Interesting point from John Authers daily newsletter “Points of Return”last week.

“Shareholder capitalism looks like an anglophone invention that Asian countries have adopted with great success. European capitalism has a different model. At least in this respect it is less aggressive, competitive and, ultimately, capitalist. The lack of competition embodied by the highly consolidated industrial sectors of western Europe looks like a model to be avoided. And that in turn suggests that governments and regulators will feel it necessary to be far more aggressive when it comes to blocking proposed mergers on competition grounds.”