We show that synergies enhance bidding competition to such an extent that they are a curse rather than a blessing for the bidders.
Leufkens, K., Peeters, R. J. A. P., & Vermeulen, A. J. (2010). Sequential auctions with synergies: the paradox of positive synergies. Economics Letters, 109(3), 139-141. https://doi.org/10.1016/j.econlet.2010.08.030