Summary of Key Developments — November/December 2025
The "European Antitrust Bimonthly Bulletin" breaks down the major antitrust developments in Europe during the past two months into concise and actionable takeaways.
UK Competition and Markets Authority (CMA) Revises Merger Remedies Guidance for Increased Flexibility
On December 19, 2025, the CMA published revisions to its guidance on merger remedies alongside updates to the remedies sections of its guidance on jurisdiction and procedure to incorporate its 4Ps (pace, predictability, proportionality, and process), into its approach to remedies. The changes build on the CMA’s more pragmatic approach to merger control. While reemphasizing the CMA’s long-established preference for structural remedies, the new guidance recognizes a greater potential for behavioral commitments in transactions where structural remedies are not viable and/or would be disproportionate.
These revisions are consistent with the CMA’s recent practice including in SLB/ChampionX, where the CMA accepted a package of remedies including intellectual property licensing and continuity of supply commitments and in Vodafone/Three, where the CMA accepted investment commitments. This does not signal a wholesale shift in CMA approach, and in order to support behavioral remedies, the parties will still need to demonstrate that the proposed remedies materially address identified competition law concerns while supporting the benefits of the transaction as a whole.
Companies should know that the CMA is continuing its efforts to achieve proportionate outcomes by showing a greater openness to behavioral remedies in merger investigations.
For more information on the CMA’s efforts to shorten the timeline of merger reviews, see our prior European Antitrust Monthly Bulletin.
CMA Accepts Phase I Failing Firm Defense in Sportradar/IMG Arena
On November 3, 2025, the CMA published its decision clearing the anticipated acquisition by Sportradar Group of IMG Arena at Phase I, which it had announced a month prior.
The CMA assessed whether the merger would substantially lessen competition in the UK sports data and sportsbook services market. While the parties compete in these markets, the CMA accepted the “failing firm” defense, concluding that IMG Arena would likely exit the market absent the merger and no less anticompetitive alternatives were available. The CMA based its decision on evidence of IMG Arena’s financial distress and the lack of viable alternative purchasers. Applying its Merger Assessment Guidelines, the CMA found that under this counterfactual, the merger posed no realistic prospect of harming competition.
Companies should know that this is the third time in 14 months that the CMA has accepted a failing firm defense and the second time where the target was not under effective administration, which may signal that the CMA is taking a more flexible approach. However, companies should note that the CMA’s Phase I acceptance of a failing firm counterfactual remains relatively uncommon and fact‑specific. Parties seeking to rely on such a defense should be prepared to present robust evidence on financial distress and the absence of less anticompetitive alternatives, as well as consider cautious engagement with the CMA to address potential competitive concerns ahead of formal inquiries.
European Commission (EC) Launches Formal Investigation into Deutsche Börse, Nasdaq
On November 6, 2025, the EC announced it had opened a formal antitrust investigation into whether financial exchange operators Deutsche Börse and Nasdaq breached EU competition rules by coordinating their conduct in the listing, trading, and clearing of financial derivatives within the European Economic Area (EEA). The EC’s decision follows unannounced inspections carried out in September 2024 as part of an own‑initiative inquiry.
The EC is investigating potential agreements or concerted practices between the two major exchange operators that may have restricted competition in the derivatives market (including allocating demand, coordinating pricing, and exchanging commercially sensitive information). The EC emphasized that opening a formal investigation does not prejudge the outcome. The step underscores the EC’s broader focus on ensuring competitive and integrated financial markets across the EU, which is central to the Capital Markets Union agenda.
Companies should be aware that sharing competitively sensitive information carries a high risk in Europe and may be pursued as a type of cartel conduct leading to high fines and likely follow-on damage claims.
EC Fines Automotive Starter Battery Cartel €72 Million
On December 15, 2025, the EC imposed fines totaling €72 million (approximately US$81.4 million) on the three automotive starter battery manufacturers Exide, FET (including its predecessor Elettra), and Rombat, and the trade association EUROBAT for participating in a long running cartel in breach of EU antitrust rules.
The EC found that between July 2005 and December 2017, the battery manufacturers colluded with the assistance of EUROBAT to coordinate surcharges tied to lead prices, and to use these agreed figures in negotiations with original equipment manufacturers (OEMs) in the EEA, thereby restricting competition in the market for automotive starter batteries. A fourth battery manufacturer, Clarios, avoided fines entirely after reporting the cartel under the EC’s leniency program. In addition, the EC closed proceedings against a fifth battery manufacturer and a separate service provider.
Companies should ensure that their compliance programs are up to date and address the risk of coordination through trade associations.
UK Mass Action Targets Amazon, Apple
On December 16, 2025, a new collective action claim was filed with the UK Competition Appeal Tribunal against Amazon and Apple seeking more than £900 million (approximately US$1.21 billion) in compensation on behalf of more than 10 million UK consumers. The claim alleges that the two tech companies unlawfully colluded in relation to the sale of Apple products on Amazon’s marketplace, in breach of UK competition law.
The claim concerns a 2018 agreement under which Amazon allegedly restricted third-party sellers of Apple and Beats products in return for preferential wholesale terms, reducing competition and increasing prices for UK consumers. The opt-out action covers purchases since October 31, 2018. It follows earlier proceedings based on similar allegations and reflects the continued focus on platform related conduct and distribution arrangements under UK competition law.
Companies selling or distributing consumer technology products or operating in UK online marketplaces should review distribution and platform agreements to mitigate competition law risks.
EC Launches Formal Investigation Against Red Bull over Energy Drink Practices
On November 13, 2025, the EC opened a formal antitrust investigation against Red Bull to assess whether the energy drinks manufacturer had abused a dominant market position in breach of EU competition rules. The inquiry follows unannounced inspections conducted in March 2023 at Red Bull’s headquarters and several of its EEA subsidiaries and the General Court’s recent rejection of Red Bull’s challenge to those inspections.
The EC is examining whether Red Bull pursued an EEA-wide strategy to restrict competition in the off-trade retail channel (supermarkets, petrol stations, etc.), in particular for energy drinks sold in containers larger than 250 ml, including through granting incentives to retailers to delist competing products and the possible misuse of its role as a category manager to delist or disadvantage competing products. The investigation focuses on potential exclusionary conduct under Article 102 of the Treaty on the Functioning of the European Union (TFEU).
Companies with strong market positions or category management arrangements in consumer goods and retail sectors should review their practices and prepare for heightened EU scrutiny of potential exclusionary conduct in the context of category management.
EU Court Upholds EC’s 2023 Intel Decision but Lowers Fine
On December 10, 2025, EU’s court of first instance, the General Court (GC), reduced from €376 million (approximately US$406.6 million) to roughly €237 million (approximately US$267.8 million) a fine re-imposed by the EC in 2023 on Intel for so-called “naked restrictions” whereby Intel paid PC makers (HP, Acer, Lenovo) to delay or stop selling computers with rival AMD chips. The existence of these restrictions was established in the EC’s 2009 decision and upheld in the GC’s judgment in 2022. The GC considered that the reduced fine was a more proportionate reflection of the conduct at issue.
Companies should note that the EC generally seeks to reimpose fines following a partial annulment of its decision by the courts and consider their appeal strategies accordingly.
EU Court Clarifies Essential Facilities Doctrine
On December 18, 2025, the EU’s highest court, the European Court of Justice (ECJ), issued rulings in two cases involving oil company Lukoil, responding to references for preliminary rulings from a Bulgarian court. The cases arose after the Bulgarian Competition Authority had fined Lukoil €100 million (approximately US$108.1 million) in 2023 for allegedly abusing its dominance by refusing to provide competing fuel producers and importers with access to certain pipelines and storage facilities and allegedly engaged in a margin squeeze.
In the first case, the ECJ clarified that where a dominant firm refuses access to infrastructure that was previously state-owned and that was acquired from the state on non-market terms, such a refusal may be deemed abusive even if the strict Bronner criteria are not met. In the second case regarding an alleged margin squeeze, the ECJ held that the referring court must decide whether three distinct fuel types formed separate markets or whether they were part of an overall single market. The Bulgarian court will now base its judgment on the ECJ’s preliminary rulings.
Companies should know that EU law sets a higher standard for third parties to access privately-owned or freely privatized infrastructure and essential facilities than for government-owned or controlled infrastructure.
France Fines Medical Appointment Platform for Exclusivity Clauses, Abusive Acquisition of Competitor
On November 6, 2025, France’s competition authority AdlC fined Doctolib approximately €4.6 million (US $5.4 million) for abuse of a dominant position, including for: i) the historic acquisition of a competitor in the supply of digital medical services, Mon Docteur, finding that Doctolib’s strategic rationale for the transaction was the “elimination of a competitor”; ii) imposing exclusivity obligations on doctors; and iii) bundling together its digital booking services and its teleconsultation platform. Doctolib is appealing the decision before the Paris Court of Appeal.
Companies should be aware that market conduct by leading firms is subject to close scrutiny by European competition regulators, who frequently investigate practices such as bundling, exclusivity arrangements, pricing strategies, self-preferencing, discriminatory conduct, and other potentially anticompetitive behavior. This decision is also remarkable as a rare example of penalizing a company for an acquisition below the merger notification thresholds as an alleged abuse of dominance.
Italy Fines Apple over Allegedly Discriminatory App Tracking Transparency (ATT) Framework
On December 22, 2025, Italy’s competition authority AGCM announced that it had fined Apple around €98.6 million (approximately US$111.4 million) for allegedly abusing its dominant position in the market for the distribution of mobile applications on iOS devices starting in April 2021 by implementing discriminatory practices linked to its ATT framework. The ATT framework introduced a requirement for third-party app developers to request users’ consent before collecting their data and tracking their activity for advertising purposes. While third parties needed to collect opt-in consent to collect user data for targeted advertising purposes, Apple was able to collect user data to deliver targeted ads using a more permissive opt-out mechanism. Poland, Germany, and Romania are also probing Apple’s conduct, while France already fined Apple €150 million (approximately US$169.5 million) for similar issues in March 2025.
Companies should be aware that market conduct by leading firms is subject to close scrutiny by European competition regulators, who frequently investigate practices such as bundling, exclusivity arrangements, pricing strategies, self-preferencing, discriminatory conduct, and other potentially anticompetitive behavior.
Italy Fines Ryanair €256 Million for Abusing Travel Agencies
On December 23, 2025, Italy’s competition authority AGCM announced that it had fined low cost airline Ryanair €255.8 million (approximately US$289.1 million). The AGCM alleged that between April 2023 and April 2025, Ryanair had abused its dominant position in the upstream market for scheduled passenger air transport services to and from Italy, covering both domestic and European routes, as an input for online (OTAs) and traditional travel agencies. The AGCM stated that Ryanair had prevented travel agencies from buying tickets on its website, deleted their accounts, and used technical barriers that hindered check-in for passengers who booked through agencies. Ryanair announced that it would appeal the decision.
Companies should be aware that market conduct by leading firms is subject to close scrutiny by European competition regulators, who frequently investigate practices such as bundling, exclusivity arrangements, pricing strategies, self-preferencing, discriminatory conduct, and other potentially anticompetitive behavior.
Switzerland Opens Investigation into NFC Access on Apple Devices
On December 10, 2025, Switzerland’s competition authority COMCO initiated a preliminary investigation to assess whether the terms and conditions under which Apple grants access to the near-field communication (NFC) interface on iOS devices to third parties raise competition law concerns under Swiss law.
By way of context, in the summer of 2024 the EC accepted legally binding commitments from Apple to open up the NFC interface on iOS devices in the EEA. In late 2024, Apple also allowed Swiss app developers to access the NFC interface on iOS devices, however under different terms and conditions. COMCO’s investigation focuses on whether the conditions Apple imposes on Swiss third-party mobile payment app developers meaningfully restrict their ability to compete with Apple Pay for contactless payments using NFC technology.
Companies should be aware that market conduct by leading firms is subject to close scrutiny by European competition regulators, who frequently investigate practices such as bundling, exclusivity arrangements, pricing strategies, self-preferencing, discriminatory conduct, and other potentially anticompetitive behavior.
EC Launches DMA Investigation into Google’s “Site Reputation Abuse” Policy
On November 13, 2025, the EC opened a formal investigation under the Digital Markets Act (DMA) to assess whether Google’s “site reputation abuse” policy unfairly demotes news media and other publishers’ content in Google Search results and could thereby breach its DMA obligations to apply fair, reasonable, and nondiscriminatory conditions of access for business users.
The EC emphasized that the opening of an investigation does not prejudge the outcome. The investigation could take up to 12 months, and if infringements are found, the EC may impose fines of up to 10 percent of Google’s global annual turnover or order structural remedies in case of systematic infringements.
Companies should know that enforcing the DMA remains a priority for the EU, despite the current geopolitical context. EC officials have stated that they are aiming for a “culture of compliance” with the DMA, instead of imposing significant fines from the beginning.
EC Initiates Gatekeeper Designation Investigations Against Microsoft, Amazon over Cloud Computing
On November 18, 2025, the EC launched two market investigations under the Digital Markets Act (DMA) to assess whether Amazon and Microsoft should be designated as gatekeepers for their cloud computing services, Amazon Web Services (AWS) and Microsoft Azure. A third investigation will examine whether the DMA framework can effectively address competition issues in the cloud computing sector.
Although neither AWS nor Microsoft Azure currently meet the DMA’s quantitative gatekeeper thresholds (such as the number of monthly active users), the EC will evaluate whether these services nonetheless function as important gateways between businesses and consumers, which could subject them to more stringent regulatory obligations under the DMA. The gatekeeper designation investigations are expected to be completed within 12 months.
Our European team has extensive experience with the DMA and a unique insight into the EC’s enforcement practice. We can assist with DMA compliance or assessing third-party intervention opportunities.
Apple Notifies EC of Potential Gatekeeper Status for Additional Services
On November 27, 2025, Apple notified the EC that two additional services, Apple Ads and Apple Maps, may qualify for designation as core platform services (CPSs) under the DMA. This notification triggers a formal assessment by the EC to determine whether the notified services meet the DMA’s quantitative criteria, which must be decided within 45 working days.
Our European team has extensive experience with the DMA and a unique insight into the EC’s enforcement practice. We can assist with DMA compliance or assessing third-party intervention opportunities.
DMA Reform and Artificial Intelligence (AI)
On December 12, 2025, the High‑Level Group on the Digital Markets Act, comprising representatives from key EU regulatory bodies, endorsed a joint paper highlighting the potential for the DMA to promote market contestability in AI infrastructure and distribution, and to enhance access to data, particularly user interaction data, which is critical for the development and deployment of AI systems. The joint paper stated that the DMA may contribute to promoting market contestability in AI infrastructure and distribution, as well as access to data, especially user interaction data.
Companies should know that enforcing the DMA remains a priority for the EU. While AI is not expressly covered by the DMA now, it could come within its scope if it is part of any of the designated core platform services.
EC Initiates WhatsApp AI Chatbot Investigation Following Italian Lead
On December 3, 2025, the EC opened a formal antitrust investigation to assess whether Meta’s updated policy prohibiting “AI providers from using a tool allowing businesses to communicate with customers via WhatsApp, the ‘WhatsApp Business Solution,’ when AI is the primary service offered,” may breach EU competition rules. The EC’s decision follows parallel proceedings by Italy’s competition authority AGCM, which has been probing the bundling of WhatsApp and Meta AI and Meta’s updated WhatsApp Business Solution Terms.
The investigations focus on Meta’s October 2025 update to the WhatsApp Business Solution Terms, which prohibit AI chatbot providers from using the WhatsApp platform when AI functionality is their primary offering, while Meta’s own AI remains accessible. Regulators are concerned that this could foreclose competition in the EEA by “prevent[ing] third-party AI providers from offering their services through WhatsApp,” potentially infringing Article 102 TFEU. The EC’s investigation will cover all of the EEA except for Italy. On December 24, 2025, the AGCM imposed interim measures on Meta, ordering it to suspend the WhatsApp Business Solution Terms in order to preserve access to the WhatsApp platform for competitors of Meta’s AI services.
Companies should be aware that market conduct by leading firms is subject to close scrutiny by European competition regulators, who frequently investigate practices such as bundling, exclusivity arrangements, pricing strategies, self-preferencing, discriminatory conduct, and other potentially anticompetitive behavior.
EU Consumer Agenda
On November 19, 2025, the EC adopted its 2030 Consumer Agenda, a comprehensive strategic framework to guide EU consumer policy through 2030 and address evolving challenges in the Single Market. The Consumer Agenda sets out actions to strengthen consumer protection, enhance competitiveness, and promote sustainable growth across the EU.
Key priorities in the Consumer Agenda include completing the Single Market for consumers by eliminating barriers and improving cross‑border access; enhancing digital fairness and online consumer protection, with a planned Digital Fairness Act to counter manipulative practices and protect vulnerable groups; promoting sustainable consumption and combating greenwashing and boosting effective enforcement and redress mechanisms to shield consumers against noncompliant market behavior.
Companies should review the 2030 Consumer Agenda’s priority areas (especially digital fairness, cross‑border market integration, and sustainable consumption) to anticipate regulatory shifts and align compliance strategies.
See our Wilson Sonsini Alert for more information.
CMA Consumer Protection / Pricing Investigations
On November 18, 2025, the UK’s CMA launched major consumer protection drive focused on online pricing practices under the Digital Markets, Competition, and Consumers Act 2024 (DMCCA). The CMA opened formal investigations into eight businesses in sectors such as concert tickets, driving lessons, furniture retailing, and gyms over suspected breaches of consumer law involving drip pricing, hidden mandatory fees, misleading time limited offers, and automatic opt-ins that may mislead consumers about the total price they will pay for a purchase.
The CMA’s action follows a cross-economy review of more than 400 businesses across 14 sectors, which identified potential noncompliance with the new price transparency and online sales rules. These are the first enforcement cases opened using the CMA’s new consumer protection powers under the DMCCA. In parallel, the CMA sent advisory letters to around 100 additional businesses across key consumer spend sectors.
Companies engaged in ecommerce, online marketplaces and digital sales should urgently review how prices and associated charges are presented to consumers, ensure full transparency of all mandatory fees, and avoid misleading countdown or opt-in tactics, as the CMA’s expanded consumer protection regime is now being actively enforced.
See our Wilson Sonsini Alert for more information.
ADNOC/Covestro Secures Conditional EC Approval Under Foreign Subsidies Regulation (FSR)
On November 14, 2025, the EC conditionally approved UAE-owned ADNOC’s acquisition of German chemicals producer Covestro under the FSR, following an in‑depth investigation into whether UAE‑linked subsidies could distort competition in the EU's internal market.
The transaction, valued at approximately €14.7 billion, had already cleared EU merger control earlier in 2025, but the EC’s FSR review identified foreign subsidies (including an unlimited state guarantee and a committed capital injection) that could facilitate market distortion. To address these concerns, ADNOC offered commitments to amend its articles of association to remove the unlimited guarantee and to grant access to certain sustainability‑related patents on transparent terms to other market participants. The EC concluded that the potential distortive effects would be mitigated, and the acquisition could proceed subject to these commitments.
Clients should be aware that the FSR adds yet another potential regulatory filing to the approval checklist for M&A transactions.
For more information about the FSR, see the Wilson Sonsini Fact Sheet, EU Foreign Subsidies Regulation.
EC Initiates In-Depth FSR Investigation Against Nuctech; Conducts Unannounced Inspection at Temu
On December 11, 2025, the EC opened an in-depth investigation under the FSR into Chinese security equipment manufacturer Nuctech. The EC is seeking to determine whether foreign subsidies received by Nuctech have distorted competition in the EU’s internal market, particularly in the market for threat detection systems used at airports, ports, and other critical infrastructure. Simultaneously, the EC conducted unannounced inspections in Ireland at the European headquarters of Temu, a Chinese ecommerce platform, as part of an FSR inquiry into potentially distortive foreign subsidies.
Clients should be aware that the FSR adds yet another potential regulatory filing to the approval checklist for M&A transactions and creates a new regulatory hurdle for companies bidding for large public contracts in the EU. For the moment, such investigations have focused on cases involving Chinese entities.
