Business And Finance: Monti promises to overhaul EU merger policy after series of defeats.

(From The Irish Times)

The European Competition Commissioner, Mr Mario Monti, has promised to overhaul the EU's merger review policy after a second, crushing defeat within one week in a European court. The Court of First Instance in Luxembourg ruled that Mr Monti was wrong to block Tetra Laval, the world's biggest packaging firm, from taking over the French bottle maker Sidel.

Mr Monti acknowledged that the ruling was a setback and promised to restore the Commission's credibility by improving its procedures for evaluating the potential impact of mergers and takeovers.

'Our record in the merger area is less glorious after these three court rulings. …