Antoine Chapsal
Managing Principal
Education
Summary
Dr. Chapsal is an economist who specializes in empirical and theoretical industrial organization. He has provided economic expertise in a large number of high-profile cases involving mergers, cartels, information exchanges, abuses of dominant positions, regulation, intellectual property matters, and damages quantifications. Recent examples include the Lafarge/Holcim and Fnac/Darty mergers, as well as airfreight, cathode ray tube, and elevator cartel cases. Dr. Chapsal has also assisted various firms in designing optimized pricing strategies and dealing with policy issues. His reports have been presented to the competition authorities of France, Germany, Austria, and South Africa; the European Commission; the Higher Regional Court of Düsseldorf; and the Court of Appeals, Conseil d’Etat, Conseil constitutionnel, and Tribunal of Commerce of Paris.
Prior to joining Analysis Group, Dr. Chapsal founded MAPP, a Paris- and Brussels-based economic consultancy, which was acquired by KPMG in 2018. Previously, he worked in a US competition economics consultancy. Dr. Chapsal regularly publishes articles on competition economics, on subjects ranging from the econometric analysis of cartels to geographic market delineation and exclusionary strategies. He is an affiliated professor at the Sciences Po Department of Economics and a member of the CESifo academic research network.
Selected Cases
Groupe Bertrand Acquisition of Léon de Bruxelles
Analysis Group supported restaurant and hotel conglomerate Groupe Bertrand in its acquisition of restaurant chain Léon de Bruxelles.
Lactalis Group Acquisition of Nuova Castelli
Analysis Group worked with international dairy product manufacturer Lactalis Group in its acquisition of specialty cheese producer and distributor Nuova Castelli.
Carrefour Acquisition of Makro Dossier Gulliver
Analysis Group worked with hypermarket chain Carrefour in its acquisition of Makro Dossier Gulliver, another chain of hypermarkets (a combination of grocery and department stores).
Audika Groupe S.A.S./Audilab S.A. Merger
Analysis Group supported hearing aid manufacturers Audika Groupe S.A.S. and Audilab S.A. in their merger.
D’Aucy /Triskalia Merger
Analysis Group supported the French agricultural cooperatives D’Aucy and Triskalia in their merger.
Lactalis Group Acquisition of Leerdammer
Analysis Group supported international dairy product manufacturer Lactalis Group in its acquisition of specialty cheese producer Leerdammer.
AGPM Acquisition of GMPA
Analysis Group worked with insurance company Ass Generale Prevoyance Militaire (AGPM) in its acquisition of Groupement Militaire de Prevoyances des Armees (GMPA), a subsidiary of Allianz SE.
Review of Crédit Agricole and Worldline Joint Venture
Analysis Group was retained by French international banking group Credit Agricole and Worldline SA (Worldline), a French provider of merchant and transactional services, in connection with Credit Agricole’s intended acquisition of a minority stake in Worldline and the parties’ proposed joint venture.
San Marina Acquisition of Minelli SAS
Analysis Group was retained by Stéphane Collaert, co-owner of footwear brand San Marina in connection with an investigation by the French Competition Authority (FCA) of San Marina’s intended acquisition of French footwear and accessories brand Minelli SAS.
Groupe Canal Plus Acquisition of OCS and Orange Studio
Analysis Group was retained on behalf of French media company Groupe Canal Plus in connection with its prospective acquisition of pay TV platform OCS and film and television co-production company Orange Studio, both subsidiaries of the French telecommunications company Orange SA.
CTS Eventim/FNAC Darty Merger
Analysis Group was retained on behalf of German live entertainment and ticketing service provider CTS Eventim AG & CO. KGaA (CTS Eventim) and FNAC Darty, a French online retailer of consumer electronic products, in connection with an investigation by the European Commission of the proposed merger between the parties.
CMA CGM Group SA Acquisition of Bolloré Logistics
Analysis Group was retained on behalf of French container shipping and transportation company CMA CGM Group SA (CMA CGM) in connection with its intended acquisition of Bolloré Logistics, a division of a French conglomerate with a specialization in transport and logistics services for luxury goods.
D’leteren Group Acquisition of Parts Holding Europe
Analysis Group supported D’Ieteren Group, Belgian owner of companies in the automotive and vehicle repair industries, though a Phase I investigation by the European Commission of D’leteren Group’s intended acquisition of Parts Holding Europe, a French distributor of automotive spare parts.
FNAC Darty Acquisition of Nature & Decouvertes
Analysis Group was retained by FNAC Darty, a French online retailer of consumer electronic products, and Nature & Decouvertes, a French book and toy retailer, to assess the economic impact of FNAC Darty’s acquisition of Nature & Decouvertes.
Roche Holding AG, et al. v. French Competition Authority
Analysis Group supported Novartis and its counsel in their appeal of the French Competition Authority’s (FCA’s) decision finding that Genentech, Roche, and Novartis had abused a collective dominant position by allegedly disparaging an off-label competitor’s drug in their communications.
Reworld Media/Arnoldo Mondadori Editore Merger Approval
An Analysis Group team was retained on behalf of French media company Reworld Media in its successful merger with Mondadori France, a subsidiary of Arnoldo Mondadori Editore.
Economic Analysis in CMA CGM Shipping Matter
An Analysis Group team was retained on behalf of French container transportation and shipping company CMA CGM to assess the economic impact of the Ocean Alliance – an operational agreement between shipping companies enabling member shipping companies to offer various efficiencies that benefit consumers and the environment – on shipping prices.
In re: Corsica Linea PSO France Objet
An Analysis Group team was retained on behalf of French regional shipping and ferry company Corsica Linea in a European Commission (EC) investigation into whether Corsica Linea’s public service obligation (PSO) to ship from Marseille to ports in Corsica distorted competition.
Worldline Acquisition of Ingenico
An Analysis Group team provided economic and competitive analysis in Wordline’s successful proposal to acquire Ingenico, a rival payment services and point-of-sale terminal provider.
Veolia/Suez Merger Approval
On behalf of Suez in its acquisition by the international environmental services conglomerate Veolia, Analysis Group teams provided economic and financial analyses for review by regulatory agencies in multiple countries.
