Mergers are back in fashion, especially now that the government no longer objects as much as before. Why do a merger? Well, the merging parties always say that the merger will strengthen competition (good for the public), lower operating costs (good for shareholders), and be transformative (which we can’t translate). Cynics say the merger partners and arrangers have other motives, because the mergers produce huge fees for bankers and lawyers and bonuses for the executives, and ongoing benefits for executives because the bigger…