I didn't mean to speak about the efficiencies treatment in Bill C-352. I think Professor Ross did. However, perhaps I could, quickly, start with this. I agree with the concerns about the wording we see for the efficiencies factor that's reproducing the efficiencies defence. It could lead to issues, especially given the Tervita case, which you're all familiar with. I agree with that.
I'm less concerned—and maybe this is what your question is getting at—about whether efficiency is explicitly listed as a section 93 factor, partly because it's quite a different kind of consideration. All the other considerations in section 93 go to the kinds of competitive conditions in the market. You could have, as the old efficiencies defence suggests, a merger that is both efficient—it produces efficiencies—and quite anti-competitive. They move in different directions. It's unlike the number of competitors: The more there are, the more you tend to think there's more competition, all things equal. Introducing efficiency as a factor is a bit like a fish out of water or a square peg in a round hole—take your tortured metaphor. It doesn't quite fit there.
To get back to your question, Mr. Turnbull, efficiencies will get there in the sense that the merging parties need a theory of their case as a strategic matter, as a tactical matter, so they'll have some story about how they're doing this not because of competition but because of efficiency. I'm not sure that's something the tribunal needs to consider. The burden is on the bureau to show it's anti-competitive.
I would leave it at that. I think efficiencies might introduce confusion. That's my sense of things.