In our latest Antitrust Review podcast, host Nick Levy is joined by Guillaume Loriot, the EC’s Head of Mergers. Their
Antitrust Review Episode 45: In Conversation With Jorge Padilla, Neil Dryden, Ethel Fonseca, Katie Curry & Chris Cook
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]
The French Conseil d’Etat Upholds The FCA Decision Approving The Buyer Proposed By Cellnex For Assets It Had Committed To Divest As Part Of Its Hivory Acquisition
On April 17, 2025, further to an appeal lodged by a competitor (Valocîme), the Conseil d’Etat upheld the French Competition Authority (“FCA”) decision[1] approving Phoenix Tower International (“PTI”) as purchaser of the passive mobile infrastructure assets which Cellnex had committed to divest as part of the FCA’s review of its acquisition of Hivory.[2] The Conseil d’Etat approved the FCA’s analysis of the independence of the proposed purchaser as well as the absence of new adverse competitive effects due to the purchaser’s acquisition of the divested assets.
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.