Letters: A Brief Look Back
February 2, 2024Welcome to Letters from CAMP, a newsletter on anti-monopoly activity in Canada and abroad, brought to you by the Canadian Anti-Monopoly Project. In this installment we have:
Now let’s dive in.
CAMP’s 2024 Annual Highlights: Turning the Tide on MonopolyAs 2025 roars into gear, we’re taking a moment at CAMP to look back on what we’ve accomplished in the past year. Looking back, it’s clear that competition law in Canada has undergone a seismic shift. The passage of Bill C-59 brought a second wave of sweeping reforms, overturning the law that had originally been written by the very companies it was intended to police. The past year has shown that real change is possible when policymakers recognize the cost of monopoly power—not just in higher prices, but in the erosion of innovation, worker rights, and the quality of our democracy. Along with leading the competition policy conversation, CAMP also authored insightful reports that put the spotlight on some of the most harmful monopolies in the Canadian economy. In From Plow to Pantry, CAMP laid out how the consolidation of Canada’s food system extends far beyond the grocery shelves, raising prices for consumers and harming producers. Similarly, in The Private Equity Playbook, CAMP fellow Rachel Wasserman showed how buyout private equity has been silently rolling up once fragmented and competitive markets at the expense of all Canadians. While it’s important to recognize wins, the real work lies ahead of us. Canada, like many countries, is headed for a year of unprecedented economic uncertainty. Tackling monopolies at home and abroad will be a part of navigating that uncertainty, but the next win will be even more hard fought. We’re up to the challenge, and we hope you are as well. 📚 What We’re Reading 📚
Lawyers Warn Clients of Tougher Test for Private Equity AcquisitionsPrivate equity firms that have long amassed market power through serial acquisitions are now on the back foot thanks to Canada’s reformed competition laws. As highlighted in law firm McCarthy Tétrault’s 2025 Private Equity Outlook, the new rules, and in particular the structural presumption against mergers in already concentrated markets, means tougher scrutiny for private equity acquisitions. In the firms own words, private equity firms “find themselves facing a steeper hill to climb when faced with the [Competition] Bureau in 2025.” The implications for private equity in Canada are significant. For years, firms have used roll-up acquisitions, systematically acquiring smaller competitors to consolidate control over a market, without triggering alarms. Now, the cumulative impact of these deals will face tougher regulatory examination, making it harder to become dominant in industries like veterinary clinics, funeral homes, and food service. While the real test of the law will be in the years to come, this legal guidance shows that Canada’s competition policy turning point is beginning to take hold. As McCarthy Tétrault notes, this policy is already reshaping acquisition strategies, with financial firms reassessing their long-standing playbook for evading much-needed scrutiny. Lina Khan’s Last Week as Groundbreaking FTC ChairThis week marked the end of the four year tenure of U.S. Federal Trade Commission (FTC) Chair Lina Khan, capping off one of the most important periods in the agency’s century long history. Khan’s tenure was defined by an unapologetic commitment to reviving antitrust enforcement and a shift in how policy makers think about competition and monopoly. Khan’s FTC took on fights previous enforcers shied away from, showing that Americans can and should be protected from even the most powerful corporations. Under her leadership, the agency banned noncompete clauses, freeing millions of workers from restrictive contracts that locked them into jobs with artificially suppressed wages. She defended American’s access to affordable groceries, leading a challenge to the $24 billion Kroger-Albertsons grocery merger, easily one of the most significant antitrust victories in years. Along with Assistant Attorney General Jonathan Kanter, Khan spearheaded a comprehensive overhaul of rules of merger enforcement, strengthening the standards for how regulators evaluate corporate consolidation. But the biggest indicator of Khan’s success in the role? The constant vitriol hurled at her from the corporate masters of the universe. During her term, the Wall Street Journal penned a record-breaking 124 op-eds attempting to discredit her work at the agency. Khan’s impact will be felt long after she leaves office. The real question now is whether her successors will carry forward the fight or retreat under pressure from corporate titans. Her legacy is a reminder that competition policy isn’t just about economic theory—it’s about power, people, and protecting the public interest. If you have any monopoly tips or stories you'd like to share, drop us a line at hello@antimonopoly.ca
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The federal government empowers an oligopoly
The Globe & Mail
On January 14, the Honourable Anita Anand, Minister of Transport and Internal Trade, announced the Government of Canada approval of the acquisition of Viterra Limited by global agri-business Bunge Global SA. Through this action the federal government has ignored the critical concerns of several organizations, including farm groups from across the country, underscoring the continued concentration in the grains sector.
The Canadian Anti-Monopoly Project released this statement on hearing of the merger approval:
“The government’s approval of the Bunge-Viterra takeover is a loss for grain farmers that depend on competitive markets to get a fair deal for the fruits of their labour,” said Keldon Bester, Executive Director of CAMP. “The need to place firewalls around Bunge’s ownership of G3 makes it clear that the transaction creates an ongoing conflict of interest at the expense of Canada’s grain farmers. The approval of Bunge-Viterra continues the march of consolidation at all levels of Canada’s food system that has left producers and shoppers with fewer options and less competition in an environment of steadily rising prices.”
Letters: Pressure at the Margin
January 26, 2024Welcome to Letters from CAMP, a newsletter on anti-monopoly activity in Canada and abroad, brought to you by the Canadian Anti-Monopoly Project. In this installment we have:
Now let’s dive in.
StatsCan Finds Steady Rise in Markups and Market PowerOne of the factors we look for to detect the presence of monopoly power is high and rising markups: the price corporations can charge above the cost of the goods and services they sell. This week, new analysis from Statistics Canada found more evidence of what we’ve been saying all along: monopoly markups are on the rise. Depending on the measurement method, average markups in Canada have increased by 5% - 13% since 2001, with the sharpest growth occurring after the 2008 recession. The report highlights that this rise has been accompanied by fewer new firms entering the market and increased concentration of market power among dominant players. The average markup—a measure of how much firms charge above their costs—has steadily risen, placing a growing burden on consumers. What’s striking is that companies have been passing these increases onto consumers well before inflation became a headline issue. While Canada maintained a weak approach to competition, incumbent firms were able to squeeze more out of Canadians. Contrary to economic theory, these increasing margins did not lead to a rush of new competitors. Instead, fewer and fewer firms are challenging the position of dominant firms. As debates heat up about how to respond to the threat of tariffs, this analysis reminds us that we cannot fix our position on the global stage without tackling entrenched market power at home. 📚 What We’re Reading 📚
Big Tech Doesn’t Love You Back: Amazon Exits Quebec Following Worker OrganizingThis week, Amazon announced it would be closing all seven of its Quebec facilities, cutting nearly 2,000 jobs. Officially, the company cited “a review of its Quebec operations” that found it could better serve customers with third party delivery services. But the real reason is to send a clear signal to Canadian workers: organize for better working conditions at your own risk. Quebec is home to Amazon’s only unionized workforce in Canada, with workers organizing in response to concerns over unsafe conditions, low pay, and grueling schedules. Amazon’s retreat shows the lengths the largest corporations will go to avoid a fair deal for workers. Evidence from other countries shows us why Quebec workers were right to organize for better conditions. Studies show Amazon warehouses have injury rates more than double comparable warehouses and that local warehouse wages fall once Amazon comes to town and starts exerting pressure. This occurs while Amazon extracts an ever-growing share of revenue from third party sellers who make use of their platform. In response to the closure, Industry Minister François-Philippe Champagne has called for a review of the federal government’s business relationships with Amazon, which account for tens of millions of dollars of revenue annually. But until we address the monopoly power at the heart of this dispute we should expect the future of Canadian workers to be hostage to the whims of tech giants. 📰 CAMP in the News 📰
Big Tech Buys a Seat at Trump’s Inauguration“After years of pretending to be Democrats, Big Tech leaders are now pretending to be Republicans,” tweeted Epic Games CEO Tim Sweeney. This sharp critique captures the dramatic shift in political strategy represented by Jeff Bezos, Mark Zuckerberg, and Sundar Pichai’s front and center placement at Trump’s inauguration. Big Tech’s sudden love affair with the incoming administration, including million dollar contributions to Trump’s inaugural fund, is a clear attempt to sway the president away from his previous antipathy for Big Tech and strike deals that would allow them to escape ongoing antitrust scrutiny. Before their about-face on the issue, Big Tech were the loudest champions of the diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) initiatives that have come under scrutiny by Republicans, with some companies even using them in an attempt to justify controversial mergers. At the time, the Federal Trade Commission (FTC) under former Chair Lina Khan correctly pushed back against such tactics, signaling that such commitments could not be a shield for anticompetitive practices. The ongoing 180 is a stark reminder of why the task must always be to decentralize power within an economy rather than hoping it can be a tool for political goals on either side of the aisle. While political winds may have changed, the power these companies have over our communication, commercial, and social networks is as dangerous today as it was during the previous administration. While we continue to see reasons for optimism in the future of U.S. antitrust, Big Tech’s central role at the inauguration is a discouraging signal. If you have any monopoly tips or stories you'd like to share, drop us a line at hello@antimonopoly.ca
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Contractors accused of rigging Manitoba Housing bids after years-long investigation want charges stayed
Documents shed light on investigation into 5 men charged following Competition Bureau probe.
Keldon Bester, the executive director of the research and advocacy group Canadian Anti-Monopoly Project, said when the Competition Bureau is investigating possible bid-rigging, it will often look for bids that don’t make sense.
“Seemingly innocuous behaviour really can hide something that is robbing the public of a fair deal for their tax dollars,” said Bester, who previously worked at the Competition Bureau as a special adviser.
CBC
Documents shed light on investigation into 5 men charged following Competition Bureau probe. Keldon Bester, the executive director of the research and advocacy group Canadian Anti-Monopoly Project, said when the Competition Bureau is investigating possible bid-rigging, it will often look for bids that don’t make sense.
“Seemingly innocuous behaviour really can hide something that is robbing the public of a fair deal for their tax dollars,” said Bester, who previously worked at the Competition Bureau as a special adviser.
Letters: Grocery Gatekeepers
January 19, 2024Welcome to Letters from CAMP, a newsletter on anti-monopoly activity in Canada and abroad, brought to you by the Canadian Anti-Monopoly Project. In this installment we have:
Now let’s dive in.
Canadian Community Freed from Grocery GatekeepersCrowsnest Pass, a community of just under six thousand Canadians on the border between British Columbia and Alberta, is home to one grocery store. Until today, you could be forgiven for thinking that the reason for this situation is that a community of that size can only support one grocery store. But we now know that isn’t the case. In a narrow but important win for competition, the Competition Bureau has successfully forced Sobeys to relinquish a property control that had prevented a second grocery store from opening in the municipality, spelling the end of a seven-year stranglehold by the grocer. For Crowsnest Pass residents, this brings not only the potential for lower prices and greater variety in the grocery aisle, but also the freedom to start and grow businesses that serve their community. Property controls like these are just one of the many anti-competitive tactics used by dominant players to restrict economic freedom and keep competition at bay. Harmful anywhere in the country, these restrictions are particularly insidious in remote communities where a property control could put the next closest competition an hours-long drive away. While an important step towards a fairer deal for the people of Crowsnest Pass, grocers engage in these practices across the country. As the Bureau’s investigation into Sobeys and Loblaw’s use of property controls continues, Canadians cannot be asked to settle for piecemeal wins in only the most extreme monopoly situations. What worked in Crowsnest Pass will work across the nation, and a nationwide response is necessary to turn the tide in favour of consumers. This is a good start, but it’s time to unleash real competition in the grocery industry. 📚 What We’re Reading 📚
Government Gives Bunge-Viterra the Green Light and Farmers Foot the BillThe federal government’s approval of Bunge’s $8 billion takeover of Viterra this week has sparked outrage among prairie producers and competition advocates alike. While Ottawa touts its “extensive terms and conditions” to protect competition, the deal hands even more control over Canada’s critical grain supply chain to a single multinational agribusiness giant. One particularly alarming aspect of the deal is the potential fallout at the Port of Vancouver, where the Bunge-Viterra deal means more intense consolidation that could choke off competition for grain export capacity. As Canada’s largest gateway for grain, the port’s efficiency and accessibility are essential for farmers to get their crops to global markets. With fewer companies dominating the port’s logistics and crush facilities, farmers face reduced transparency, diminished bargaining power, and higher costs to move their products. Researchers estimate that the deal could cost producers billions in lost revenue, with ripple effects across the entire agricultural economy. If Canada wants to protect its farmers and ensure fair market access, we need to change how we think about consolidation. This is the case not just for agriculture, but for every sector where monopolies are deepening their roots. 📰 CAMP in the News 📰
Rogers: Canada’s Complaints ChampionIf frustrating customers were a sport, Rogers would lead the league. According to the latest report from the Commission for Complaints for Telecom-Television Services (CCTS), Rogers received 24% of all complaints during the 2023–24 reporting period—a staggering 68% increase from the previous year. The top issues included incorrect charges, unresolved credits, and, worst of all, a 447% spike in complaints about regular price hikes. This avalanche of complaints comes as no surprise to anyone following the aftermath of the Rogers-Shaw merger, which CAMP staunchly opposed. At the time, we warned that less competition would lead to higher prices and worse service for all consumers. The CCTS report shows that these fears were well-founded. Billing complaints—the most common gripe—rose by 52% across all telecom providers, with Rogers leading the pack. This isn’t just an issue of bad service; it’s a reflection of what happens when competition doesn’t keep companies in check. Rogers has pointed to “increased public awareness” of the CCTS as one reason for the spike in complaints, but the numbers paint a different picture. The merger gave Rogers even more market power, enabling the company to lower the quality of support with minimal fear of losing customers to competitors. With fewer choices and rising costs, Canadian consumers are left with the bill—literally. If you have any monopoly tips or stories you'd like to share, drop us a line at hello@antimonopoly.ca
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Another merger, another drop in competition
The Globe & Mail
It is both a surprise and not a surprise that federal Minister of Transport Anita Anand on Monday approved the takeover of one giant agribusiness company by another, a move that will inevitably lessen competition in a key Canadian agricultural sector. Since 2000, Ottawa has allowed 31 out of 31 proposed mergers and acquisitions in agri-food to go through, the Canadian Anti-Monopoly Project said in a report last year.