In May 2025, the Commission launched a wide-ranging public consultation on possible reforms to its merger guidelines.[1] The consultation covers seven core topics that underpin how the Commission assesses the competitive impact of mergers.
Delivery Hero and Glovo Cartel EU Fine Delivers Warning About Antitrust Risks of Holding Minority Stake in a Rival
On June 2, 2025, the Commission fined Delivery Hero and Glovo €329 million for a cartel in the online food delivery sector. During Delivery Hero’s non-controlling minority shareholding in Glovo from 2018 to 2022, the parties (1) agreed not to poach each other’s employees; (2) divided national markets among themselves, and (3) exchanged commercially sensitive information.[1]
The European Commission Launches Wide-Ranging Review of EU Merger Guidelines
On May 8, 2025, the European Commission (the “EC”) launched a public consultation on the EU Merger Guidelines (together, the “Guidelines”), which describe the framework applied by the EC to assess the competitive impact of horizontal and non-horizontal mergers (the “Consultation”).[1] The Consultation responds to the Draghi Report’s call for “more forward-looking and agile” EU merger control that takes greater account of innovation and future competition in assessing mergers.[2]
Further Scrutiny of Below-Threshold Transactions in Europe: Dutch Consider “Call In” Powers Amid First Investigation of Non-Reportable Transaction Under Antitrust Provisions
On March 18, 2025, a legislative proposal was opened for consultation that, if enacted, would enable the Dutch Authority for Consumers and Markets (“ACM”) to “call in” transactions that currently do not meet notification thresholds for merger review.[1] The Proposal follows calls by the ACM for expanded authority and coincides with its first investigation into whether a below-threshold transaction violated antitrust law.
The Comeback of Sectoral Investigations: The Dutch and Belgian Competition Authority Announce Probes
Several European competition authorities – including in France, Germany, Italy, and Sweden – can conduct general or sectoral market investigations. By closely reviewing sectors that are not perceived to be functioning well, authorities seek to understand market conditions and evaluate whether anticompetitive practices may be contributing to the perceived issues. Some authorities, such as the Austrian, Belgian, and Dutch, authorities, can merely make recommendations at the end of the investigation. Others, including in Denmark, Germany, and Italy, have the power to subsequently impose conditions to resolve the identified market failures despite the absence of competition infringements.