Outbound investments into AI to be screened in line with updated matchday calendar

OK, the title was only meant to catch your attention. And to foreshadow three – albeit separate – topics of this post: AI and antitrust, a screening regime for outbound investments, and a hefty antitrust sports battle. New developments on all of these topics warrant attention. Rise of the machines: A global approach to AI … Continue reading Outbound investments into AI to be screened in line with updated matchday calendar →

Automakers Unite: German Watchdog Approves Joint Licensing Negotiations

The world of standard essential patents (SEPs) is a hotbed of legal disputes, especially in the automotive industry. The German Federal Cartel Office's recent decision regarding the "Automotive Licensing Negotiation Group" could have widespread implications. This decision marks a turning point, providing collective bargaining power to licensees. However, its global and long-term impact remains uncertain.

Third-party interventions in FIC proceedings: Unforeseen risks and hidden opportunities

These days, governmental bodies often have a say in whether foreign investments can proceed, particularly when national security or public order might be at stake. This is where Foreign Investment Control (FIC) comes in. While the influence of third parties in merger control proceedings is well-known, the potential impact of third-party involvement in FIC proceedings … Continue reading Third-party interventions in FIC proceedings: Unforeseen risks and hidden opportunities →

Regulation and enforcement – a poem

At all of the major antitrust conferences and events I attended lately, the mood seemed to be (not unexpectedly) so pro-regulation and pro-enforcement that even some heads of regulators speaking in favour of a balanced approach appeared as dinosaurs. A sign of times in which antitrust has become super political. This inspired me to be … Continue reading Regulation and enforcement – a poem →

The Foreign Subsidies Regulation in practice

The European Commission's "FSR brief" highlights the initial 100 days of the Foreign Subsidies Regulation's implementation. Key points include engagement with 53 parties, the application of merger control, and practical guidance for notifications. The brief also offers specific advice for investment funds and mentions the first in-depth investigation involving a Chinese rail company and a Bulgarian government contract.

USD 1.2 billion – What tech deal failures have cost acquirers in recent months

Several high-profile tech deals, including Amazon's acquisition of iRobot, were thwarted by merger control scrutiny, resulting in hefty break fees totaling approximately USD 1.2 billion. Break fees, also known as reverse break fees or termination fees, are imposed on acquirers who fail to close pre-agreed acquisitions. The cases underscore the significant costs and complexities of M&A transactions, emphasizing the need for careful assessment of break fees during negotiations.

Access to essential facilities – broader than one might think

The notion of what kind of facilities are essential under antitrust law has expanded lately – evidenced by a recent judgement. Time to look at the essential facilities doctrine and what it means today.

Small things matter

Recent cases indicate that no company or industry is too small for antitrust scrutiny, including more niche industries like breaded scampi and window blinds. While small market exemptions exist in countries like Germany, they don't necessarily protect against antitrust enforcement.

European Commission orders unbundling

The saga of Illumina/Grail has written its next chapter: Yesterday, the European Commission ordered Illumina to divest Grail and restore the situation prior to the acquisition. This post takes a look at the prerequisites for such an order and its implications. As a quick reminder, in September 2020, US biotechnology company Illumina agreed to acquire … Continue reading European Commission orders unbundling →

Germany blocks the full acquisition of an already majority-owned company

News broke yesterday that the German government prohibited the acquisition of 45% of the shares in a German satellite company by a Chinese acquirer. The notable twist: The acquirer already held 53% of the shares in the target. Kleo Connect is a German start-up that wants to provide global satellite data communications. 53% of its … Continue reading Germany blocks the full acquisition of an already majority-owned company →