François-Charles Laprévote

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On January 9, 2026, the European Commission published long-awaited guidelines on its enforcement of the Foreign Subsidies Regulation (“FSR”) (the “Guidelines”).[1] In addition to delineating the FSR’s jurisdictional scope, the Guidelines clarify three key concepts: (1) when a foreign subsidy distorts competition; (2) how a distortion’s negative and positive effects are balanced against each other (the “Balancing Test”); and (3) when the Commission may use its so-called “call-in powers” to request the prior notification of transactions and public bids that fall below the mandatory FSR thresholds.

On November 10, 2025, the Commission conditionally cleared Abu Dhabi National Oil Company’s (“ADNOC”) c. €15 billion acquisition of German chemicals company Covestro AG (“Covestro”) under the Foreign Subsidies Regulation (“FSR”),[1] following a Phase II review.[2]

On November 3, 2025, the French Competition Authority (the “FCA”) imposed a EUR 7.6 million fine on the Parfait group for failing to comply with commitments entered into in the context of its acquisition of a hypermarket and shopping center in Martinique (the “Decision”),[1] illustrating the FCA’s continued vigilance regarding effective implementation of merger remedies. The Parfait group has appealed the Decision.

On July 10, 2025, the French Competition Authority (“FCA”) published both its 2024 Annual Report,[1] and its 2025-2026 Roadmap,[2] which outlines its priorities for the year ahead. 

In July 2025, the Commission published its draft Foreign Subsidies Regulation (FSR) guidelines for consultation. The guidelines discuss the FSR’s distortion and balancing tests and the EC’s powers to call in “below threshold” mergers and public tenders for ex ante review. 

The Paris Court of Appeal (“Court of Appeals”) has issued its ruling on damages in the Plavix follow-on action brought by France’s national health insurance fund (the “CNAM”) against Sanofi.[1] More than a decade after the French Competition Authority (“FCA”) found that Sanofi had engaged in disparagement practices constituting an abuse of dominant position, the Court awarded the CNAM €150.7 million, reflecting the long-term impact of Sanofi’s conduct. The judgment highlights the magnitude of potential damages in follow-on actions and illustrates how French courts evaluate long-lasting effects and the full-compensation principle.

On June 11, 2025, the French Competition Authority (“FCA”) issued its first-ever decision[1] sanctioning no-poach agreements as stand-alone infringements.[2] Fines totaling EUR 29.5 million were imposed on three companies operating in the engineering, technology consulting, and IT services sectors.  

On January 9, 2025, the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) released its decision in a trade and investment barrier investigation into the European Union’s Foreign Subsidies Regulation (“FSR”).