Hot on the heels of the UK government’s February 2025 draft "strategic steer", the Competition and Markets Authority (CMA) has published a new Mergers Charter. The Charter details principles the CMA will apply when engaging with businesses during a merger review, and what it expects from businesses in return.
The CMA has structured these principles using its new "4Ps" framework—pace, predictability, proportionality and process. While some of the commitments in the Charter are no more than a formal statement of existing practice, others appear to be genuine and very welcome improvements to the UK merger control regime. These include aims to shorten review processes, homing in earlier on potential areas of concern, and to issue more focused information requests. The CMA promises to allow businesses more regular direct engagement with decision makers.
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