You're right. There's a wide academic literature on the effect of mergers on factors like prices, and it's not limited to that: it also includes things like quality and innovation. What we see, I think, is mounting evidence that we need to have this bias against mergers, especially in already concentrated markets. We need to look at what kind of growth we want to have. Is it paper growth through acquisition or is it through investment, hiring Canadians and offering new products?
On April 11th, 2024. See this statement in context.