On 1 February 2024, the European Supervisory Authorities (ESAs) published a report on a 2023 stocktaking of direct financial services offered by BigTechs[1] in the EU (the Report).  

The Report highlights certain characteristics of BigTech firms, in particular various types of inter-dependencies between BigTechs’ non-financial and financial services offerings, and identifies opportunities and risks flowing from these inter-dependencies. It also records national competent authorities’ supervisory and regulatory observations as well as some initial suggestions how these could be addressed. Lastly, it states that, as a next step, the ESAs will establish a “multi-faceted data matrix” to enhance their monitoring of BigTech firms.

In the latest instalment of the Cleary Gottlieb Antitrust Review podcast, host Nick Levy is joined by Sarah Cardell, Chief Executive of the Competition & Markets Authority.  Their conversation covers a range of topics, including her first year in the role, merger control, Microsoft/Activision, cartel enforcement, judicial review, international coordination, sustainability, and her plans for the future.

On December 21, 2023, the Grand Chamber of the CJEU delivered a judgment on the interplay between public procurement rules and competition law.[1]  The judgment replies to questions raised on a preliminary reference by the Portuguese Supreme Administrative Court on the interpretation of Article 57(4) of the Public Procurement Directive (“PPD”),[2] which states that tendering authorities may exclude from participation in a procurement procedure any economic operator involved in anticompetitive behaviour.  The judgment provides the following clarifications:

On December 7, 2023, the Commission imposed a fine of almost €48 million on Lantmännen ek för, the largest producer of ethanol in the Nordic region, for participating in a 1.5-year cartel manipulating the wholesale price of ethanol in the EEA.[1]

On December 5, 2023, the CJEU overturned the judgment of the General Court,[1] which upheld the Commission decision of June 20, 2018 finding that Luxembourg had granted unlawful State aid of €120 million to Engie.[2] 

On November 23, 2023, the Court of Justice (“ECJ”) delivered two important judgments in the Ryanair v. Commission cases concerning Ryanair’s challenge of two State aid schemes granted by France and Sweden to airlines holding “national operating licenses”[1] during the COVID-19 pandemic.[2]  

On November 9, 2023, the European Court of Justice dismissed, on most grounds, [1] Altice’s appeal against the General Court’s judgment[2] upholding the European Commission’s decision, in 2018,[3] to fine Altice €124.5 million for gun-jumping violations in connection with its acquisition of PT Portugal.  The Court of Justice confirmed that Altice breached the EU Merger Regulation’s notification and standstill obligations by acquiring and exercising decisive influence over PT Portugal prior to obtaining Commission approval.  The Commission had fined Altice €62.25 million for each of the two infringements.  The Court of Justice reduced one of the fines by about €10 million on account of the Commission’s failure to properly state reasons, but the judgment supports the trend toward strict enforcement of EU rules against early implementation of M&A transactions.[4]