A blog about the intersection of antitrust, foreign investment control, politics, and everything in between
When asked about current trends and industries in the focus of antitrust regulators worldwide, no expert’s shortlist is complete these days without a reference to the pharma industry. The Commission and other EU regulators apparently share that view and recently published a report on what has happened in this sector in the previous years. The … Continue reading All eyes on pharma – also in the years to come?
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.
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 file is undisputedly one of the essential rights of defense in any cartel investigation. Yet, the when and the extent to which access is granted is often controversially disputed between regulators and alleged cartelists. A recent judgment by a German court strengthens the rights of companies and criticises the established practice by the … Continue reading Access to file: Don’t wait until the end
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.
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.
It may sound counterintuitive: Striking a deal with a regulator to conclude a cartel investigation, only to later challenge the very same decision in court. The General Court recently had to deal with this situation in relation to the Ethylene cartel and clarified some important aspects of the European settlement procedure. Here is what companies … Continue reading Agree to disagree: Settlement decision challenged in court
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
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
Summertime is blockbuster time, and some blockbusters are just too good to be missed. Looking at current trends, sequels still seem to be a safe pair of hands. While I cannot comment on the new Indiana Jones or Mission Impossible yet, my (and potentially the rest of the antitrust world’s) jaw(s) dropped when reading about … Continue reading EC showing teeth: Record-breaking fine for Illumina AND Grail
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