In a much-anticipated ruling of 3 September 2024, the EU's highest court threw out the policy that the European Commission has been pursuing since 2021, by which it asserted jurisdiction to review so-called “killer...more
The U.S. agencies concluded 11 significant merger investigations in the first half of 2024—just one shy of the total concluded in all of 2023. Activity has picked up considerably since last year but is still below the...more
8/7/2024
/ Abandonment ,
Consent Decrees ,
EU ,
EUMR ,
European Commission ,
European Court of Justice (ECJ) ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Investigations ,
Mergers ,
Securities and Exchange Commission (SEC) ,
Settlement ,
The Clayton Act
Applying its recent re-interpretation of Article 22 of the European Union Merger Regulation (“EUMR”), which enables Member States to refer to the European Commission (the “Commission”) transactions that do not reach either EU...more
The U.S. agencies announced the conclusion of six significant merger investigations in Q1 2024, double the number seen last quarter. This marks the end of six quarters of three or fewer significant investigations. In line...more
After over 25 years, the European Commission (the “Commission”) has revised the guidance on market definition in antitrust and merger control investigations. The new guidance, most notably, reflects developments relating to...more
Since 2020, our antitrust/competition practice has expanded the Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) to include Germany and France. This supplements DAMITT’s U.S. and EU coverage with comprehensive...more
3/29/2024
/ Acquisitions ,
Antitrust Division ,
Competition ,
Competition Authorities ,
Enforcement ,
EU ,
European Commission ,
Federal Cartel Office (the FCO) ,
Financial Conduct Authority (FCA) ,
France ,
German Act against Restraints of Competition (GWB) ,
Germany ,
Interest Rates ,
Investigations ,
Jurisdiction ,
Merger Controls ,
Shareholders ,
Treaty on the Functioning of the European Union (TFEU)
The European Commission (EC) has published a report on competition law enforcement in the EU's pharmaceutical sector during the 2018-2022 period. The report, released on 26 January, provides detailed insights into the actions...more
The European Commission has published new guidance and related regulations concerning cooperation among competitors, under Article 101 of the Treaty on the Functioning of the European Union (TFEU). These replace instruments...more
6/14/2023
/ Algorithms ,
Climate Change ,
Competition ,
Corporate Counsel ,
EU ,
European Commission ,
Infrastructure ,
Safe Harbors ,
Sustainability ,
Technology Sector ,
Telecommunications ,
Treaty on the Functioning of the European Union (TFEU)
Sixty percent of significant investigations concluded with a complaint or abandoned transaction in 2022. This shatters last year’s record of 37 percent. The 10 complaints filed in 2022 are also a DAMITT record. Those are...more
On 12 October the Digital Markets Act (DMA)1 was published in the Official Journal of the European Union. The DMA will enter into force on 1 November 2022 and will apply as of 2 May 2023. The DMA introduces European-wide ex...more
10/26/2022
/ Acquisitions ,
Competition ,
Compliance ,
Corporate Counsel ,
Digital Marketplace ,
Digital Markets Strategy ,
Digital Platforms ,
Enforcement ,
EU ,
European Commission ,
Member State ,
Mergers ,
Proposed Regulation ,
Regulatory Oversight ,
Sanctions
In a recent high-profile judgment, the EU’s General Court confirmed that the European Commission (“EC”) can, upon referral by a national competition authority in the European Economic Area (“EEA”), review deals that do not...more
The number of significant U.S. merger investigations concluded in the first year of the Biden administration was in line with the average observed during the Trump administration....more
The Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) is a quarterly release from Dechert LLP reporting on trends in significant merger control investigations in the United States (U.S.) and European Union...more
10/29/2020
/ Acquisitions ,
Antitrust Provisions ,
Department of Justice (DOJ) ,
EU ,
EU Merger Directive ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Joe Biden ,
Merger Controls ,
Mergers ,
Trump Administration ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
United States
Key Takeaways -
The European Commission has adopted a White Paper with proposals for sweeping enforcement powers to address potential distortive effects of foreign subsidies in the EU.
The White Paper suggests that the...more
8/12/2020
/ Anticompetitive Behavior ,
Competition Authorities ,
Compliance ,
Corporate Counsel ,
Enforcement Authority ,
EU ,
European Commission ,
European Merger Control Regulation ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Subsidies ,
Member State ,
Public Consultations ,
Public Procurement Policies ,
Regulatory Burden ,
Subsidies ,
White Papers
....The Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) is a quarterly release from Dechert LLP reporting on trends in significant merger control investigations in the United States (U.S.) and European Union...more
7/25/2020
/ Antitrust Investigations ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
EU ,
EU Merger Directive ,
European Commission ,
Federal Trade Commission (FTC) ,
Hart-Scott-Rodino Act ,
Health Care Providers ,
Merger Controls ,
Merger Remedies ,
Mergers ,
Pharmaceutical Industry ,
Phase II ,
Popular ,
Vertical Mergers
The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company...more
5/18/2020
/ Acquisitions ,
EU ,
European Commission ,
Foreign Direct Investment ,
Foreign Subsidiaries ,
Member State ,
Mergers ,
National Security Review Proceedings ,
New Regulations ,
Non-EU Investors ,
UK Brexit
Relaxation of antitrust rules to avoid shortages of supply. On 23 March 2020, the European Competition Network (ECN) issued a statement acknowledging that the current situation “may trigger the need for companies to cooperate...more
4/3/2020
/ Antitrust Investigations ,
Collaboration ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
European Commission ,
European Competition Network (ECN) ,
Medical Supplies ,
Public Health Emergency ,
Relief Measures ,
Supply Chain ,
UK Competition and Markets Authority (CMA)
Strong signal that the EU wants to protect its critical businesses and that the European Commission’s “advisory” role under the EU FDI Regulation will be significant .
Key Takeaways -
In response to concerns raised by...more
In a potentially ground-breaking move, the European Commission recently announced its intention to use its powers to impose interim measures in an investigation targeting chipmaker Broadcom. If it does impose such measures,...more
The General Court of the European Union recently held, in Goldman Sachs v. Commission, that purely financial investors such as investment funds may be held jointly and severally liable for competition law violations...more
9/25/2018
/ Anticompetitive Behavior ,
Antitrust Violations ,
Appeals ,
Board of Directors ,
Cartels ,
EU ,
European Commission ,
Financial Adviser ,
General Court of the European Union (GCEU) ,
Goldman Sachs ,
Initial Public Offering (IPO) ,
Investment Funds ,
Investors ,
Joint and Several Liability ,
Market-Sharing ,
Parent Corporation ,
Portfolio Companies ,
Private Equity ,
Subsidiaries
The European Commission (the “Commission”) issued four separate decisions on 24 July 2018, fining consumer electronics manufacturers Asus, Denon & Marantz, Philips and Pioneer a total of €111 million for imposing fixed or...more
8/17/2018
/ Algorithms ,
Antitrust Violations ,
Consumer Product Companies ,
E-Commerce ,
Enforcement Actions ,
EU ,
European Commission ,
Fines ,
Internet Retailers ,
Manufacturers ,
Resale Price Maintenance (RPM) ,
Treaty on the Functioning of the European Union (TFEU) ,
Vertical Restraints