The European Commission published the long-awaited draft EU merger guidelines, which are expected to become final by the end of the year after a period of public consultation. The fundamental framework for assessing harm from mergers remains unchanged, despite extensive reframing, but counterbalancing “theories of benefit” will be given more weight, with openness to arguments that a merger will boost European competitiveness, supply chain resilience or support strategic industries. In this memo, we examine the key takeaways from the draft guidelines, the implications for dealmakers and the ramifications for key sectors.
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