The Informed Board Podcast | Will the EU’s Focus on Foreign Subsidies Make It More Difficult To Acquire European Businesses?
Speeding up review periods remained a priority for antitrust authorities outside the U.S. They did this through formal rule changes or adjustments in practice. But the increasing complexity of the issues raised by some deals,...more
Merger control and foreign investment hurdles contributed to a challenging 2024 for M&A. 2025 looks more promising, with pro-business agendas and regulatory easing in key jurisdictions expected to fuel a surge in dealmaking -...more
This client alert offers a comprehensive overview of European merger control throughout 2024. Covering the key developments from 2024 that companies contemplating M&A transactions should be aware of if these will impact the...more
The ECJ’s Illumina/Grail judgment has curtailed the Commission’s direct oversight of certain transactions, thereby elevating the need for national "call-in" powers. These call-in regimes, which are proliferating both inside...more
In a much-anticipated move, the Polish Competition Authority's (PCA) revised guidelines on the criteria and procedure for notifying the intention of a concentration (Guidelines) have clarified the criteria for mandatory...more
On 24 September 2024, the European Commission adopted its first decision under the Foreign Subsidies Regulation (“FSR”)....more
For the first time, the European Commission has accepted commitments in a merger case reviewed under the EU Foreign Subsidies Regulation. What can we learn from the Commission’s announcement to clear the deal? We set out...more
The judgment rejects the European Commission’s expansive re-interpretation of the European Union Merger Regulation, stressing the need for legal certainty in line with the EU legislature’s intent....more
On 3 September 2024, the European Court of Justice (ECJ) ruled that the European Commission (Commission) cannot encourage or accept referrals for below-threshold deals from national competition authorities if those...more
In a landmark decision, the European Court of Justice (ECJ) has limited the European Commission’s (EC) ability to review mergers that fall outside thresholds at the EC level and in the Member States seeking to refer the...more
In yet another twist in the Illumina/Grail saga, Advocate General Emiliou has challenged the European Commission's approach to calling-in certain non-reportable transactions for review. The final judgment will be delivered by...more
On February 8, 2024, the European Commission (Commission) adopted its revised Market Definition Notice (Notice), replacing a version that was nearly 30 years old. The Notice is not binding, but it provides guidance on how the...more
The Situation: Over the last year, the Italian Competition Bill (Law 287/1990) has undergone a significant number of amendments aimed at strengthening the enforcement powers of the Italian Competition Authority ("ICA"). At...more
Political Agreement Reached on Corporate Sustainability Due Diligence Rules - On 14 December 2023, the European Council (Council) and European Parliament (Parliament) reached a political agreement on the Corporate...more
THE EUROPEAN COMMISSION PUBLISHES FINAL IMPLEMENTING REGULATION ON PROCEEDINGS PURSUANT TO THE FOREIGN SUBSIDIES REGULATION - On July 10, 2023, the European Commission (the “Commission”) published its final regulation for...more
Merger and acquisition (M&A) transactions are facing ever longer regulatory reviews and an increasingly uncertain outcome. Less than a decade ago, it seemed we were on a clear path to substantial international convergence,...more
On October 12, 2023, the European Commission (EC) ordered Illumina to unwind its already completed acquisition of the cancer-test provider GRAIL Inc. This is the first time that the EC has ordered a reversal of an...more
Starting today, October 12, 2023, the mandatory notification requirements under the EU’s Foreign Subsidies Regulation (FSR) apply. M&A deals involving businesses that (i) have been granted certain levels of financial support...more
Newly effective EU rules impose another layer of review for acquisitions in Europe. They empower the European Commission to investigate whether either the acquirer or target has received non-EU government subsidies that...more
The EU’s Foreign Subsidies Regulation (FSR) was adopted in late 2022. Its stated aim is to combat the effects of competitive distortions caused by foreign subsidies in the EU internal market and thereby level the playing...more
American companies and others outside the European Union (EU) pursuing large M&A transactions and public tenders in the EU’s single market must now comply with a new regulation. Effective July 12, 2023, the Foreign Subsidies...more
The recently enacted EU Foreign Subsidies Regulation (FSR) grants the European Commission investigative powers on foreign subsidies that may distort competition in the EU internal market. The FSR imposes suspensory filing...more
European Commission’s record gun-jumping fine on Illumina serves as warning to merging parties - The European Commission (EC) has imposed a fine of around EUR432 million on genomics company Illumina for closing its...more
The EU Court of Justice in the CK Telecoms1 ruling has addressed key questions of EU merger control, including the standard of proof for the European Commission to challenge a merger, the assessment of mergers below the...more
The European Commission (EC) has imposed a fine of around EUR432 million on genomics company Illumina for closing its acquisition of blood-based cancer test developer GRAIL before the conclusion of the EC’s merger control...more