou decis case area commiss distinguish distinct product market start point establish relev market product tour oper parti tour oper tour oper suppli quot packag holidai quot combin accommod possibl servic foreign destin return travel air packag holidai previous found commiss constitut separ market holidai consum purchas element individu airtour distinct product type mark consum familiar holidai abroad make arrang entri liberalis low cost schedul airlin european market independ holidai regard competit constraint packag tour oper commiss accept view total price independ holidai set upper limit price charg similar packag follow act suffici constraint prevent price packag rise competit level consum purchas accommod travel element packag account remain import differ difficult consum make direct comparison price packag holidai equival bought separ element transfer airport addit search transact cost telephon call fax letter hotel airlin arrang car hire transfer risk take recours foreign base hotel owner involv contract separ comparison stop natur purchas packag commiss small price rise packag holidai suffici custom substitut independ holidai justifi includ independ holidai relev product market present case packag coach tour involv suppli surfac transport packag unit kingdom suppli sea channel tunnel cross accommod custom car packag holidai unit kingdom air distinct made product market regard transport method emploi airtour choic minim presenc british domest holidai commiss view british monopoli merger commiss mmc report price domest holidai unit kingdom ireland constrain price foreign packag holidai consum prefer term climat cultur price level factor domest holidai consid form part relev market present purpos foreign air packag holidai market number distinct includ distinguish holidai type beach holidai ski citi break destin countri basi narrowli airtour consid suffici substitut element suppli demand side make unnecessari subdivid packag tour product market point commiss previou relev case mmc report found reason set narrow approach consid justifi present case regard distinguish separ market packag holidai long haul short haul destin compris quot sun sea quot holidai predominantli summer juli august broadli long haul sector gener recognis travel trade compris destin involv flight time unit kingdom substanti excess hour effect european mainland island north african holidai destin fall quot short haul quot categori contrast caribbean america south east asia flight time substanti longer typic long parti main tour oper competitor stronger presenc short haul sector long haul sector summer airtour choic total thomson thoma cook share indic creation domin posit long haul tour oper long haul sector fragment short haul larg number smaller specialist tour oper supplier kuoni ba holidai virgin part larger group long haul packag holidai account small proport airtour total british packag holidai sale wider product market definit includ long haul short haul packag produc substanti market share increment airtour suggest effect viewpoint assess strength actual potenti competitor airtour suggest converg price long haul short haul packag quot disneyland quot holidai florida sold roughli similar price quot eurodisnei quot equival consequ long haul price effect constrain short haul commiss view fulli differ long haul short haul packag varieti materi respect signific competit term similar separ purpos assess concentr aircraft fulli interchang short haul long haul oper smaller aircraft type servic larg number md seri lack rang long haul journei larger aircraft necessarili suitabl larg tour oper suggest commiss popular larger aircraft suitabl long haul oper lack rang journei maximum rang unit kingdom north eastern american seaboard singl aisl narrow bodi design mean cabin space cramp provid adequ comfort longer flight long haul flight reduc number rotat consist outward return flight aircraft crew make beteween home base destin time period increas import cost crew cater rotat dai short haul destin long haul long haul aircraft gener carri fewer passeng short haul typic seri charter configur passeng turn increas number size aircraft need econom viabl long haul oper compar short haul oper cost passeng mile gener lower larger aircraft smaller longer distanc econom larger aircraft short haul journei runwai airport termin facil permit suffici demand fill aircraft viabl level close maximum season cost oper aircraft full load half empti mean airlin match fleet composit close mix passeng larger long haul smaller short haul type airtour fleet aircraft capabl long haul short haul journei total aircraft type factor tend decreas scope airlin vertic integr tour oper substitut long haul short haul flight consequ effect price leas aircraft short term basi charter airlin includ parti gener aircraft leas long leas order reduc cost maintain qualiti ensur continu suppli commiss inform leas year typic invest time need airlin substanti reconfigur fleet long haul short haul capabl tour oper ultim consum addit signific differ long haul holidai longer regard prerog wealthi except florida exot imag contrast domest present typic mediterranean resort appeal type consum singl coupl children suitabl respect british foreign packag holidai peak summer holidai period roughli mid juli end august order coincid school holidai area factori closur period weather condit typic long haul destin florida unfavour substanti longer flight time deter consum choos long haul packag holidai compar respect typic short haul term weather locat price visa medic requir packag holidai british custom maximum week reflect contrast continent european practic typic amount time allow employ staff main annual holidai greater proport holidai spent air spent beach practic dai differ total travel time typic long haul short haul holidai journei america jet lag reduc amount usabl holidai time differ reflect price consum inform provid airtour show summer averag brochur price long haul holidai gbp compar gbp short haul differ comparison made commiss lead tour oper holidai broadli similar type night star cater florida spain show short haul holidai averag half price long haul broadli similar result shown comparison greec canari island cater accommod destin differ found stabl relationship group price time expect substitut spanish price rose florida fell exact convers occur florida price rose spanish fell averag price necessarili reflect margin differ larg suffici rang genuin compar long haul holidai suffici similar price ensur long haul price constrain short haul price inform made commiss support conclus limit converg price long haul short haul holidai compar type price holidai long haul destin time year period bad weather expect match close upper end summer peak qualiti accommod price qualiti scale short haul expect limit overlap suffic constrain price short haul market long haul holidai concern regard effect substitut price ground small proport custom long haul holidai cite airtour repli statement object support view point price rang suppli earlier typic short haul gbp week juli august star half board majorca cheapest long haul holidai tabl juli august gbp thailand involv flight time hour time year airtour brochur cm rain month hour sunshin dai cheapest time year gbp mexico januari reflect differ typic summer short haul price similarli inform long haul holidai offer ba holidai cite airtour show price substitut long haul short haul consequ import ba competitor holidai displai includ food rest accommod directli compar typic short haul packag instanc quot fly drive quot airtour packag holidai defin match holidai question night star inclus st lucia cost gbp person roughli equival packag tenerif night barcelo hotel santiago star inclus price choic brochur gbp period concern holidai period concern suitabl famili children british school holidai latest week septemb relev ba holidai question offer price quot late quot period month departur consequ offer discount brochur price provid basi comparison late short haul book attract discount increas differenti repli commiss statement object airtour suppli custom survei data support view substanti proport sampl custom short haul packag holidai year long haul similar proport consid properli infer airtour seek holidai question true substitut period person circumst quot windfal quot gain experienc british build societi save account holder recent year demutualis acquisit societi consum expens addit holidai year affect behaviour rest time survei data provid indic extent factor relev sampl provid comparison price paid type holidai reason commiss consid relev product market tour oper short haul foreign packag holidai distribut suppli travel agenc servic parti travel agenc oper unit kingdom overlap ireland travel agent retail suppli servic consum busi travel flight charter schedul hotel accommod book car rental foreign currenc travel insur relat servic oper high street shop offic premis telephon sale oper normal shop hour travel agent gener remuner commiss supplier servic concern agent directli custom servic case packag holidai agent receiv commiss tour oper price holidai sold travel agent unit kingdom ireland offer product rang tour oper supplier rang product servic main tour oper travel agenc major tour oper includ parti small direct sale oper shop telephon call centr mail order product unlik tradit travel agenc servic direct sale oper permit consum compar offer supplier distinct appear limit import packag holidai concern integr tour oper agent engag substanti extent quot direct sell quot practic agenc give prefer product quot hous quot tour oper sell client internet teletext agent oper advertis avail price holidai actual book sale invari carri tradit mean travel agent person telephon mail directli tour oper shop telephon call centr mail order teletext displai system make sale commerc actual purchas internet regard agent oper signific potenti altern distribut method futur introduc independ distributor market establish agent oper doubt develop commerc oper present undevelop unit kingdom small item book major purchas packag holidai consum perceiv riski time chang attitud current travel trade larg confin airlin ticket sale digit televis introduc unit kingdom eventu develop sell system impact signific short term great major packag tour sale notif made travel agent notif person sale shop proport declin direct sale tour oper remain static proport total factor suggest tour oper direct distribut consum agenc complement agenc sale channel substitut relev product market travel agenc servic parti agenc suppli typic rang product servic plai import role distribut parti product present inform merger lead creation strengthen domin posit travel agenc servic direct sale packag holidai tour oper distanc sale telephon agent includ term number outlet parti combin share suppli travel agenc servic small impact merger vertic integr industri ownership tour oper travel agenc distribut packag holidai discuss section vertic integr suppli airlin seat parti oper charter airlin airtour oper airtour intern choic air primarili intend packag seat suppli parti tour oper broker parti bui seat airlin charter schedul exclus incorpor packag charter airlin exist primarili serv tour oper popular sector foreign holidai market account great major seat sold tour oper british irish packag tour oper number characterist distinguish schedul airlin charter airlin oper gener stop countri origin airport closest major holidai destin choic rout frequenc flight dictat demand tour oper charter airlin chang fly pattern reflect demand foreign packag holidai destin charter airlin gener expect tour oper bui block seat holidai season parti market share main competitor suppli transport servic tour oper packag tour similar schedul flight includ schedul flight account small proport british packag tour flight principl tour oper substitut schedul airlin flight charter flight commiss view price schedul flight gener constrain charter flight consequ schedul flight consid part product market charter flight present purpos explain commiss inform airlin tour oper schedul flight viabl substitut charter flight packag tour packag holidai destin short haul schedul airlin oper network rout link capit major citi consequ necessarili oper directli resort area tour oper typic short haul destin tour oper seldom indirect flight find inconveni custom longer plane load plane load expens direct tour oper bui block seat schedul flight holidai destin commiss view broadli support comment parti factor make schedul flight inadequ substitut tour oper viewpoint small proport charter flight inform obtain commiss small tour oper investig schedul seat typic expens equival charter flight constrain price charter flight gener seat aircraft schedul flight wide space charter oper reduc capac increas rel cost price typic economi seat space ba flight inch airtour inch differ layout allow charter airlin carri passeng suppli schedul airlin seat european destin airtour suggest increas recent year notabl entri expans low cost airlin europ essenti british short haul packag holidai concern easyjet ryanair ba subsidiari liberalis impact chang substitut charter flight exagger rang destin rout serv airlin present limit inform provid airtour servic airlin greek turkish north african destin canari island ryanair oper spain portug easyjet oper popular spanish destin barcelona malaga unpopular region airport liverpool flight spain portug london stanst popular gatwick heavili congest small schedul airlin debonair base luton cite airtour repli statement object courc capac weekend busi fly sale low inform mention debonair servic typic short haul packag destin alicant instanc schedul seat simpli number suitabl time price direct schedul flight destin concern schedul airlin offer tour oper aircraft small proport seat week season schedul permit suffici number daili rotat reduc oper cost price tour oper typic charter oper tour oper acquir capac bulk ahead time order minimis cost provid reliabl offer custom book advanc schedul airlin flight schedul aircraft resourc need oper definit fix long period time offer tradit custom fulli flexibl ticket possibl seat short notic failur result take substanti amount charter type busi damag abil oper network primari role gener incom schedul airlin sourc margin capac tour oper replac small proport charter suppli result fundament affect charter flight price factor suggest substanti proport schedul fly packag tour complement charter fly genuin substitut conclus reinforc fact tour oper offer travel schedul flight extra cost option packag long haul quot upscal quot product major tour oper british travel market vertic integr charter airlin line commiss normal approach matter suppli regard form part relev market market consist sale parti relev product market adopt purpos present decis airlin servic suppli tour oper seat charter flight short haul destin relev geograph market commiss accept previou decis market europ suppli foreign packag holidai essenti nation charact tour oper sell holidai countri gener produc market packag nation basi commun point departur sale resid member state separ travel agent likewis market nation charter airlin servic regard nation charact fly return countri origin licens demand servic aris custom resid countri origin number practic obstacl make difficult consum book packag holidai tour oper travel agent establish quot home quot state relev inform resourc brochur book facil foreign tour operatior sale point travel agent local linguist differ commun problem addit holidai contract govern law resid foreign tour oper travel agent make difficult travel seek redress event complaint inconveni aris fact travel make arrang travel point departur territori foreign tour oper agent commiss view parti gener contradict narrow subdivis notabl airport departur region inappropri present case tour oper market product nation substanti differenti price consum region basi natur reflect travel agent consum prefer fly airport access home south east midland england reach altern departur point coupl hour road packag holidai price gener reflect influenc differ cost level oper airport land fee relat factor price departur smaller region airport higher thse main holidai airport london gatwick manchest premium charg discount offer small compar total holidai cost account addit cost road journei cheaper airport rel uniform price cost suggest suffici degre overlap region local market regard present purpos constitut singl nation demand side chain substitut base suppli side tour oper airlin gener easili move plane flight airport except gatwick limit avail slot act constraint indic suggest distinct geograph market unit kingdom unnecessari assess case northern ireland cost relev featur oper arrang flight obtain suppli accommod consum northern ireland differ substanti rest unit kingdom sell price product characterist understood gener similar area wider rang destin option small number packag holidai paseng northern ireland total major oper travel british airport start holidai order avail choic unconnect reason combin packag holidai visit friend rel unit kingdom price ground mmc report make distinct analysi find northern ireland rest unit kingdom reason consid defin separ geograph market northern ireland present case irish market smaller uk market volum inclus affect conclus regard unit kingdom mention tour oper market consid larg nation due reason difficulti make cross border purchas effect currenc differ differ ireland unit kingdom aspect structur industri evolut regard ireland separ market unit kingdom present purpos relev geograph market present case relev product market unit kingdom ireland competit assess introduct collect domin commiss consid basi competit analysi set notifi concentr lead creation domin market posit short haul packag holidai unit kingdom part collect airtour choic lead tour oper thomson travel group plc thomson thoma cook group limit thoma cook ireland commiss consid concentr lead singl collect domin posit affect market airtour argu hear collect domin thought cartel explicit agreement cartel meet airtour explan quot tacit cartel quot unstabl british market short haul foreign packag holidai retaliatori mechan prevent particip tacit cartel cheat recit set commiss previou case confirm court instanc european commun recent merger case gencor lonrho activ collus conduct kind prerequisit collect domin occur suffici adapt market condit anti competit market outcom commiss decis gencor lonrho case recit state collect domin posit quot occur mere adapt member oligopoli market condit anti competit parallel behaviour oligopoli domin activ collus requir member oligopoli domin behav appreci extent independ remain competitor custom ulim consum quot contrari appar view airtour condit collect domin oligopolist behav explicit agreement fix price capac share market suffici merger make ration oligopolist adapt market condit act individu wai substanti reduc competit result act appreci extent independ competitor custom consum statement object commiss identifi featur market structur oper identifi make anti competitv outcom collect domin airtour consid effect indic present imposs major supplier retali event win market share increas capac offer lower price commiss suggest featur present aggrav merger order collect domin aris case regard strict retali mechan propos airtour repli statement object condit collect domin case strong incent reduc competit action coercion unnecessari case set commiss agre scope retali market consider scope retali increas incent behav anti competit parallel case commiss conclus substanti concentr market structur result increas consider transpar weaken abil smaller tour oper potenti entrant compet make ration major player remain merger avoid reduc competit constrain capac commiss believ competit market merger case involv singl domin tight cartel competit rare complet elimin case discuss capac basic set prior sell season distinct made set capac pre season sale capac sell season constrain capac pre season exclud competit action sell season type promot constrain amount capac put market ensur market tight capac constrain price profit higher competit take place sell season commiss reach conclus merger result market structur creat incent remain larg oper constrain capac unit kingdom tour oper short haul foreign packag holidai introduct commiss view base inform suppli airtour relev product market displai number characterist distinguish condit competit extent natur vertic integr major supplier extens commerci link limit scope supplier make short term output adjust match fluctuat demand commiss view merger lead creation reinforc domin posit singl firm lead situat collect domin short haul foreign packag holidai function market gener packag holidai devis partli achiev high sale volum reduc unit cost allow tour oper purchas element flight cater accommod bulk pass save cosum estim tour oper margin vari fairli low averag figur order gbp typic holidai price gbp cite parti recent year note vertic integr oper receiv incom addition airlin travel agenc activ margin aspect airlin oper higher gross margin total oper integr oper larger tour oper activ tour oper oper high level capac utilis figur order term holidai sold mention commiss order maintain profit short haul oper match capac demand critic profit packag holidai perish good packag lose sold departur date perish good market requir highli flexibl product distribut system suppli demand close match wast product minimis supplier packag holidai sever hamper precis align capac demand produc contract flight accommod virtual expect sell long time consum consum depart holidai destin earliest consum pai bulk price week departur year ahead commiss inform typic airtour detail plan summer season departur began airtour increas capac contempl end forthcom summer season minor inform major tour oper confirm opertor capac plan contract hoteli airlin typic fix month ahead holidai season adjust date month departur date book season begun summer departur summer scope heavili constrain due inflex commit supplier problem chang date flight hotel custom book contract expect ahead time enabl supplier plan ahead oper obtain suffici low price attract adequ volum profit sale tour oper encourag earli book improv cash flow substanti deposit gbp person equival typic short haul holidai price paid consum book balanc payabl irrevoc oper agent arrang insur extra cost option month advanc departur natur late book reduc risk unsold holidai consequ discount ad capac easier reduc season instanc resort prove popular suitabl accommod flight relev airport reserv peak period gener difficult tour oper unwind contract air transport substanti penalti tour oper bear risk contract capac remain unsold face limit abil reduc output short term brochur publish sell season start tour oper part restor equilibrium price mechan word discount clear extent sale holidai match suppli contract fix cost tour oper cost airlin seat accommod cater cost make high proport total cost high level discount appli clear unsold stock reduct initi brochur price appar late sale consum case requir accept oper choic hotel resort avail discount holidai quot late quot part sell season similar phenomenon quot end season stock clearanc quot sale retail sector cloth impact discount quot late quot normal season context oper turnov season effect reduc holidai sold discount equival incent free child place free insur earli purchas offer signific amount reduct appear typic impact cost turnov major oper quarter packag holidai typic sold close brochur price fundament rigid market import consequ competit make supplier close depend strateg short term viewpoint decis tour oper increas market share increas capac offer holidai sale lead fall price competitor reduc share equival amount cut capac vertic integr tour oper europ unit kingdom increasingli vertic integr upstream air travel suppli charter airlin oper downstream retail distribut travel agenc date integr accommod suppli appear chang forese futur contrast aspect requir substanti invest number foreign countri attend increas risk clear advantag term cost save possess substanti hous charter airlin oper creat number competit advantag tour oper concern addit provid sourc incom control major cost element risk unabl obtain suffici capac reduc integr oper hous airlin give prefer holidai regard kei sell featur conveni departur time close ti airport slot held airlin present extent major tour oper vertic integr airlin oper vari extent oper supplier seat parti thomson airtour larg airlin suffici selll fewer seat parti bui fewer seat airlin choic largest charter airlin sell airlin capac oper greater proport larger total number airtour thomson thoma cook choic bui seat airlin proport short haul seat bought smaller importantli choic major supplier seat independ tour oper largest monarch caledonian fly colour group connect note name acquir thoma cook rationalis appear take place consequ impact parti seat sale commiss inform thoma cook parti sale summer expect show declin half numer term comparison advers effect suppli seat integr tour oper possess substanti dedic distribut channel chain travel agent produc similar benefit downstream packag holidai sold agenc larg group integr firm handl holidai agenc quot direct sell quot practic give prefer product enabl promot product move stock holidai effect discount reli exclus distribut parti tend give prefer holidai receiv commiss discrimin favour hous product facilit mmc point conclus lack transpar regard ownership link custom unawar airlin holidai brand travel agenc common ownership featur distribut system choic recent begun creat hous agenc chain found lack increas handicap effect merger competit distribut packag tour holidai examin fulli number commerci link integr compani deriv part vertic integr downstream link travel agenc chain mention import sale parti agenc account gener high proport rule major integr oper holidai sale quot late quot period import wide distribut order clear unsold stock upstream share airlin capac extent direct purchas swap consolid arrang maximis effici respect fleet market structur share increment airtour submit market share estim base sourc notif form distinguish long haul short haul market sector market research firm ac nielsen reproduc tabl notif airtour data reliabl base return travel agent produc skew result commiss assess market share short haul packag holidai base varieti sourc confirm result give approxim parti combin airtour choic thomson thoma cook tabl market share volum short haul foreign packag holidai unit kingdom summer share relat nielsen quot short haul beach quot categori gt tabl gt sourc ac nielsen tabl merger reduc number substanti integr supplier elimin choic independ competitor consid signific larg tour oper remark remain medium size player substanti increas gap larger player small fring polaris market larg integr compani smaller integr compani wide recognis trend industri airtour wai busi industri quot stai small bui input produc larg volum integr vertic quot word professor neven hear impact trend marginalis fring supplier competit forc market parti commiss view fring strong offer effect competit major player merger reason explain weaken competit posit merger tour oper busi impact sector airlin seat suppli distribut packag holidai discuss fulli fring tabl forego section make clear relev product market characteris structur compris prior merger larg tour oper parti merger thomson thoma cook vertic integr upstream charter airlin oper downstream travel agenc account larg major sale numer fring small larg integr independ tour oper agent charter airlin sector concentr downstream sector an suppli signific substanti charter airlin sell major capac parti monarch link tour oper cosmo partli result process consolid concentr industri merger acquisit strong mmc report complet substanti gap larg oper rest firm cosmo mano kosmar tour oper quot quot categori hundr market share major oper nich basi specialis ski sail villa short break group travel repli statement object airtour argu quot wrong conclud independ confin nich activ quot commiss group independ exclus consist nich player hand clear membership list associ independ tour oper aito substanti number independ nich player commiss view gener support parti abil fring smaller supplier offer effect competit larg tour oper constrain small individu size lack vertic integr small size fring oper mean thing obtain benefit scale scope larger contrast major oper offer charter airlin complet planeload passeng dai peak season increas risk airlin oper flight optimum load airlin charg small oper higher seat price larger reflect higher risk airlin consolid passeng oper singl flight indirectli tour oper seat broker difficult expens small group passeng airlin broker accommod recent develop substanti reduc choic charter airlin capac smaller tour oper abil negoti compar price term larger number charter airlin declin year commiss inform recent acquisit thoma cook group caledonian airwai fly colour lead rationalis reduc capac qualiti independ tour oper airlin substanti supplier smaller tour oper comment face difficulti obtain seat desir time weekend major tourist airport gatwick manchest tour oper airlin comment offer departur airport order access main custom centr provid credibl nation oper prospect expans small scale player slight region airport regard custom flight instanc expens view land charg manchest due open runwai year gatwick acknowledg congest appear remain year appear major oper consider market strength regard seat sale independ oper tour oper comment monarch substanti supplier independ sector remain merger satisfi major oper account half parti sale offer independ refus discuss forthcom year programm oper concern receiv notic major requir similar constraint abil fring compet effect major player exist regard distribut packag holidai sold travel agent direct small oper access travel agenc order sell product agenc branch larg chain broad nation coverag control larg integr tour oper airtour choic branch unit kingdom larg oper similarli extens network packag tour sold smaller integr agenc small local oper branch essenti tour oper obtain wide distribut coverag agenc largest competitor seek expand market share strong posit held larger oper distribut discrimin smaller number wai enabl requir smaller oper pai substanti higher rate commiss practic establish mmc report confirm commiss enquiri continu strengthen enabl give prefer product direct sell number small oper express concern commiss distribut arrang place competit disadvantag depend main competitor access distribut liabl discriminatori action regard matter commiss rate rack extent brochur displai agenc shelv essenti aspect market promot addit deleteri effect direct sell lack transpar ownership featur commiss rate cost relat sell cost lower larger volum clear major tour oper larg agenc chain effect control primari gatewai retail distribut packag holidai permit discrimin favour product emerg competitor ration repli statement object airtour argu small oper cost disadvantag compar larger integr oper bui seat competit price accommod similar price larg integr oper investig evid larg supplier bui accommod cheapli smaller oper integr oper gener access cheaper seat integr oper purchas seat market regular airlin part plane full plane load integr oper cost advantag compar fring oper importantli independ tour oper found increasingli difficult find charter seat purpos due increas vertic integr fring supplier constrain expand number holidai offer marginalis fring small tour oper occur consider extent larg integr supplier sell packag mainland spain balear island canari island tunisia signific short haul summer holidai destin madeira turkei greec franc industri data bnt spain larg margin popular british holidai destin account holidai type long short haul destin holidai case balear island packag airtour independ quot show remark resili continu account million pax year quot commiss note figur includ long haul holidai note figur constant absolut term independ group grown market figur airtour show increas marginalis independ group airtour mention cosmo virgin sun major futur competitor cosmo vertic integr remain signific independ charter airlin monarch virgin sun short haul foreign packag holidai busi virgin airtour compani ambit expand busi view commiss compani challeng major oper forese futur cosmo monarch mention strongli depend major purchas seat cosmo vertic integr travel agenc virgin sun oper present small virgin sun vertic integr travel agenc final virgin sun consider troubl contract accommod kei short haul destin conclus commiss view effect factor absenc notifi merger tour oper market smaller supplier offer effect competit larg market outcom effect decid competit larg integr supplier case propos merger ahead market characterist oligopolist domin number characterist make market conduc oligopolist domin remain present tour oper market merger product homogen low demand growth low price sensit demand similar cost structur main supplier high market transpar extens commerci link major supplier substanti entri barrier insignific buyer power consum commiss view merger reason reinforc characterist except contribut creation situat collect domin larg vertic integr player remain merger product homogen variat short haul packag holidai product fundament similar involv packag kei element travel accommod depend bulk bui measur standardis produc economi scale scope enabl market lower price equival bespok holidai element arrang contract individu view set airtour notif airtour quot wide sold packag holidai popular destin fairli homogen product quot homogen natur short haul packag tour confirm market research show custom influenc price choic holidai brand loyalti import view subsequ confirm competitor repli statement object airtour argu foreign packag holidai differenti qualiti accommod date holidai departur airport destin countri resort custom type facil part packag airtour proof vast arrai price airtour argu market constantli chang import wai trend decreas averag durat holidai trend take holidai year main recent trend quot airtour relat long haul packag tour part relev product market commiss differ packag holidai sold price star hotel star hotel normal circumst command higher price differ categori short haul foreign packag holidai clear short haul foreign packag holidai todai british market larg extent standardis volum product evid larg major short haul holidai intermedi star cater accommod type note differenti made air compon passeng plane matter stai star star hotel air seat vital compon decid capac put market purpos present case question differ categori short haul foreign packag holidai prevent oligopolist domin thomson airtour choic thoma cook merger airtour natur product make imposs tacitli coordin price case numer possibl cheat tacitli agre price contrari view airtour commiss conclus product differ prevent creation collect domin case due market function explain capac basic fix month advanc season tour oper maximis profit maximis revenu stream pre fix capac task facilit capac tight tour oper environ oligopolist coordin price confirm econom expert airtour hear price competit attract firm unabl serv addit custom attract fall price unabl chang market share season industri coordin price crucial question capac put market respect differ categori short haul packag holidai signific monitor level capac number holidai offer individu integr tour oper low demand growth holidai abroad discretionari item consum spend increas volatil demand short term recent studi major tour oper refer respons commiss enquiri note unpredict volatil year year note averag annual growth rate decad low number holidai abroad british resid fell million fall smaller size doubt respons gener econom condit demand growth year expect close industri estim recoveri prospect airtour repli statement object quot market oversea holidai sort continu grow dynam quot commiss recognis market short haul foreign packag holidai continu grow market grow faster gdp growth due increas vacat time gener wealth base investig case commiss conclus growth demand market short haul packag holidai continu moder case respect note airtour quot huge growth oversea holidaymak origin fuell increas avail foreign packag independ holidai remov statutori price volum control foreign packag holidai impos british govern quot conclus commiss find market growth provid stimulu competit forese futur reason discuss refer fring small oper competit disadvantag compar integr oper market growth larg captur integr oper happen recent year airtour figur airtour argu repli statement object present hear demand volatil add nois market make harder detect cheat tacitli coordin main sourc volatil airtour gdp relat volatil exogen shock chang tast foreign packag holidai market chang cost impact low cost airlin commiss chang tast impact low cost airlin relat short term demand volatil element discuss decis view commiss busi cycl gdp relat volatil main short term volatil season season major oper commiss forecast demand season develop main macroeconom variabl gdp growth exchang rate consum confid import paramet consid commiss find credibl volatil due busi cycl make market conduc collect domin rememb tour oper expos busi cycl macroeconom develop forecast tour oper similar view market develop case propos merger ahead section impact merger recit effect exogen shock commiss recognis shock foreseen disrupt plan tour oper exampl terrorist attack tourist egypt turkei reason argu exogen shock make british market short haul packag holidai conduc collect domin exogen shock happen market except market develop view time make market conduc oligopolist domin conclus commiss volatil demand prevent creation oligopolist domin contrari volatil demand make market conduc oligopolist domin reason volatil demand combin fact easier increas decreas capac mean ration major oper adopt conserv approach quot wait approach quot capac decis volatil demand make ration limit plan capac add capac demand prove strong supplier protect downward volatil demand low price sensit obtain data direct estim price elast british market short haul foreign packag holidai mention section product market definit brand loyalti consum sensit small differ price similar holidai extent find show price import decis paramet market clear peopl pai amount holidai price rise gener studi bank westlb panmur owner thoma cook show year tour oper decreas capac increas profit confirm collect exercis market power increas price profit suppli demand balanc determin profit market level sale barrier growth face small independ oper impli integr oper increas level price behav parallel confirm econom expert airtour hear believ oligopolist increas price collect exercis market power respect note increas averag price short haul packag holidai impli increas catalogu price occur wai simpli creat tighter market lead reduct number holidai sold discount quot late quot period lead higher averag price similar cost structur consider scope gener economi scale tour oper charter airlin oper rel import scale reduc level charter airlin oper concern professor neven econom expert airtour submiss estim scale economi relat fleet size exhaust level aircraft professor neven small fleet size compar larg american airlin larg european flag carrier present market born mind aircraft substanti fleet annual report airtour total fleet aircraft thomson aircraft choic aircraft confirm airtour airtour quot tour oper establish minimum size economi scale acquisit aircraft seat resort accommod limit quot level airlin cost relat load factor number rotat return trip made dai consid optim short haul level utilis aircraft capac absolut size direct tour oper cost relat effici distribut market advertis promot cost necessarili continu scale economi size oper larg integr supplier suffici larg achiev minimum size integr supplier basic achiev economi scale tour oper charter airlin oper fly destin larg extent hotel requir high load factor oper commiss conclus larg integr oper basic cost structur transpar interdepend commerci link term transpar distinct made plan period sell season catalogu launch transpar market high major integr oper period plan period crucial capac decis come season made realiti capac decis major integr oper transpar supplier reason major tour oper put complet programm season plan futur season base sale previou season increas decreas forecast market demand come season compar previou season increment develop programm tour oper evolutionari simpli due past experi tour oper plan season larg extent offer integr supplier season major integr oper obtain knowledg plan integr oper due fact major oper plan period contact hotel bed stock discuss seat requir avail view obtain suppli seat capac agre swap seat slot major integr oper publicli quot compani secret substanti capac addit purchas long term leas aircraft quot compani aircraft contract advanc enter servic airlin trade press regularli publish descript fleet composit forthcom airlin world addit view high degre suppli airlin seat regard optim integr oper small proportion chang number passeng carri greater impact oper requir airlin seat bought parti market place reason major integr oper integr oper plan increas number passeng carri number holidai offer integr oper monitor total amount holidai offer sell season import commerci task tour oper maximis revenu stream capac contract sell capac highest price purpos major oper set yield manag system system design enabl yield profit margin optimis vari level sale sell time period quot late quot period essenti input system current inform price avail compet product main oper inform obtain commiss enquiri factor close monitor time daili basi price vari resourc invest process consider oper staff annual budget order gbp million indic import attach investig commiss found vertic integr tour oper part capac plan market process routin input computeris market analysi system inform flight time price destin offer competitor obtain brochur determin precis brochur publish flight plan competitor quantiti holidai expect sell infer factor number flight destin aircraft hotel catalogu launch complet transpar price travel agent larg viewdata computeris book system displai real time avail price holidai suppli particip tour oper includ larg fring import effect viewpoint competit enabl integr tour oper immedi price equival product diverg competitor mean quickli match set price rel competitor deem adjust rate sale discount shown viewdata promot earli period made travel agent integr tour oper fund jointli agent oper case agent commiss oper increas reflect cost disclos screen concentr natur busi agenc advertis holidai promot difficult larger oper obtain good inform repli statement object hear airtour quot heterogen product offer mean detail monitor price output quot state quot scope secret price cut effect collus price agre price offer firm attempt increas market share know firm verifi agreement undermin quot commiss recognis larg integr oper virtual thousand price due sheer size holidai programm commiss agre airtour firm tacitli coordin price order reach collect domin posit contrari sell season incent integr oper cut price order gain market share determin amount capac offer oper tacitli collud thousand price point confirm econom expert airtour quot price behaviour firm capac determin directli relev joint domin collect exercis market power quot commiss high degre transpar price creation collect domin present case commiss note transpar exist extent real time price avail inform competitor commiss note import inform compani oper yield manag system order ensur programm sell plan enabl major tour oper reduc risk small discount order sustain desir rate sale holidai stock take account competitor price competit constrain abil main supplier obtain precis date accur estim main competitor market share aid vertic integr trade link commiss inform produc detail compar sale volum market share inform weekli basi tour oper level inform identifi sale main agenc group oper main competitor holidai sold chain competitor repres share total sale competitor week figur express term comparison period previou year commiss view main effect high degre transpar competit sector rigid market short term action supplier aim essenti sell holidai offer highest price maintain brochur price limit discount sale quot late quot period price adjust promot action aim maintain level sale sell season achiev sale holidai stock departur date price adjust depend extent tour oper sale time price offer competitor consequ market oversuppli discount supplier inevit consequ prefer sell price cover variabl cost contribut fix merger capac rigid risk earlier left unsold holidai high degre transpar make major supplier undersuppli market leav unsatisfi demand transpar system temporari oversuppli requir lower price order clear product allow rais averag price competit level fact gener speak easier adjust capac upward season creat incent plan capac conserv recit barrier entri airtour suggest entri barrier tour oper charter airlin oper travel agenc insignific point thing absenc regulatori constraint occurr entri exit tour oper airlin oper low financi outlai requir set travel agenc case oligopolist market structur collect domin sustain long term mmc report broadli concur airtour view observ barrier growth small scale light circumst prevail time make basi advers find mmc report complet substanti consolid industri appar prompt comment report quot green light quot merger vertic integr concentr market barrier entri signific impact commiss view increas notifi oper put effect suffici remov threat creation domin posit entri thing sustain market scale import factor mean capabl quickli acquir suffici scale offer real competit challeng domin supplier commiss view case tour oper respond commiss enquiri primari barrier entri expans access reason term condit airlin seat distribut travel agenc explain vertic integr section recit agenc sector charter airlin sector increasingli control major oper merger substanti hasten process percept vertic integr essenti surviv long run guid choic expans integr travel agenc airlin oper viabl small oper match integr larger airlin oper gener suffici tour oper busi justifi own leas viabli size aircraft fleet major integr oper total cost airlin oper scale relat possess larg incumb hous airlin stock good qualiti slot gatwick advantag smaller integr competitor hope replic suggest charter airlin expand capac merger order replac capac rationalis airtour remain offer suffici good qualiti capac independ tour oper enabl compet effect major integr supplier distribut smaller tour oper comment increas commiss doubl rate year ago pai order holidai sold major chain lunn poli travel agenc arm thomson current market leader result increas share distribut tour oper major tour oper control increas cost sell holidai concern reduc result increas effici aris larger network independ tour oper sold busi parti commiss found expans market share imposs integr distribut prefer airlin oper level share independ tour oper begin reach size cost capabl win substanti amount busi major supplier remain nich player suggest find worthwhil increas demand higher commiss distribut entrant holidai airlin level refus suppli seat advers term order prevent growth eventu worthwhil acquir busi remov threat increas share happen airtour argu low cost airlin ryanair british airwai subsidiari increasingli provid low cost altern popular holidai destin view commiss airlin limit impact short haul british foreign packag holidai market section iv relev product market recit ff light factor commiss consid barrier entri expans relev market signific increas result notifi oper commiss consid high remov realist possibl entri expans independ fring suffici constrain market power larg supplier remain merger airtour argu mmc conclud year ago signific barrier entri tour oper market quot condit competit materi alter short period investig complet quot evid discuss barrier entri tour oper larg extent caus vertic integr major oper make avail suitabl air seat distribut difficult independ oper correct mmc reach conclus commiss mmc recognis vertic integr anti competit conclud quot current level concentr tour oper travel agent market anti competit effect vertic integr slight quot report paragraph commiss find condit competit market chang significantli due increas concentr vertic integr buyer power individu consum buyer power retail market counterbalanc extent exist larg independ retail retail exist packag holidai sector unit kingdom holidai sold travel agenc own larg oper smaller increasingli link franchis arrang airtour link advantag group small agent engag direct sell order favour product market imperfect inadequ inform consum link agenc oper airlin difficulti compar compet product limit inform tour oper brochur advanc quot sight unseen quot natur holidai purchas contrast eas direct price product comparison made product car furnitur electr good limit consum abil offset anti competit featur suppli side repli statement object airtour argu consum buyer power due fact demand varieti holidai refer lifestyl incom fact individu shop supplier tacitli collud price output regard note larg major short haul holidai offer integr oper belong intermedi categori section product homogen recit ff impact shop individu consum concern commiss found recit ff restrict suppli lead tighter market higher price shop individu consum chang sens individu consum countervail buyer power elimin effect domin case submiss commiss british consum associ oppos merger identifi concern comment reduct competit view aris merger conclus basi forego commiss view tour oper market displai number characterist conduc creation collect domin posit main player merger market characterist integr player realiti posit add capac market incent add capac cautiou due characterist market natur product moder growth market level transpar capac expans highli riski due inher danger creat oversuppli depress price commiss view present exercis market power integr oper past competit recent year main develop structur british tour oper market horizont concentr vertic integr exist vertic integr tour oper grown acquisit organ graph suppli commiss airtour market share variat exclud acquisit stabl market share vertic integr oper year recent rate acceler market consolid public mmc report strike thomson effect start modern british foreign packag holidai industri time tour oper hous airlin integr retail distribut acquisit lunn poli earli british stock market flotat april thomson part canadian group thomson corpor subject constraint competit behaviour aris sharehold requir quot compani sector year thomson vertic integr tour oper unit kingdom mmc report show organ growth period mid mid suffer eros market share airtour float british stock exchang tour oper late establish airlin spent gbp million acquisit includ major travel agenc chain pickford strategi base vertic integr growth acquisit thoma cook origin travel retail strong focu travel relat financi servic travel chequ mmc report pressur financi servic sector thoma cook adopt diversif strategi tour oper acquisit sunworld includ hous charter airlin fly colour tour oper hous airlin format joint ventur carlson year brought addit capac tour oper travel agenc charter airlin caledonian thoma cook made plain consid size longer prime concern profit choic owner abroad quot compani start tour oper acquir hous airlin air successfulli defend hostil bid airtour began polici integr retail distribut quot shop equival quot annual report order protect direct sell practic vertic integr oper avoid cost disadvantag pai commiss rate provid real time feedback market trend oper computeris yield manag system section transpar interdepend commerci link recit ff polici continu choic state polici establish network shop equival end descript past recent strategi integr tour oper dramat structur british foreign packag holidai industri chang begin decad result horizont vertic integr consolid result market share structur present earlier recent mmc report thomson easili market leader british foreign packag holidai market ahead airtour choic thoma cook acceler market consolid process public mmc report decemb effect give green light vertic integr strike thoma cook fly colour carlson choic concern illustr number mid size oper acquir big end airtour made british acquisit tour oper compris shop travel agenc choic includ tour oper unijet airlin rest compris total travel agenc branch thoma cook acquir caledonian airlin airlin tour oper fly colour market share tour oper carlson inspir market share tour oper travel agenc sale thomson made acquisit tour oper travel agenc episod illustr consequ oversuppli market occur summer season plan period sector indic appear predict buoyant summer season year demand growth oper ad capac anticip increas demand increas materialis oper left unsold capac estim clear heavi discount caa report largest british oper record combin pre tax loss gbp million choic rebrand owner abroad result take optimist stanc declar significantli lower profit gbp million gbp million result heavi cost clear unsold stock octob carri industri financi sector rescu right issu larg oper cautiou approach capac plan take note estim major oper plan larg supplier commiss quot deliber adopt expansionist strategi lead major supplier major supplier capac knowledg limit capac lead improv margin profit quot approach illustr quot chairmen ceo statement annual report sourc major british integr tour oper airtour quot remain convinc kei profit tour oper industri remain match suppli demand market place mind continu monitor market oper adjust capac quot annual report choic quot line major tour oper choic plan cautious summer reduc capac sale compar summer quot annual report thomson quot summer line major oper constrain level capac british market equival level anticip difficult market condit quot annual report thoma cook sunworld quot sunworld plan significantli increas capac summer time consolid quot travel weekli june statement annual report direct sharehold order reassur quot experi quot repeat sharehold exert watchdog influenc organ expansionist strategi airtour bid choic april year announc thomson defend market share posit led drop thomson share price dai announc due quot fear compani start price war quot thomson manag oblig make consider effort convinc institut investor announc misinterpret intent ad capac market mop capac shed airtour choic result merger context note airtour choic thomson publicli quot compani inform submit airtour share airtour choic thomson held group institut investor larg overlap institut investor airtour choic thomson light episod recount commiss find stock market institut investor disciplinari effect growth ambit manag extent ambit lead capac addit depress price profit share price institut investor sector recognis attempt major oper grow seek add capac sale competitor result lower profit major oper interest happen conclus evid tendenc collect domin market present set capac choic concern compani recov strongli complet retail develop strategi absent merger choic develop quickli power fulli integr competitor addit exist albeit case thoma cook recent complet vertic integr strategi propos merger elimin choic independ competitor critic junctur leav vertic integr player consequ impact merger increas concentr post merger combin share largest oper commiss calcul nielsen compar sourc substanti increas level concentr fourth largest firm post merger cosmo choic fourth posit substanti larger herfindahl hirschman index hhi conserv basi estim pre merger increas point result merger measur hhi merger lead substanti increas concentr high level concentr loss choic supplier distributor fring integr choic airlin air airtour ensu reduct presenc parti market leav monarch effect substanti independ supplier airlin capac link oper cosmo small share tour oper commiss inform substanti proport monarch free capac requir intra group sold thoma cook thomson airtour choic account monarch parti sale parti small tour oper face difficulti obtain adequ number seat rout attract time airlin give prioriti major custom includ hous tour oper choic develop travel agenc busi propos merger add choic outlet equival size ordinari shop airtour absenc merger choic addit sourc distribut independ oper merger sourc actual potenti competit lost independ reliant remain larg player distribut expect thing equal merger encourag trend higher commiss smaller oper recit ff remov prospect substanti agenc chain creat choic supplier short time combin financi resourc advantag integr tour oper incent remov choic marginalis smaller independ integr tour oper increas transpar mutual depend present degre mutual depend oper market depend due impact market condit level capac put market season creat strong econom link major oper oper make econom link stronger increas mutual depend larg oper merger reduc number competit relationship major oper half relationship competit market convers number bilater link major oper parti reduc airtour choic thomson choic thoma cook thomson thoma cook airtour thomson thoma cook interdepend oligopolist increas significantli due merger increas incent restrict capac clear oligopolist compet market share result depress profit broke rank sought mop unsatisfi demand ad capac expect react likewis creat oversuppli profit fall strategi oper initi frustrat sens risk revert oversuppli market act deterr oligopolist compet market share market oper clear experi capac decis approach year recit ff marginalis fring recit ff reinforc likelihood outcom reduct competit cooper bilater relationship increas transpar market result easier major supplier detect attempt disturb market compet market share increas transpar increas risk competit action creat oversuppli note recit lead depress profit counter product analysi confirm intern document lead tour oper suggest respons commiss merger ahead window year recent merger digest acquir market share main competitor increas capac suggest provok price war appar wide believ industri merger lead temporari loss market share protagonist due defect custom supplier result elimin duplic programm period suggest market move stabl state remain larg player unabl market share expos higher risk increas total market capac impact merger competit oligopolist concern note merger expect lead synergi cost combin entiti cost save relat overhead fix cost merger materi chang cost structur airtour choic cost structur increas incent compet commiss conclus result market structur creat incent make ration oligopolist restrict suppli explain increas transpar increas possibl retali increas interdepend make retali oligopolist decid compet market share effect target compani pre merger situat impact competit action diffus respons target explain commiss believ increas possibl effect time retali reinforc likelihood oper lead collect domin argument airtour scope tacit coordin airtour argu repli statement object hear collect domin amount tacit coordin quot tacit coordin larg integr firm feasibl quot airtour condit fulfil tacit coordin feasibl quot gain deviat lot lose punish small number effect competitor agreement easi reach deviat detect demand predict product homogen effect punish implement immedi punish costli implement quot airtour argument drew distinct punish season punish season punish season claim capac increas margin season firm punish immedi larg increas capac punish principl place aggress price competit effect firm punish unabl serv addit custom attract firm deviat punish punish season principl place larg increas capac season effect inflict lower cost due discount associ deviat tacit agreement punish blur reason tacit coordin collect domin larg integr oper set introductori section commiss show market particip result propos merger behav cartel tacit explicit cartel agreement section introduct collect domin recit show strict punish mechan matter collect domin present case degre interdepend oligopolist ration oligopolist restrict output sens reduc competit collect domin posit creat reason set commiss conclus case present merger case basi airtour argument punish mechan clear signific possibl implement punish integr player compet market share ad capac respect note financi impact oversuppli market simpli threat revert market outcom suffici deterr oligopolist attempt strategi experi illustr happen capac war distinct airtour make retali season season realiti clear commerci link integr oper mean retali derack direction sell specif competitor forc competitor sell larger share holidai discount price scope ad capac season februari season airtour repli statement object capac increas chang conclus capac basic fix sell season note possibl capac adjust leav scope capac mean retali season final capac ad season link punish deviat blur retali simpli signal oper announc act respons action conclus commiss basi airtour argument find consider scope retali season season reinforc argument propos merger lead creation oligopolist domin posit importantli discuss interdepend oligopolist make ration oligopolist restrict output argument airtour eckbo stillman test repli statement object airtour present empir analysi call eckbo stillman test basic principl test analys reaction share price major develop merger view stock market increas effici merg compani expect share price competitor fall reaction announc merger merger creat effici competitor hand merger lead collect domin expect share price compani increas reaction merger econom consult airtour lexecon conduct analysi develop share price thomson studi found share price thomson fell significantli airtour bid choic announc studi conclud evid stock market view airtour bid pro competit merger lead competit announc bid led increas share price thomson analysi share price circumst provid valuabl inform competit impact merger share price develop case indirect evid data relat directli market concern clear share price data full extran nois due event complet unrel market question presenc nois expect higher normal period numer rumour merger circul commiss carefulli consid methodolog data conclus put forward studi methodolog problem studi fail explain main movement share price airtour choic thomson mean exclud plausibl explan share price movement thomson put forward studi fact thomson immedi announc plan aggress capac addit time airtour launch bid tremend neg effect share price thomson airtour capac utilis crucial driver profit foreign packag holidai sector lexecon plai specif reaction thomson studi kei event influenc share price thomson past competit section recit ff commiss view reliabl conclus drawn analysi thomson share price confirm level capac suppli market kei profit industri conclus reason commiss consid forego analysi market characterist structur merger notifi oper reduc likelihood effect competit major tour oper fring entrant lack strength ensur competit equilibrium restor concentr market structur creat post merger incent major supplier avoid engag competit increas effect higher price profit word oper creat sustain collect domin posit british tour oper market compris airtour choic thomson thoma cook suppli tour oper seat charter flight short haul destin market structur level chang merger tabl market share suppli charter airlin seat parti summer gt tabl gt sourc airtour estim tabl notif specif figur short haul short haul account great major airtour busi main competitor commiss view base inform obtain enquiri figur underst choic market share result impact merger area acquisit choic hous airlin air lead creation domin posit level signific vertic effect substanti strengthen airtour posit tour oper number parti notabl small tour oper express concern commiss merger airtour rationalis combin airlin oper order adjust rel merg entiti requir sale parti substanti reduc airtour formal announc plan kind import note figur tabl includ parti sale includ sale major oper independ integr tour oper difficult estim share sale monarch choic suppli larg proport demand independ tour oper earlier section decis signific effect merger area commiss view marginalis fring smaller oper effect confin limit oper popular destin specialis holidai type quot mainstream quot section fring recit distribut suppli travel agenc servic airtour provid estim market share travel agenc sale inclus tour tabl share inclus tour sale travel agent gt tabl gt sourc airtour bnt tabl notif basi larg player remain merger collect agenc sale packag holidai largest agenc op market share half smallest integr supplier airtour consid meaning result partli includ packag sold mean notabl telephon sale inclus reduc share major tour oper commiss figur broadli relev indic market strength packag tour retail distribut direct telephon sale made call centr major tour oper merger impact signific remov choic potenti competitor distribut addit choic tour oper busi airtour busi travel agenc airtour improv effici distribut bring greater volum tour oper busi hous discuss remov choic actual importantli rapid growth potenti competitor distribut summari choic remain medium size player tour oper potenti grow rapidli size major supplier present signific competitor tour oper vertic integr airlin oper shortli absenc merger major forc travel agenc threaten lead posit airtour thoma cook thomson summari merger remov choic competitor level suppli chain reason consid advers effect competit expect similar increment market share case result merger market highli concentr oligopolist market remaind market highli fragment larg part small oper nich oper activ main mass market busi major oper merger increas interdepend transpar tour oper market reduc number major player number competit relationship reduc number relationship major supplier parti reduc decis creation collect domin market short haul foreign packag holidai unit kingdom distinguish fact capac decis major oper crucial market outcom creat interdepend strong econom link major oper present degre mutual depend major oper oper make interdepend stronger increas incent restrict capac major oper broke rank risk financi consequ lead oversuppli demonstr experi risk revert oversuppli market act deterr oligopolist compet market share respect creation collect domin reinforc possibl oligopolist retali competit action extens trade link thirdli merger weaken abil fring compet major airtour larger share tour oper market choic lost supplier seat potenti distribut channel fring entrant fring marginalis result merger commiss conclus notifi oper lead creation domin posit market short haul foreign packag holidai unit kingdom ireland commiss conclus heard airtour oper lead creation strengthen singl collect domin posit affect market ireland tour oper short haul foreign packag holidai airtour estim object data basi unit kingdom exist merger add choic current share thomson budget oper share thoma cook oper independ michael stein distinguish market share market share addit result oper substanti effect result duopolist market structur irish market concentr british market contrast british market oper result creation singl collect domin posit irish tour oper market reach conclus commiss note irish market differ british market number substanti aspect irish market moment undevelop foreign packag holidai grow rapidli airtour market grew prospect consider growth forese futur dynam growth market provid greater incent entri competit exist market particip barrier entri growth low irish market commiss note vertic integr low mean easier entrant find distribut seat qualiti attract compet effect featur irish market respect aer lingu make extens scale aircraft schedul rout week weekend charter suppli constrain forese futur propos merger neg impact fring player entrant irish market british market final lesser extent vertic integr ireland mean extens commerci link import featur british market suppli seat tour oper charter flight short haul destin substanti vertic integr airlin oper ireland unit kingdom britannia air choic main charter airlin share understood roughli proportion share tour oper numer smaller greater tour oper charter flight airlin own main tour oper import sourc nation carrier aer lingu consider spare capac weekend sold packag tour oper case small overlap airtour airlin presenc ireland small merger consid lead creation strengthen domin posit airlin oper ireland distribut suppli travel agenc servic previous overlap level ireland choic share market small number branch possibl amount sale creation strengthen domin posit level vi undertak propos airtour packag undertak airtour submit packag undertak order remedi creation collect domin posit unit kingdom packag compris element airtour undertak divest tour oper busi meet cumul condit minimum size ad number short haul packag holidai offer purchas result purchas offer sale short haul packag holidai unit kingdom tour oper year ii includ tour oper busi iii airtour request make purchas distribut arrang outlet pursuant airtour make reason commiss term guarante minimum percentag rack suffici support assist develop busi purchas save circumst purchas tour oper busi exist charter airlin oper airtour undertak divest airlin busi compris aircraft choic air oper certif air brand head offic capabl run maintain airlin slot entitl oper effici fly programm short haul holidai airtour undertak divest conduct date renew airtour offer choic uncondit respect airtour undertak holidai year make aircraft form part airtour intern air airlin number round trip seat short haul packag holidai destin correspond number sale independ tour oper number round trip seat holidai year undertak ceas effect complet sale place airlin airtour undertak renegoti aim packag threefold aim creat quot fourth forc quot tour oper market airtour creat fourth player market share sell tour oper busi suffici size attain take account buyer market share access seat secur divestitur airlin access distribut secur agreement guarante rack retail outlet year attempt remedi problem fring oper guarante seat capac year airlin divest improv distribut possibl fring oper thirdli seek remov concern irish market assess commiss comment impact irish market find oper lead creation strengthen domin posit market commiss consult interest parti undertak commiss reach conclus propos packag insuffici remedi creation collect domin posit british tour oper market small independ tour oper concern undertak aim secur avail seat divest commit continu suppli seat independ undertak aim secur distribut undertak achiev purpos agreement continu suppli seat independ tour oper period year arm length commerci term limit time difficult monitor enforc protect small independ tour oper direct sell larg travel agenc chain case clear assess impact competit propos merger commiss impact fring secondari import competit market import impact merger elimin choic fourth larg vertic integr supplier undertak seek remedi creat fourth forc industri market share airtour propos divest tour oper busi airlin busi busi quarter size smallest larg vertic integr supplier busi sever handicap vertic integr travel agenc distribut agreement offer airtour suffici compens lack vertic integr protect direct sell agreement difficult monitor enforc addit commiss found busi suffici critic mass support airlin econom expert airtour plane need maximis economi scale airlin clear previou industri experi assess impact competit recit ff market share suffici viabl vertic integr tour oper busi previou oper size merg acquir order achiev suffici critic mass final unclear exact impact market airtour identifi tour oper brand sold reason busi develop fourth forc british tour oper market conclus propos undertak prevent creation collect domin posit respect commiss find impact fring secondari import competit larg integr oper effect decid market outcom undertak suffici recreat fourth market forc provid effect competit larg integr supplier extent consid replac choic competit point view contrari fourth forc propos airtour sever handicap compet major supplier propos undertak prevent creation collect domin posit late stage procedur septemb airtour propos substanti modifi undertak articl commiss regul ec march notif time limit hear provid council regul eec control concentr undertak commit intend parti form basi decis compat pursuant articl regul eec submit commiss month decis open proceed commiss except circumst extend period airtour put forward reason regard constitut except circumst commiss view propos airtour includ undertak submit month timelimit short time remain expiri deadlin articl merger regul commiss evalu effect investig call seek view interest parti pursuant articl merger regul vii conclus basi analysi propos oper creat domin posit market short haul foreign packag holidai unit kingdom result competit significantli imped common market mean articl merger regul adopt decis articl concentr airtour plc acquir control mean articl merger regul undertak choic plc declar incompat common market eea agreement articl decis address airtour plc parkwai parkwai busi centr princess road manchest qu unit kingdom brussel septemb commiss mario monti member commiss oj correct version oj oj oj part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk commiss decis case iv kuoni choic oj commiss decis case iv westdeutsch landesbank carlson thoma cook oj kuoni choic case cite footnot repli commiss statement object paragraph british monopoli merger commiss mmc similar view similar reason investig sector quot foreign packag holidai quot decemb cmnd paragraph quot report quot notif pp paragraph notif paragraph mmc report tabl spain greec account million packag holidai unit kingdom total europ includ turkei million spain account proport decreas sine spain remain popular packag holidai destin notif section sourc quot flight eastern mediterranean destin canari island hour notif tabl sourc ac nielsen short haul figur set tabl decis notif paragraph notif paragraph sourc quot hot quot airtour flight magazin winter repli statement object paragraph iii popular lone planet travel guid make comment regard orlando florida quot juli august hot humid high humid frequent downpour quot annex repli june commiss enquiri part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk reflect view express long haul oper kuoni point oral hear tabl annex repli june commiss enquiri ba holidai quot world offer quot poster produc airtour oral hear show price juli travel septemb octob repli statement object paragraph tabl paragraph mmc report cite footnot exclud direct sale oper telephon sale market definit competit travel agent paragraph instanc mmc report paragraph figur sourc british nation travel survei bnt paragraph notif consid connect small oper specialist interest nich make extens direct sale offer typic mass market holidai competit major integr oper depend distribut travel agent commiss estim base form mmc report survei data reproduc parti tabl notif notif tabl sourc bnt reproduc tabl notif sourc press articl enclos airtour repli june commiss enquiri transpar document accompani airtour present oral hear quot low cost airlin fli quot letter airtour seat broker hunt amp palmer apendix repli statement object quot paragraph repli major tour oper great major case direct flilght quot summer sun destin quot esteci region airport charter flight popular destin quot leisur quot airlin ba recent creat quot quot ba offer plane charter weekend british region airport aircraft requir schedul servic time understood small scale oper ba plan expand substanti inform rel price suppli airtour oral hear paper professor neven tabl support view price select schedul charter flight compar oper question charg charg supplement schedul flight instanc examin commiss decis case hava voyag american express iv oj thoma cook group ltu west lb iv oj west lb thoma cook iv oj wagon lit carlson iv oj westdeutsch landesbank carlson thoma cook iv cite footnot commiss decis ec case iv gencor lonrho oj judgment court instanc march case gencor commiss publish paragraph indent repli commiss statement object quot allegedli collect domin firm reach tacit agreement rais price quot paragraph ff paragraph indent quot collect domin quot quot oligopolist domin quot syonym decis notif paragraph part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk quot competit uk foreign packag holidai market econom analysi quot paper professor neven prepar airtour present hear paragraph defin mmc report cover varieti specif practic offer competitor product custom equival quot quot product unavail paragraph report paragraph figur parti paragraph notif base actual passeng carri figur major oper total market size figur bnt corrobor civil aviat author caa data mmc report paragraph total declin paragraph seat broker match suppli demand sell tour oper spare capac airlin dispos surplu requir op travel market share distribut integr signific south england rest unit kingdom paragraph mmc circumst prevail time find practic public interest part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk page repli statement object parti quot libra holidai independ tour oper expand capac commiss note libra holidai specialist oper note libra holidai capac expans continu small oper importantli commiss small independ tour oper compani establish futur commiss group independ tour oper increasingli marginalis sourc nielsen airtour packag holidai repli statement object pp characterist list substanti emploi previou commiss decis merger regul case oligopoli quot collect domin quot issu gencor lonrho cite footnot commiss decis ec case iv price waterhous cooper amp lybrand oj notif paragraph notif paragraph repli statement object paragraph present professor neven alan overd lexecon hear inconsist statement yearli report competit polici yearli report commiss decis eec case iv nestlé perrier oj mmc report tabl tabl show proport packag holidai remain constant recent year repli statement object paragraph repli statement object paragraph chang tast discuss section product homogen paragraph ff impact low cost airlin discuss section suppli airlin seat paragraph ff exogen shock place platinum market gencor lonrho case cite footnot strike bottl water market due contamin water nestlé perrier case cite footnot market exogen shock consid make market conduc oligopolist domin exogen shock normal featur market expect treat endogen variabl forecast demand explicitli account reduc disrupt impact shock capac plan event relat countri destin necessarili affect demand suppli holidaymak seek destin redistribut fly capac seek addit accommod destin repli statement object paragraph repli statement object paragraph paper professor neven line cite footnot notif paragraph paragraph comparison figur tour oper tabl mmc report equival tabl notif suggest share largest tour oper increas year acquisit involv short haul sector increas concentr mark notif paragraph repli statement object overview section point largest independ retail op travel share theori consum partli offset effect direct sell shop agenc sale point appear limit extent mmc report paragraph found half consum bui packag holidai visit travel agent tight market tour oper confront request lower price simpli refus tour oper likelihood sell holidai hear econom consult parti lexecon argu market share volatil evid graph notif paragraph reproduc hear note graph includ acquisit acquisit exclud movement market share evid underli market share volatil contrari stabl part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk wall street journal europ april thoma cook jointli control westdeutsch landesbank preussag calcul base market share data commiss ac nielsen data creation substanti independ retail oper entrant substanti expans exist independ agenc consid time suitabl retail site cheap town plan restrict appli develop internet digit televis sell oper undoubtedli great potenti appear longer term major oper suggest year build substanti retail busi unit kingdom emerg technolog section fring recit ff barrier entri recit ff slide present lexecon professor neven paper professor neven cite footnot slide present lexecon professor neven airtour argu fring effect competitor constrain larg integr oper reason discuss earlier commiss fring constrain larg oper gencor lonrho case cite footnot commiss argu specif punish mechan court instanc judgment put emphasi point hear parti argu previou cartel case cement case commiss decis ec case iv oj supplier larg capac retaili cheat oversuppli market parti evid case market view commiss draw comparison type cartel case case note oversuppli effect retali british market short haul foreign packag holidai notif paragraph part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk oj