Case
FTC v. Wilhelm Wilhelmsen, et al.
An Analysis Group team assisted the Federal Trade Commission (FTC) in its successful effort to block Wilhelmsen Maritime Services AS's proposed $400 million acquisition of Drew Marine Group Inc.
In February, the FTC sought a temporary restraining order and a preliminary injunction in federal court to block the deal from closing while the agency conducted an administrative trial to determine its legality. The FTC contended that the acquisition would diminish competition – with the combined entity commanding 85% of the market share for marine water treatment chemicals – and effectively create the only truly global supplier of these products.
Supporting the FTC was a team of economists from Analysis Group, led by Managing Principals Dov Rothman and Aaron Yeater, with support from Vice Presidents Philipp Tillmann and Alex Robinson. Dr. Rothman testified that the cost efficiencies projected by Wilhelmsen could not be verified, and that many of the projected cost efficiencies would not be merger-specific. He also addressed the extent to which any verifiable and merger-specific cost efficiencies would have affected the merged firm's pricing incentives.
On July 21, following a three-week bench trial, US District Judge Tanya S. Chutkan issued a sealed opinion granting the FTC's motion for an injunction. Following the decision, Wilhelmsen Maritime announced that it will abandon the transaction and pay a termination fee of $20 million to Drew Marine.
Meet Our People
Philipp Tillmann
Vice PresidentDr. Tillmann is an economist who specializes in the application of microeconomics, econometrics, and statistical methods to litigation matters, investigations, and strategy assignments. He has served as an expert witness and has supported expert witnesses, managed case teams, and conducted analyses in merger, cartel, abuse of dominance, and other matters across a broad range of industries and jurisdictions, including in the EU, the US, Canada, the UK, and Australia.
He regularly assists clients across all phases of merger cases, from pre-announcement through investigation, litigation, and compliance monitoring. His clients include merging parties, the US Department of Justice (DOJ), the Federal Trade Commission (FTC), and state attorneys general.
Dr. Tillmann holds a Ph.D. in economics from the University of Chicago, and his research has appeared in outlets such as the Journal of Competition Law & Economics and the American Journal of Political Science. He has taught economics to undergraduate and graduate students at The University of Chicago, the University of Rochester, and the University of Cologne.