European Commission

European Commission, European Union, Foreign subsidies, Foreign Subsidy Regulation, Merger notification, Mergers

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The EU Foreign Subsidies Regulation took effect on 12 July 2023 to much fanfare. We take a look at the top five things PE funds need to know when considering acquisitions with a European footprint. The Foreign Subsidies Regulation (“FSR”) is the European Commission’s attempt to level the playing field for M&A deals by creating…

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…

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…

Abuse of dominance, Concentrations, Digital, Digital competition, Digital economy, Digital markets, Digital Markets Act, Dutch clause, European Commission, Ex ante regulation, Merger control, Merger notification, National competition authorities (NCAs), Platforms

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On 14 July 2023, the European Commission launched its second template relating to the gatekeeper’s compliance with Article 14 of the DMA (the Template), i.e., their obligation to inform about any intended concentration involving core platform services or any other services in the digital sector or enabling the collection of data (Article 14(1) of 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)…

European Commission, Guidance, Horizontal, Network Sharing Agreements, Telecommunications

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On 1 June 2023, the European Commission published its new Horizontal Cooperation Guidelines (HCG) with a view to providing improved guidance for competitors wishing to cooperate, including in areas not previously covered in the 2012 HCG. One such new area is specific to the telecommunications sector and covers network sharing agreements (NSAs). This analysis sets…

Anticompetitive agreements, European Commission, Exemptions, Horizontal, Sustainability

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The European Commission (“EC”) has published its final revised Horizontal Cooperation Guidelines and adopted new R&D and Specialisation Block Exemption Regulations (HBERs). The EC’s aim is to provide more guidance for competitors wishing to cooperate in areas such as R&D and production, but also in sustainability initiatives.   What are the EU rules on horizontal…

Abuse of dominance, Digital competition, Digital economy, Digital Markets Act, European Commission, Google, Proportionality, Remedies, Self-preferencing, Statement of Objections

(Leiden University & KU Leuven)/ /Leave a comment

Google’s behaviour in the advertising technology sector (Ad Tech) is under attack or, at the very least, it is being intensely scrutinised on both sides of the Atlantic. Google is already subject to several antitrust suits in the U.S. lodged against it by the Department of Justice (DoJ) and individual States. In the European Union,…

Anticompetitive agreements, European Commission, Guidance, Guidelines, Horizontal, Sustainability

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The Commission has followed a Long and Winding carbon-free Road since only a few years ago when it seemed to favour the Status Quo and promoted a robust competitive process as the best way to guarantee sustainable outcomes for consumers. The final chapter on Sustainability Agreements in the EU Horizontal Guidelines clearly shows a Commission…

Digital, Digital competition, Digital economy, Digital markets, Digital Markets Act, European Commission

(University Villanueva, Spain)/ /Leave a comment

On 6 June 2023, the European Commission launched for public consultation its Template for Reporting pursuant to Article 11 of the DMA (the Template). The Template builds upon the substance of Article 11 of the DMA, which mandates designated gatekeepers (yet to come in early September): i) to provide the Commission with a report describing…