From a business perspective that might be partly true. But anti-trust / anti-competition policies are not just to provide a level playing ground for businesses but also consumers. A giant conglomerate might have a higher productivity, but that doesn't mean that benefit will be passed to the consumer unless they have rival businesses to compete with. Competition promotes more innovation and is more socially beneficial to both businesses and consumers than giant conglomerates that just become obese and unhealthy after a point.