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 Court of Justice, Foreign direct investment, Fundamental rights, Hungary, Regulation

, (E+H Attorneys-at-Law)/ /Leave a comment

Loosely based on the lyrics of the band Wu-Tang Clan, the Court of Justice of the European Union (CJEU) took a closer look at the acquisition of a Hungarian gravel pit in its judgment of 13 July 2023, C- 106/22, and found some rather big “stones” to turn around with regard to FDI in Europe….

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

(Norton Rose Fulbright, Belgium) and , (Norton Rose Fullbright)/ /Leave a comment

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…

National competition authorities (NCAs), Proportionality, Public procurement, Spain, Tender

(Universidad Rey Juan Carlos, Herbert Smith Freehills)/ /Leave a comment

The Spanish National Markets and Competition Commission (CNMC) has approved Communication 1/2023 of 13 June, published in Spain’s Official State Journal (BOE) on 30 June 2023, (i) establishing that the authority holding sanctioning powers in matters of competition is the competent authority for imposing a public procurement ban, and (ii) setting out the general criteria…

Ancillary, Anticompetitive agreements, Burden of Proof, Competition enforcement, Enforcement, European Court of Justice, Germany, References for a preliminary ruling, Regulation, Restriction by object, Sport

(University of Cologne)/ /Leave a comment

Sport itself is all about the competition on the pitch. However, sports federations’ actions and regulations have come increasingly into the focus of competition watchdogs and courts worldwide. A well-known example is the dispute over the establishment of the European Super League. As the recently announced merger between golf associations PGA and L.I.V. demonstrates, competition…

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

(University Villanueva, Spain)/ /Leave a comment

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 Court of Justice, Exemptions, National competition authorities (NCAs), National court, Portugal, Price fixing, Resale price maintenance, Restriction by object, Unilateral effects, Vertical agreements

, , (Morais Leitão)/ /1 Comment

Introduction On 29 June 2023, the European Court of Justice (ECJ or Court) issued its judgment in case C-211/22, where it reiterates the legal framework applicable to vertical price fixing agreements under EU competition law. The focus on the need to assess the legal and economic context in which the agreement is celebrated is particularly…

Canada, Competition law, No-poach-agreement, Wage fixing

, (Davies Ward Phillips & Vineberg LLP) and (Davies Ward Phillips & Vineberg LLP, Canada)/ /Leave a comment

On June 23, 2023, amendments to the Canadian Competition Act (Act) took effect which now  make it a per se criminal offence for unaffiliated employers to agree, conspire or arrange to: “Fix, maintain, decrease or control salaries, wages or terms and conditions of employment” (wage-fixing agreements); or “Not solicit or hire each other’s employees” (no-poach/non-solicit…

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

(Norton Rose Fulbright, Belgium)/ /Leave a comment

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)…