This report presents our analysis of the application of merger control rules in 2016 by the antitrust authorities in 26 jurisdictions, focussing on the U.S., EU and China. We give you not only the headlines but the story behind them.

Building on the trends of previous years, companies continued to show a willingness to engage in strategic deals to bring about further consolidation across different industries. In response, in 2016 antitrust authorities intervened in significantly more transactions than in 2015. Last year, more than 31 transactions were frustrated (i.e. prohibited or abandoned) due to antitrust concerns, with a total value of over EUR 69 billion. In addition, at least 159 deals were subject to interference in the form of remedies. Authorities further imposed record fines on companies that failed to comply with merger control rules.

The impact of antitrust intervention on M&A deals therefore continued to increase in 2016, and we do not expect this trend to end any time soon.