This study looks at what happens when two companies that are regulated by the government merge, especially when one of them is connected to suppliers that aren't regulated. They studied if merging could save on costs, but found that when the merged company keeps the actual savings secret, the government faces challenges in deciding if the merger is beneficial. The research shows that when the unregulated part of the market is very competitive, the government might allow more mergers between regulated firms. Also, if the regulated companies start competing in the unregulated market, the rules on mergers might become less strict, especially if there isn't much competition in that market.