As part of our response to the European Commission’s consultation on possible reforms to its merger guidelines,[1] we provided our views on Topic Paper B – Assessing Market Power.
EU Merger Guidelines Consultation – Our Views on Competitiveness & Resilience
As part of our response to the European Commission’s consultation on possible reforms to its merger control guidelines,[1] we
The Commission Imposes €172,000 Fine on Eurofield and Unanime Sport for Submitting Incomplete Information During an Antitrust Investigation
On September 8, 2025, the Commission imposed a fine of around €172,000 on Eurofield SAS and its parent company, Unanime Sport SAS, for providing incomplete information during an ongoing antitrust investigation. This marks the first time the Commission has imposed a fine for the provision of incomplete information in reply to a request for information (“RFI”) in the context of an antitrust procedure.[1] The Commission announced it “will not hesitate to pursue similar cases in the future.” [2]
EU Merger Guideline Consultation – Our Views on Possible Reforms
In May 2025, the Commission launched a wide-ranging public consultation on possible reforms to its merger guidelines.[1] The consultation covers seven core topics that underpin how the Commission assesses the competitive impact of mergers.
Shareholder Engagement Considerations in light of Texas v. Blackrock
On Friday, the Court in Texas v. Blackrock issued an opinion largely denying defendants’ motion to dismiss, which allows a coalition of States to proceed with claims that BlackRock, State Street, and Vanguard conspired to violate the antitrust laws by pressuring publicly traded coal companies to reduce output in connection with the investment firms’ ESG commitments. The Court found that the States plausibly alleged that defendants coordinated with one another, relying on allegations that they joined climate initiatives, made parallel public commitments, engaged with management of the public coal companies, and aligned proxy voting on disclosure issues. It is worth noting that, while the court viewed BlackRock’s, State Street’s, and Vanguard’s participation in Climate Action 100+ and NZAM as increasing the plausibility of the claim in favor of denying the motion to dismiss, the Court clarified that it was not opining that the parties conspired at Climate Action 100+ or NZAM.
Antitrust Review Episode 46: In Conversation With Guillaume Loriot
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
