Merger Control, FDI and FSR: Lessons learned from recent deals

As our regular readers know, M&A deals in Europe face a complex interplay of merger control, foreign investment control and the Foreign Subsidies Regulations. Three very recent transactions illustrate how these regimes shape deal strategy and timelines. This post will dive into initial lessons to be learned from Universal/Downtown Music, Snam/Open Grid Europe and ADNOC/Covestro. … Continue reading Merger Control, FDI and FSR: Lessons learned from recent deals →

Update on Foreign Investment Control – Conference Report

September means the start of autumn, days getting shorter while skies often remain blue and the air crisp. Since two years, September also means time for the annual conference of the German “Forum Investitionsprüfung” – an association/platform of foreign investment control practitioners. Here is a summary of my the main takeaways. This post will spare … Continue reading Update on Foreign Investment Control – Conference Report →

Minority shareholdings, merger control and cartel proceedings: Reconciling RWE/E.ON with Naspers/Just Eat

Earlier this summer, in RWE/E.ON, the EU’s Court of Justice (CJEU) clarified the boundaries between merger control and antitrust enforcement, essentially holding that concerns relating to the EU’s cartel prohibition (Art. 101 TFEU) cannot be assessed as part of a merger control proceeding. But then last week, the European Commission approved Naspers’ acquisition of Just … Continue reading Minority shareholdings, merger control and cartel proceedings: Reconciling RWE/E.ON with Naspers/Just Eat →

The clock is not ticking: The General Court clarifies the trigger for merger referrals

Yesterday, the EU’s General Court added clarity to an aspect of EU merger control that can be very contentious: How much time do national regulators have to refer a transaction to the European Commission for review? The case – Brasserie Nationale and Munhowen v. Commission (T-289/24) – concerned the indirect acquisition of Boissons Heintz by … Continue reading The clock is not ticking: The General Court clarifies the trigger for merger referrals →

The ECJ pub crawl

A recent LinkedIn post by one of my fellow blog editors and the number of likes corresponding comment thread inspired me to take a look at products that are prominent in the antitrust world in particular because of judgements by the European Court of Justice (ECJ). Turns out: Many of them concern drinks. So here … Continue reading The ECJ pub crawl →

An update on Pay-for-Delay

So-called pay-for-delay cases are on their way to becoming a classic in the intersection of pharma and antitrust. As anything in this space, they are also somewhat political given the interest of public national health systems in lower prices. An opinion delivered this week by Advocate General Rantos to the European Court of Justice confirms … Continue reading An update on Pay-for-Delay →

Are regulatory interventions really working? A spotlight on monitoring and digital payments

Regulation and antitrust enforcement aim to keep markets competitive, ensuring fair prices and innovation. Both in regulation and enforcement, time and again the question comes up whether and how the effectiveness of remedies is actually monitored. A recent report by the European Court of Auditors (ECA) highlights this: The ECA found shortcomings in how the … Continue reading Are regulatory interventions really working? A spotlight on monitoring and digital payments →

Tax deductibility of cartel damages: To VAT or not to VAT

Co-authored by Prof. Dr. Jochen Lüdicke and Tobias Pukropski Tax questions rarely cross the desk of an antitrust practitioner, but when they do, things can get complex quickly – with significant implications for the companies involved. Best to involve a tax expert in these situations, like we have done for this post: We will report … Continue reading Tax deductibility of cartel damages: To VAT or not to VAT →

Defying the odds: When companies win against the European Commission

The European Commission is a stronghold in the world of antitrust enforcement. Facing a Commission investigation can sometimes feel overwhelming to companies, and the Commission’s decisions can have far-reaching consequences for businesses of all sizes. However, recent cases remind us that the Commission does not always have the last word. While at least some stakeholders … Continue reading Defying the odds: When companies win against the European Commission →

The latest in pharma antitrust – and lessons for other industries

The pharmaceutical industry is a traditional focus for antitrust scrutiny, with regulators around the globe cracking down on practices that they think stifle competition and keep prices high. This post delves into recent developments in several jurisdictions, highlighting the different ways companies can get into antitrust trouble and summarising key lessons for businesses in all … Continue reading The latest in pharma antitrust – and lessons for other industries →