Author: Tobias Pukropski

Enthusiast for antitrust law and German foreign investment control and particularly interested in the intersection of politics with both.

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.

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 →

EU Commission already under pressure to investigate foreign subsidies?

The EU’s Foreign Subsidies Regulation started to apply about a month ago. Most observers expected the regulation’s strongest impact to be on M&A transactions, not least because the European Commission does not exactly seem to have an abundance of staff to deal with the new rules. Yet, the regulator received at least two complaints against … Continue reading EU Commission already under pressure to investigate foreign subsidies? →

Politics in antitrust – Look no further

Anyone who still doubted that politics play an increasing role in antitrust should by now be convinced of the opposite: The recent appointment of the new Chief Economist at the European Commission is another instance where antitrust made it to the mainstream press across Europe. This post provides a short summary of what happened and … Continue reading Politics in antitrust – Look no further →