In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by a group of economists and
Antitrust Review Episode 44: In conversation with Olivier Guersent
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Olivier Guersent, Director General of
German Court Reaffirms That Transaction Value-Based Test Is Only a Backstop
The Düsseldorf Court of Appeals (“DCA”) has now published its full reasoning rejecting the Federal Cartel Office’s (“FCO”) expansive interpretation
Antitrust Review Episode 43: In conversation with Cani Fernández
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Cani Fernández, President of the
Antitrust Review Episode 42: In conversation with Aviv Nevo
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Aviv Nevo, Chief Economist at
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]
The French Competition Authority is Contemplating Introducing Call-In Powers to Review Below-Threshold Mergers
In January 2025, the French Competition Authority (the “FCA”) launched a public consultation on the introduction of a merger control framework for transactions that fall below the current turnover-based notification thresholds.[1] Whereas three options were presented in the consultation, on April 10, 2025 the FCA announced that the first option, namely the introduction of a call-in power based on quantitative and qualitative criteria, had received the most positive feedback and was being prioritized.[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 FCA Conditionally Clears Auchan’s Acquisition of 98 Food Retail Casino Stores
On March 21, 2025, the French Competition Authority (“FCA”) conditionally cleared the acquisition of 98 former Casino food retail stores by Auchan.[1] The FCA decision is conditional on (i) the divestment of one supermarket, and (ii) sharing the sales area of one hypermarket with two competitors.
German Court Confirms Narrow Scope of Transaction Value Threshold in Merger Control
On February 26, 2025 the Düsseldorf Court of Appeal (“DCA”) dismissed a broad application of Germany’s transaction value threshold.[1] The threshold introduced in 2017 is a “safety net” for exceptional cases, not an additional standard aimed to lower the threshold for merger review. Companies in mature markets with established revenue streams face reduced risk of mandatory filings, even for high-value acquisitions.