Art. 22, Competition policy, European Commission, Guidance, Killer acquisitions, Merger control, Mergers

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With the new European Commission (Commission) confirmed, European Union (EU) competition policy will be directed through 2029 by Teresa Ribera Rodríguez as the Executive Vice President (EVP) for a Clean, Just and Competitive Transition from December 2024. EVP Ribera would have her hands full simply continuing the work started by outgoing EVP Vestager, including the…

Foreign subsidies, Foreign Subsidy Regulation

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Introduction Since October 2023, the European Commission has been aggressively enforcing a revolutionary new European Union (EU) law, the Foreign Subsidies Regulation (FSR). The FSR is designed to prevent “foreign” – meaning non-EU — subsidies from distorting the EU internal market.  The FSR introduced new legal concepts, in particular, the “foreign financial contribution” (FFC), and…

Competition policy, European Commission, European Union, Guidelines, Killer acquisitions, Merger control

(Norton Rose Fulbright, Belgium) and , (Analysis Group)/ /1 Comment

Executive Vice President Vestager’s momentous tenure as Commissioner responsible for EU competition policy is nearing its end. EVP Vestager will leave her successor with a full agenda, including the first full-scale revamp of the Commission’s basic antitrust procedural rules in over 20 years, finalizing the controversial guidelines on exclusionary abuses under Article 102 TFEU and…

European Commission, European Union, Foreign subsidies, Foreign Subsidy Regulation, Guidance

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The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.  The FSR draws on EU merger control, State aid and trade law, but it also introduces new legal concepts and procedures not…

Art. 22, European Commission, Guidance, Innovation, Market definition, Merger control, Merger regulation, Merger Thresholds, Sustainability

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Many of the most challenging transactions reviewed under the EU Merger Regulation (EUMR) in recent years involved their likely effects on non-price competitive factors: innovation; quality and product differentiation; data protection and privacy; sustainability; and capacity and reliability of supply.  These topics are discussed briefly, or not at all, in the Commission’s guidelines on the…

European Commission, European Union, Foreign direct investment, Legislation

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What a difference five years make. In 2019, the European Union (EU) created a modest common framework for foreign direct investment (FDI) screening, Regulation 2019/452 (the FDI Regulation), stressing that decisions on proposed investments, and even the decision whether to engage in FDI screening at all, remained with EU Member States. A pandemic and two…

Agriculture, Anticompetitive agreements, European Union, Guidelines, Horizontal

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Antitrust authorities around the globe are debating how best to assess sustainability agreements, i.e., agreements to achieve environmental objectives.  In the space of a few months in 2023, three leading regulators – the EU Commission, the Dutch Authority for Consumers and Markets, and the UK Competition and Markets Authority adopted guidance on the antitrust assessment…

Foreign direct investment, Foreign investment, Foreign subsidies

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The European Commission’s third annual report (the Report) on experience with Regulation 2019/452 (as amended, the FDI Regulation) reflects the growing importance of foreign direct investment (FDI) screening in the European Union (EU).  Together with a staff working document, the Report provides valuable insights into the FDI Regulation’s practical impact and the Commission’s role in FDI screening…

European Commission, European Union, Foreign subsidies, Foreign Subsidy Regulation, State aid, United States of America

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European Union and United States legislators are increasingly concerned about the potentially distortive effects “foreign” subsidies may have on M&A transactions. EU and US authorities are both poised to require transaction parties to provide extensive information to allow authorities to evaluate subsidies granted by other jurisdictions. How do these initiatives compare, and how will the…

European Commission, Foreign subsidies, Foreign Subsidy Regulation, Mergers, Tender

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The EU Foreign Subsidies Regulation (FSR) gives the European Commission (the Commission) broad powers to investigate and remedy distortions of the European Union (EU) internal market caused by non-EU subsidies and subjects significant acquisitions and public tenders to a new EU notification and approval regime. The Commission’s publication of an implementing regulation (the Implementing Regulation)…