Tag: Antitrustpolitics

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 →

Minority Shareholding on the regulators’ radar

This week, the Federal Cartel Office (FCO) closed administrative proceedings against companies belonging to Deutsche Post AG (DPAG) and the Max Ventures Group (Max Ventures) after the companies dissolved their corporate ties. The competition concerns related to a minority shareholding of DPAG in competitor. The decision is in good company, as there have recently been … Continue reading Minority Shareholding on the regulators’ radar →

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 →

Under (file) cover – No access to FCO case files

Co-authored by Valentin Hanke When proving damage claims, gaining access to seized documents from cartel proceedings might be useful. In a recent decision, the German Federal Administrative Court drew clear limits on the rights of third parties requesting access to FCO decisions and case files – and clarified whether the German Freedom of Information Act … Continue reading Under (file) cover – No access to FCO case files →

Money for the defence sector and what it means for competition

Once the new government has settled in, Germany will be spending a lot of money in the years to come. A significant portion of the pre-agreed investments will go to the defence sector. Such state-directed investments will naturally have a significant impact on the competitive landscape in Germany and beyond. The German Monopolies Commission has … Continue reading Money for the defence sector and what it means for competition →

Future substantial domestic operations in German Merger Control?

One of the major topics of merger control will continue to be so-called killer acquisitions. This term describes cases in which an incumbent company acquires an innovative and still developing target. Due to a lack of relevant turnover of the target, these mergers are often below the respective turnover thresholds and are therefore not subject … Continue reading Future substantial domestic operations in German Merger Control? →