This document summarizes the number and characteristics of merger reviews started and concluded by the Competition Bureau's Mergers Directorate in the 2022-2023 fiscal year. In past years, the Merger Intelligence and Notification Unit (MINU) has presented similar information at the Mergers and Unilateral Conduct Roundtable hosted by the Canadian Bar Association's Mergers and Unilateral Conduct Committees and the Bureau's Mergers and Monopolistic Practices Branch.
On this page:
Annual Filings and Reviews Started
Figure I: Total Annual Notification & ARC Request Filings
Figure I identifies the annual number of filings (including pre-merger notifications and requests for an Advance Ruling Certificate (ARC)) since 2012-2013. The number of filings in 2022-2023 was 194, which represents a decrease of 21% over the previous fiscal year. In total, the Bureau started 202 reviews in 2022-2023.
| Fiscal Year | Total Filings |
|---|---|
| 2004-05 | 245 |
| 2005-06 | 259 |
| 2006-07 | 268 |
| 2007-08 | 300 |
| 2008-09 | 207 |
| 2009-10 | 201 |
| 2010-11 | 219 |
| 2011-12 | 207 |
| 2012-13 | 214 |
| 2013-14 | 217 |
| 2014-15 | 240 |
| 2015-16 | 212 |
| 2016-17 | 217 |
| 2017-18 | 229 |
| 2018-19 | 197 |
| 2019-20 | 230 |
| 2020-21 | 179 |
| 2021-22 | 246 |
| 2022-23 | 194 |
Figure II: 2022-2023 Monthly and Quarterly Notification & ARC Request Filings
Figure II identifies the number of filings in each month and quarter for 2022-2023. The number of filings was highest in the first quarter and relatively stable between the remaining quarters in 2022-2023. The number of filings in each quarter was lower than the number of filings in each quarter of the previous fiscal year, with the exception of the first quarter. For reference, 2021-22: Q1 = 57; Q2 = 55; Q3 = 75; and Q4 = 59.
| Month | 2022-23 |
|---|---|
| April | 14 |
| May | 25 |
| June | 19 |
| July | 19 |
| August | 12 |
| September | 11 |
| October | 13 |
| November | 22 |
| December | 13 |
| January | 15 |
| February | 15 |
| March | 16 |
Case Load – Concluded Reviews Statistics
Table I: Complexity and Service StandardsFootnote 1 for Concluded Reviews
| Measurement | Complexity | 2022/23 | 2021/22 | 2020/21 | 2019/20 |
|---|---|---|---|---|---|
| Matters Concluded (#) | Non-Complex | 128 | 180 | 125 | 168 |
| Complex | 72 | 57 | 50 | 57 | |
| Total | 200 | 237 | 175 | 225 | |
| Matters Concluded (%) | Non-Complex | 64% | 76% | 71% | 75% |
| Complex | 36% | 24% | 29% | 25% | |
| Total | 100% | 100% | 100% | 100% | |
| Service Standard Met (#) | Non-Complex | 126 | 180 | 122 | 165 |
| Complex | 66 | 54 | 42 | 53 | |
| Total | 192 | 234 | 164 | 218 | |
| Service Standard Met (%) | Non-Complex | 98% | 100% | 98% | 98% |
| Complex | 92% | 95% | 84% | 93% | |
| Combined | 96% | 99% | 94% | 97% | |
| Avg. Review Time (days) | Non-Complex | 10.06 | 9.08 | 10.23 | 10.93 |
| Complex | 38.75 | 37.95 | 42.42 | 36.18 |
Table I sets out reviews concluded in 2022-2023 and the three previous fiscal years. It includes breakdowns by complexity and whether the Bureau met its service standards. The Bureau met its service standard in 98% of non-complex and 92% of complex reviews. The percentage of service standards met for all reviews decreased 3% to 96%, relative to the last fiscal year. Average non-complex reviews lasted 10.06 days, while the average complex review lasted 38.75 days. The ration of non-complex to complex reviews deviated from the usual 75:25 split, to 64:36. This is the highest proportion of complex reviews in the past 10 years.
Figure III: 2022-2023 Completed Reviews Sector Breakdown
The Mergers Directorate assigns a four-digit North American Industry Classification System (NAICS) to each merger it reviews according to the industry sector involved. Figure III represents the sectors most frequently reviewed by the Mergers Directorate in 2022-2023. That year, the most frequently reviewed sector was Lessors of Real Estate, which made up approximately 13% of completed reviews. In 2021-2022 this sector represented 24% of completed reviews.
| North American Industry Classification System (NAICS) | Breakdown for all matters reviewed |
|---|---|
| Lessors of real estate | 13% |
| Oil and gas extraction | 11% |
| Depository credit intermediation | 4% |
| Computer systems design and related services | 4% |
| Metal ore mining | 3% |
| Greenhouse, nursery, and floriculture production | 2% |
| Electric power generation, transmission and distribution | 2% |
| Other financial investment activities | 2% |
| Highway, street and bridge construction | 2% |
| Motor vehicle parts manufacturing | 2% |
| Gasoline stations | 2% |
| Other | 52% |
Figure IV: 2022-2023 Completed Complex Reviews Sector Breakdown
Figure IV represents the sectors most frequently reviewed in complex reviews by the Mergers Directorate in 2022-2023. That year, the most frequently reviewed sectors were gasoline stations and pipeline transportation of crude oil.
| North American Industry Classification System (NAICS) | Breakdown for all matters reviewed |
|---|---|
| Gasoline stations | 4% |
| Pipeline Transportation of Crude Oil | 4% |
| Greenhouse, nursery, and floriculture production | 3% |
| Pulp, paper and paperboard mills | 3% |
| Basic Chemical Manufacturing | 3% |
| Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing | 3% |
| Motor Vehicle Parts Manufacturing | 3% |
| Farm product merchant wholesalers | 3% |
| Lumber, millwork, hardware and other building supplies merchant wholesalers | 3% |
| Building material and supplies dealers | 3% |
| Health and Personal Care stores | 3% |
| Wireless Telecommunications Carriers (except Satellite) | 3% |
| Other financial investment activities | 3% |
| Computer systems design and related services | 3% |
| Community care facilities for the elderly | 3% |
| Other | 56% |
Table II: Case Load – Outcomes
| Statistic | 2022/23 | 2021/22 | 2020/21 | 2019/20 | 2018/19 |
|---|---|---|---|---|---|
| ARCs Issued (Non-Complex) | 87 (68%)Footnote 1 | 145 (80.6%) | 89 (71.2%) | 103 (61.3%) | 91 (64.1%) |
| NALs Issued (Non-Complex) | 41 (32%) | 34 (18.9%) | 34 (27.2%) | 64 (38.1%) | 49 (34.5%) |
| SIRs Issued (% of total concluded matters filed) | 10 (5%) | 12 (5.1%) | 10 (5.7%) | 13 (5.8%) | 10 (4.8%) |
| SIRs Issued – Concluded Matters (% of total concluded matters filed) | 13 (6.5%) | 9 (3.8%) | 11 (6.3%) | 10 (4.4%) | 13 (6.2%) |
| Concluded with Issues | 14 | 7 | 5 | 5 | 5 |
| Consent Agreements | 7 | 4 | 2 | 2 | 5 |
| Position Statements | 1 | 5 | 4 | 3 | 6 |
Table II sets out the outcomes for concluded reviews in 2022-2023, as well as in the four prior fiscal years. In 2022-2023, the Bureau issued 13 SIRs. SIRs were issued in 10 of the reviews that concluded in 2022-2023. 14 reviews were concluded with issues in 2022-2023, which is double the number of the previous fiscal year. The number of consent agreements issued almost doubled compared to the previous fiscal year and more than tripled compared to other prior fiscal years. The Mergers Directorate issued one position statements in 2022-2023, and also published a Report to the Minister of Transport and the parties to the transaction pursuant to subsection 53.2(2) of the Canada Transportation Act.