Mergers & Acquisitions

2025 was a fascinating year for UK competition and consumer enforcement, with the CMA changing its policies and practices in a number of areas. Our Year in Review summarises the most important developments of the past year and what we expect in 2026, as the CMA implements its reworked procedures for merger and market cases, begins to use its new consumer fining powers, and imposes digital conduct requirements for the first time. We also anticipate a Government consultation on significant changes to the decision-making model for mergers and markets.

As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we submitted our observations on Topic Paper G – Public Policy, Security, and Labour Market Considerations.

On 16 October 2025, the CMA launched a public consultation on its draft revised Merger Remedies Guidance (the Draft Guidance).[1]  The revision reflects the Government’s call for a more business-friendly, pro-growth approach to merger control.[2]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.