Enforcement, European Commission, Foreign subsidies, Foreign Subsidy Regulation, Merger control, Mergers, State aid, Subsidies

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With the introduction of the Foreign Subsidies Regulation (FSR), the European Union (EU) embarked on a new regulatory era. This landmark regulation aims at addressing the distortive effects of subsidies granted by foreign – non-EU – countries to companies operating within the EU, and ensuring a level playing field and fair competition across the internal…

European Commission, Foreign direct investment, Foreign investment

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Five years ago, the EU adopted the Foreign Direct Investment (FDI) Regulation as a key trade measure to address an increasingly complex geopolitical stage.  Since it became applicable, in 2020, the number of FDI regimes in place in Europe has almost doubled (from 14 to 24), leading to an aggregate screening of over 4,000 transactions…

Dutch clause, European Commission, Gun jumping, Merger control

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The EC sets the highest possible fine of 10% of revenue on Illumina, and for the first time fines target (Grail), for gun-jumping, setting a precedent. On 12 July 2023, the European Commission imposed a fine of €432 million on Illumina (and €1,000 on Grail) for having implemented their merger before approval by the European…