The UK Competition and Markets Authority (CMA) has identified “roll-up” acquisitions (the acquisition of several targets in the same sector) by financial investors, such as private equity firms, as an enforcement priority. In this post, we discuss the CMA’s enforcement focus, its recent decisional practice, and implications for merging parties. The main takeaways are:
On April 20, 2023, the Commission adopted the 2023 Merger Simplification Package (the “2023 Package”) designed to streamline its procedure under the EU Merger Regulation.[1] In particular, the 2023 Package (1) expands the types of concentration eligible for treatment under the simplified procedure, (2) streamlines the review of both simplified and non-simplified cases, and (3) simplifies the notification process.
The UK Government has published its long-awaited Digital Markets, Competition and Consumer Bill, including a wide-ranging and far-reaching set of reforms to UK competition and consumer law, along with a new regulatory regime for digital markets.
On April 25, 2023, the French Competition Authority (“FCA”) imposed a total fine of €2.95 million on Bongard and the members of its distribution network following a settlement procedure for their participation in two anticompetitive vertical agreements in the bakery and pastry equipment sector.[1]
On February 10, 2023, the French Constitutional Council (“Conseil constitutionnel”) considered that the second sentence of Article L. 464-2, I, paragraph 1 of the French Commercial Code, which provides that the French Competition Authority (“FCA”) may accept commitments in the context of antitrust litigation proceedings, but says nothing about its power to refuse them, complies with the French Constitution and, on this occasion, confirmed that companies can lodge appeals again FCA decisions rejecting suggested commitments.[1]
On March 27, 2023, the European Commission (the “Commission”) announced it would revise its 2008 Guidance on enforcement priorities regarding Article 102 TFEU[1] (the “2008 Guidance”). The Commission has amended its 2008 Guidance in a Communication and Annex. It has also launched a consultation seeking feedback on the adoption of new Guidelines on exclusionary abuses of dominance that the Commission intends to adopt in 2025 after publishing a draft in 2024. While the amendments in the 2008 Guidance bring it closer to the case law, they show the Commission seeking more discretion and leeway in its investigations.
On March 3,2023, the French Competition Authority (“FCA”) published its roadmap for 2023-2024, outlining its enforcement priorities for the year ahead.
On February 15, 2023, the French competition authority (the “FCA”) deemed inadmissible Interflora’s application for review of injunctions imposed in 1986 and 2001 decisions (the “Decision”).
On August 30, 2022, the Federal Cartel Office (“FCO”) published its Annual Report 2021/2022.[1] Andreas Mundt, the President of the FCO, pointed out two areas of the FCO’s focus: First, the collusion of undertakings under the guise of inflation and Russia’s war against Ukraine. Second, to use the flexibility of antitrust law to allow for a degree of cooperation that is necessary in times of crisis. Moreover, the FCO continues to pursue its digital agenda for the digital economy and the protection of consumer rights.
Last year we noted that U.S. antitrust enforcement was in a period of nearly unprecedented public attention and policy debate, and also that the Biden Administration seemed likely to launch significant new policy initiatives as the year progressed.