You wouldn't hypothetically imagine, “For the purpose of assessing this, what if A and B were also to merge?” But that's why I'm saying there is a strategic issue for the institutions, because they know that there is an effect, and if you come in later rather than earlier you're going to be assessed in a rather different market.
Nous n'essayons pas d'imaginer des situations hypothétiques. Nous ne nous demandons pas, par exemple, ce qui arriverait si, à part l'opération envisagée, les institutions A et B fusionnaient également.