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EDEKA/Tegut Merger Cleared With Extensive Commitments
Background
The German food retail sector has long faced intense scrutiny from the Federal Cartel Office (FCO). Following a major 2014 sector inquiry into buyer power, the regulator has consistently maintained a strict stance on industry dealmaking: blocking EDEKA’s proposed takeover of Kaiser’s Tengelmann in 2015 (a decision later overturned by ministerial permission in 2016), approving Rewe’s acquisition of Coop in 2016 only subject to divestments, and imposing stringent remedies on EDEKA and Kaufland’s acquisition of Real stores in 2020. EDEKA’s acquisition of 178 Tegut stores marks the latest chapter in these ongoing enforcement efforts. Germany’s Monopolies Commission, an advisory body to the government, criticized the FCO’s clearance as a “blow to competition,” targeting in particular the FCO’s finding of no collective dominance in the sales market despite the “Big Four”’s combined market share exceeding 90%. However, despite potential political influence, no formal process exists to overturn the FCO’s decision.
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