Global trends in merger control enforcement
Antitrust authorities stepped up their scrutiny of M&A in 2022, adopting increasingly aggressive approaches to enforcement.
We identify the key trends and developments in global merger control activity, analysing data from 26 jurisdictions and focusing on the EU, UK, U.S. and China.
We examine how antitrust authorities have intervened in deal making and which sectors are under particular scrutiny. We explore the impact that merger control and foreign direct investment reviews can have on transaction timetables and allocation of execution risk. Looking ahead, we pinpoint the new and evolving regimes and policies that will result in additional layers of complexity for merging parties.
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Aggressive merger control enforcement causes a rise in frustrated deals
More transactions, including vertical mergers, are prohibited or abandoned as antitrust authorities continue to take a tough approach.
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Scepticism over remedies results in rejected behavioural commitments and bolstered conditions
Merging parties find it harder to persuade key antitrust authorities to accept some types of (or even any) remedies.
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Scrutiny of tech deals remains a priority with PE and labour markets in the spotlight
Antitrust intervention also hits life sciences, energy and industrial and manufacturing deals.
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Below-threshold deals increasingly face review
Uncertainty for merging parties as antitrust authorities adopt new rules and policies designed to catch hard-to-reach transactions.
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Gun-jumping and breaching merger remedies generate heavy sanctions
Antitrust authorities take a zero tolerance approach and total fines increase.
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Fast track and simplified reviews lead to quicker review periods
Authorities and merging parties alike are keen to speed up investigations and streamline reviews of global transactions.
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Evolving foreign direct investment regimes add yet more hurdles for M&A
Assessing FDI risk is crucial for a growing number of deals in light of new and strengthened rules and intense enforcement.
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Surge in antitrust and FDI intervention means appropriate deal provisions are vital
Allocation of execution risk remains heavily negotiated through conditions, obligations around remedies and reverse break fees.
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