Meeting Competition: Why it is not an Abuse under Article 82. Research Papers in Law, 3/2004.

Introduction. Meeting competition occurs when an undertaking lowers its prices in response to the entry of a competitor. Despite accepting that meeting competition can be compatible with Article 82, the Commission2 and the Court of justice3 have repeatedly condemned the practice due to the modalities of implementation or “particular circumstances”.4 However, existing precedent on the subject remains obscurely reasoned and contradictory, such that it is at the present time impossible to give clear advice to undertakings on the circumstances in which meeting competition is compatible with Article 82. Not only is such legal uncertainty in itself damaging but, in so far as it discourages meeting competition, it appears to us to be harmful to competition. As concerns the latter point, it will be seen that some of the most powerful arguments against prohibiting meeting competition are based on the counterproductive nature of the remedies. The present article does not, however, aim to propose a simple solution to distinguish abusive and non-abusive meeting competition.5 Nor does the article aim to give a comprehensive overview of the existing case law in this area.6 Instead, it takes a more economic approach and aims to lay out in a (brief but) systematic fashion the competitive concerns that might potentially be raised by the practice of meeting competition and in doing so to try to identify the main flaws in the Court and Commission’s approach.

Trace element geochemistry at DSDP Leg 82 Holes

Forty-three samples from DSDP Holes 556-559 and 561-564 were analyzed for rare earth elements (REE), Sc, Cr, Co, Hf, Ta, and Th by instrumental neutron activation analysis. The recovered basalts range from those depleted in light REE (LREE) to those enriched in LREE. The two types of basalts occur together in Holes 558 and 561. The depleted basalts have remarkably constant La/Yb, La/Sm, and La/Ti ratios and apparently derive from a large, homogeneous, mantle source underneath a segment (1200 km long) of the Mid-Atlantic Ridge. The almost twofold variation in the concentrations of incompatible trace elements in the depleted basalts is primarily due to different degrees of batch partial melting. The variation of highly to moderately incompatible elements in the Leg 82 enriched basalts can be successfully explained in terms of source mixing between depleted mantle sources and alkaline or nephelinitic magmas similar to Azores Islands magmas. However, the correlation of LREE enrichment with distance from the Azores Triple Junction is tenuous at best, and the enriched alkaline component is probably not directly related to the Azores volcanism.