Competition authorities across the globe are increasingly enforcing procedural merger control rules monitoring the exchange of competitively sensitive information. This turns the spotlight on the use of clean teams in M&A transactions. Although the clean team concept is well established and now, for the first time, mentioned in the draft revised Horizontal Guidelines of the European Commission, key questions – eg, who is allowed to be a member, what information is clean-team only – are still subject to discussion. This bulletin provides guidance on the most pressing issues.
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