{"id":116202,"date":"2025-10-07T13:18:42","date_gmt":"2025-10-07T13:18:42","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=116202"},"modified":"2025-10-15T08:35:05","modified_gmt":"2025-10-15T08:35:05","slug":"belgium-merger-control","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/belgium-merger-control\/","title":{"rendered":"Belgium: Merger Control"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-116202","comparative_guide","type-comparative_guide","status-publish","hentry","guides-merger-control","jurisdictions-belgium"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Linklaters<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2018\/11\/linklaters-logo.png\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Linklaters<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2018\/11\/linklaters-logo.png\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Merger Control laws and regulations applicable in Belgium<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Overview<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Belgian merger control regime is set out in Book IV of the Belgian Code of Economic Law (CEL) and is further described in the Royal Decree of 30 August 2013 relating to the notification of concentrations.<\/p>\n<p>The national competition authority responsible for the enforcement of the merger control rules is the Belgian Competition Authority (BCA), which comprises of the Investigation and Prosecution Service (which conducts the investigation) and the Competition College (which is the decision-making body). The Competition College is responsible for adopting final decisions in both Phase I and Phase II merger control procedures. In simplified cases, the clearance decision may be adopted by a prosecutor from the Investigation and Prosecution Service.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is notification compulsory or voluntary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Notification is <u>compulsory<\/u> when the filing thresholds are met. The regime does not provide for a voluntary notification below the filing thresholds.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a prohibition on completion or closing prior to clearance by the relevant authority? Are there possibilities for derogation or carve out?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Belgian merger control regime is <u>suspensory<\/u>, meaning that it prohibits the implementation of a reportable concentration prior to clearance from the BCA. The BCA enforces this prohibition proactively.<\/p>\n<p>It is possible to request a derogation from the suspension. The President of the BCA has discretion to decide whether or not to grant it. Such exemptions are rare. The fact that a merger has already been cleared elsewhere is insufficient to obtain a derogation.<\/p>\n<p>Similar to the position under the EU Merger Regulation, implementation before clearance is explicitly permitted in the event of a takeover bid or public offer, provided that the concentration is immediately notified and the acquirer refrains from exercising the voting rights associated with the acquired securities. However, the acquirer may be permitted to exercise these voting rights to uphold the value of the investment if a derogation from the President of the BCA is obtained.<\/p>\n<p>Global completion prior to local clearance (i.e. a local carve-out) is not permitted.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What types of transaction are notifiable or reviewable and what is the test for control?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>Types of notifiable transactions <\/strong><\/p>\n<p>The BCA interprets the term \u201cconcentration\u201d in a manner consistent with the EU Merger Regulation. \u00a0A concentration is therefore deemed to arise where a change of control on a lasting basis results from:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>the merger of two or more previously independent undertakings or parts of undertakings; or<\/li>\n<li>the acquisition, by one or more persons already controlling at least one undertaking, or by one or more undertakings, whether by purchase of securities or assets, by contract or by any other means, of direct or indirect control of the whole or parts of one or more undertakings.<\/li>\n<\/ol>\n<p>The creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity (i.e. a full-function JV) is considered to constitute a concentration within the meaning of point (b).<\/p>\n<p>Internal reorganisations, insofar as they do not lead to a change of control, are not notifiable.<\/p>\n<p><strong>Test for control <\/strong><\/p>\n<p>Only acquisitions that involve a change of control trigger a filing. The notion of control is interpreted in line with the approach taken under the EU Merger Regulation and is defined as the possibility of exercising decisive influence over an undertaking.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances is an acquisition of a minority interest notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In line with the position at EU level, acquisitions of minority shareholdings (i.e. less than 50% of the voting rights) are only notifiable if they lead to a change of control.<\/p>\n<p>The acquisition of a minority shareholding can result in joint control if two or more minority shareholders hold veto rights that enable them to block decisions relating to the JV&#8217;s strategic commercial behaviour. A minority shareholding may also result in negative sole control if one minority shareholder possesses such veto rights.<\/p>\n<p>In some cases, acquiring a minority shareholding may result in <em>de facto<\/em> sole control when the minority shareholder is highly likely to obtain a majority at the shareholders\u2019 meeting, given the size of the participation and attendance of shareholders at previous meetings.<\/p>\n<p>In exceptional cases, and only in listed companies, a minority shareholding may also give rise to positive sole control if the shares confer double voting rights on the minority shareholder, giving them a majority of the voting rights.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the jurisdictional thresholds (turnover, assets, market share and\/or local presence)? Are there different thresholds that apply to particular sectors?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>Relevant thresholds<\/strong><\/p>\n<p>A Belgian merger control filing is triggered if:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>the combined Belgian turnover of all undertakings concerned was greater than \u20ac100 million in the last financial year; AND<\/li>\n<li>at least two of the undertakings concerned had an individual Belgian turnover of at least \u20ac40 million in the last financial year.<\/li>\n<\/ol>\n<p><strong>Exemption for hospitals <\/strong><\/p>\n<p>Since March 2024, the following transactions are exempted from the Belgian merger control regime: (i) the establishment of a loco-regional clinical hospital network*, and (ii) any concentration between (accredited) hospitals. As an exception to this exemption, concentrations between accredited hospitals are subject to the Belgian merger control regime, if the following thresholds are met:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>the combined Belgian turnover of all hospitals concerned is greater than \u20ac900 million; AND<\/li>\n<li>at least two of the hospitals have individual Belgian turnover of at least \u20ac250 million.<\/li>\n<\/ol>\n<p>*A loco-regional hospital network is defined as a \u2018sustainable and legally formalised cooperation with legal personality, recognised by the authorities responsible for health care policy on the basis of Articles 128, 130 or 135 of the Belgian Constitution, between at least two non-psychiatric hospitals that are separately recognised at the time of the establishment of the loco-regional hospital network, which are located within a geographically contiguous area and which offer complementary and rational locoregional care\u2019.<\/p>\n<p><strong>Residual risk<\/strong><\/p>\n<p>The BCA was the first national competition authority to apply the <em>Towercast<\/em> judgment of the European Court of Justice (CJEU). In this landmark judgment, the CJEU confirmed that national competition authorities have the competence to analyse ex-post non-notifiable concentrations (under EU and national merger control rules) on the basis of the prohibition of abuse of dominance under Article 102 TFEU. Since this judgment, the BCA has commenced <em>ex officio<\/em> investigations under antitrust rules (including both Article 101 and Article 102 TFEU) into several transactions that did not meet the Belgian merger control filing thresholds.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are turnover, assets and\/or market shares valued or determined for the purposes of jurisdictional thresholds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Belgian rules for the calculation of turnover mirror the provisions of the EU Merger Regulation and the European Commission\u2019s Consolidated Jurisdictional Notice. Turnover is deemed to be the sum of the turnover in Belgium of all members of the group in the financial year prior to the concentration.<\/p>\n<p>Turnover is in principle allocated according to the location of the customer. There is however case law that considers the place of performance of the contract or the place where the product is sold as the relevant criteria for geographic turnover allocation in certain sectors. This case law relates to specific cases where the economic activity (clearly) takes place in Belgium, but the customer is not necessarily located in Belgium. The precedents relate to ports and diamond sales.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a particular exchange rate required to be used for to convert turnover thresholds and asset values?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As no guidance is given under Belgian law, it is advisable to follow the approach taken by the European Commission. This entails applying the European Central Bank (ECB) average exchange rates over the relevant 12-month period corresponding to the undertaking\u2019s financial year. For financial years which coincide with the calendar year, the ECB\u2019s annual average exchange rates should be used. For non-calendar financial years, the average should be determined by calculating the mean of the ECB\u2019s monthly average rates across the applicable period.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances are joint ventures notifiable or reviewable (both new joint ventures and acquisitions of joint control over an existing business)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In line with the EU Merger Regulation and the European Commission\u2019s Consolidated Jurisdictional Notice, only the establishment of a full-function joint venture is considered to be a concentration. The Belgian regime also follows the Austria Asphalt judgment of the CJEU, meaning that in case of a change from sole to joint control, the resulting joint venture must also be full-function for a filing to be triggered.<\/p>\n<p>In the case of a joint venture, each of the parents (and their groups) intending to share joint control is an undertaking concerned. In this situation, the jurisdictional threshold can be met by the two parents together even though the target joint venture does not meet the threshold. Put differently, the thresholds may require a filing of the transaction even though there is no actual nexus to Belgium.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which different stages of the same, overall transaction are separately notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As no guidance is given under Belgian law, the BCA would follow the approach set out in the European Commission\u2019s Consolidated Jurisdictional Notice to assess whether several <u>successive operations<\/u> must be notified separately. The BCA also adopts the European Commission&#8217;s approach that transactions which are so closely linked that one would not have been concluded without the other must be regarded as a single concentration (<u>interrelated transactions<\/u>).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How do the thresholds apply to \u201cforeign-to-foreign\u201d mergers and transactions involving a target \/ joint venture with no nexus to the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no specific jurisdictional thresholds for foreign-to-foreign transactions, nor is there a separate local effects test in addition to the local turnover threshold under the Belgian merger control rules. If the target in a sole control scenario has no local turnover, a filing can be ruled out even if it has assets or a corporate entity in Belgium.<\/p>\n<p>The general turnover thresholds require that at least two of the undertakings concerned each have obtained \u20ac40 million turnover in Belgium. In the context of a joint venture, this means that once the parents each meet the local turnover test, a notification is required regardless of whether the joint venture itself has any Belgian nexus.<\/p>\n<p>Therefore, foreign-to-foreign mergers are subject to Belgian merger control based solely on meeting the general turnover thresholds, without any additional requirement to demonstrate effects on the Belgian market.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For voluntary filing regimes (only), are there any factors not related to competition that might influence the decision as to whether or not notify?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Not applicable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the substantive test applied by the relevant authority to assess whether or not to clear the merger, or to clear it subject to remedies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The substantive test applied by the BCA is in line with the EU Merger Regulation and provides that concentrations which would significantly impede effective competition \u2013 in particular as a result of the creation or strengthening of a dominant position \u2013 should not be allowed (the SIEC test). In practice, the BCA follows the European Commission\u2019s Horizontal and Non-Horizontal Merger Guidelines.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are factors unrelated to competition relevant?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA assesses concentrations solely on the basis of competition criteria. However, these criteria are interpreted broadly, meaning that factors beyond the strict definition of consumer welfare may also be considered in the assessment. For example, in certain cases in the media sector, the BCA has taken concerns about media plurality into account in its decision-making process.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are ancillary restraints covered by the authority\u2019s clearance decision?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Although Belgian law does not address this point specifically, it is generally accepted that ancillary restrictions are covered by the BCA\u2019s clearance decision, provided they are directly related to and necessary for the concentration. The BCA typically applies the same principles as the European Commission when determining whether these requirements are met. Specifically, any restriction of competition must be narrowly defined, addressing only those products, geographic areas, time periods, and entities that are essential for the completion of the transaction and to enable the buyer to realise the full benefits of the acquisition.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For mandatory filing regimes, is there a statutory deadline for notification of the transaction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Similar to the rules under the EU Merger Regulation, there is no statutory deadline, but the notification must be made prior to the implementation of a concentration; and<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>following the conclusion of the agreement, the announcement of the public bid or the acquisition of a controlling interest; or<\/li>\n<li>on the basis of a draft agreement where the undertakings demonstrate an intention to conclude an agreement (e.g. through an LoI or MoU) or the publicly announced intention to make a public bid.<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the earliest time or stage in the transaction at which a notification can be made?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Parties can notify a draft agreement provided that they declare their intention to conclude a final agreement which does not significantly deviate from the notified draft as regards the competition law aspects. Such a declaration can be included in the filing form. In case of a takeover bid or a public offer of exchange, the parties may notify when they have publicly announced their intention to make a bid or offer.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is it usual practice to engage in pre-notification discussions with the authority? If so, how long do these typically take?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Although there is no formal consultation procedure prior to notification, it is generally recommended that pre-notification discussions take place in all cases. Pre-notification discussions are informal and confidential.<\/p>\n<p>The extent and duration of the pre-notification discussions depend mainly on the complexity of the case. For simplified cases, pre-notification discussions usually last between one and three weeks. In more complicated cases, pre-notification discussions may last several months.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the basic timetable for the authority\u2019s review?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA\u2019s Phase I review lasts up to 40 working days (extendable to 55 working days in case remedies are offered). The first day of Phase I review is the day following the date of the submission of a complete notification.<\/p>\n<p>The BCA\u2019s Phase II review lasts up to 60 working days (extendable to 80 working days in case remedies are offered). This review period can be further extended at the request of the parties or in case the parties have not responded timely to an information request.<\/p>\n<p>The BCA usually takes the entire review period before issuing a decision. Sometimes clearance decisions are issued a few working days prior to the deadline.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Under what circumstances may the basic timetable be extended, reset or frozen?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The review period can be: (i) extended at the request of the parties; (ii) paused when the BCA issues a motivated decision requesting information from the parties due to their failure to respond timely to a regular information request or their provision of incomplete, incorrect or misleading responses, for the duration needed for the parties to provide the requested information; or (iii) extended when the parties offer remedies (by 15 working days in Phase I and\/or by 20 working days in Phase II).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which the review timetable can be shortened?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A simplified procedure is available for concentrations that satisfy certain conditions. The maximum length of a simplified Phase I review period is 15 working days.<\/p>\n<p>In practice, a simplified procedure notification will only be accepted if the concentration has been pre-notified and the application of the simplified procedure has been confirmed by the BCA before formal notification. By law, the document declaring the applicability of the simplified procedure is equivalent to a clearance decision.\u00a0The simplified procedure is available for:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>acquisitions of control of a joint venture with turnover and assets in Belgium each less than \u20ac40 million;<\/li>\n<li>mergers or acquisitions of sole or joint control where there is no horizontal or vertical overlap between any parties to the transaction, or where the parties\u2019 combined market share (in horizontal or vertical markets) is less than 25%; and<\/li>\n<li>changes from joint to sole control.<\/li>\n<\/ol>\n<p>In addition, the BCA may apply the simplified procedure for transactions meeting either of the following combined thresholds:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>the parties\u2019 combined market share in all markets in which more than one operates (horizontal overlap) is less than 50%; and EITHER\n<ol style=\"padding-left: 5\" type=\"i\">\n<li>the transaction results in a delta of the Herfindahl-Hirschman Index (HHI) of less than 150; or<\/li>\n<li>the increase in market share resulting from the transaction is less than 2%.<\/li>\n<\/ol>\n<\/li>\n<li>Taking account of all relevant circumstances, the BCA is of the view that there are no doubts about the permissibility of the transaction and:\n<ol style=\"padding-left: 5\" type=\"i\">\n<li>the parties\u2019 combined market share in any markets in which one or more operates (horizontal overlap) is 25% or more, but less than 40%; or<\/li>\n<li>any party\u2019s market share in a market upstream or downstream of a market in which another party operates (vertical overlap) is 25% or more, but less than 40%.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which party is responsible for submitting the filing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The party or parties acquiring control are responsible for making the notification. This includes shareholders who are not involved in the present transaction, but who will continue to have control over the target as well as both parent companies of a joint venture. The seller is not required to make a notification if it does not retain control over the target.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information is required in the filing form?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The information required in the filing form can be categorised into (i) information about the undertakings concerned; (ii) data concerning the concentration; (iii) market data; (iv) supporting documents; and (v) if applicable, details on the cooperative effects of a JV.<\/p>\n<p>Information about the undertakings concerned includes company details, business activities, group structures, and turnover data. Data concerning the concentration covers the transaction structure, the transaction rationale, and post-concentration ownership arrangements. Market data requires market definition, market shares, competitor information, and customer details for affected markets.<\/p>\n<p>The filing form must be submitted in Dutch or French.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which supporting documents, if any, must be filed with the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The notifying party must file the following supporting documents: (i) power of attorney; (ii) articles of association (buyer(s) and target); (iii) annual report (buyer(s) and target); (iv) annual accounts (buyer(s) and target); (v) transaction documents; (vi) confirmation of the informing of the works council (buyer(s) and target); (vii) a document indicating the representative of the most relevant employee organisations or their representative, with their coordinates for each of the undertakings; (viii) internal documents.<\/p>\n<p>Supporting documents can be submitted in Dutch, French or English. If the supporting documents are written in a different language, they must be translated into the language of the filing form (Dutch or French).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a filing fee?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Belgian merger control procedure is subject to the following filing fees:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>Non-simplified merger control procedures: \u20ac61,124;<\/li>\n<li>Simplified merger control procedures: \u20ac20,375.<\/li>\n<\/ol>\n<p>These amounts are revised annually on the basis of the consumer index.<\/p>\n<p>The filing fee must be paid after the issuance of the final decision. The BCA will communicate the invoice to the notifying party within 10 days after the decision. The notifying party will be required to pay within 15 days after receipt of the invoice.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a public announcement that a notification has been filed?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA will publish a short summary (max. 500 words) on the day (or a few days after) formal notification, specifying the parties to the concentration, the nature of the concentration (e.g. merger, acquisition or joint venture), the areas of activity of the parties to the concentration, the markets on which the concentration will have an impact (including the main reportable markets), and the strategic and economic rationale for the concentration. The summary is prepared by the parties (as part of the notification form) and it is their responsibility not to include any confidential information or business secrets.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority seek or invite the views of third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>During the investigation phase, the BCA typically carries out a market investigation. This involves questioning competitors, suppliers and customers of the undertakings concerned about the proposed concentration. This is done by sending out requests for information. The questions typically also gauge third parties&#8217; views on the concentration and its potential impact on the market. The extent of the market investigation varies greatly depending on the complexity of the case, but even in simplified cases, a limited market investigation usually takes place.<\/p>\n<p>More generally, third parties with sufficient interest may provide the case team with information and documents that they consider relevant to assessing the concentration, in addition to the information requested from them in information requests. The case team may also invite third parties to meetings to explain their position.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information may be published by the authority or made available to third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA publishes a short summary of the parties\u2019 notification.<\/p>\n<p>In non-simplified procedures, the BCA also proactively transfers its draft decision (in a non-confidential format which is proposed by the parties) to the labour union representatives. In practice, this draft decision often copies significant parts of the notification form. In sensitive cases (e.g. involving structural remedies), this can trigger questions from the labour unions and may thus require preparation and coordination from a labour law perspective.<\/p>\n<p>The BCA will provide the parties with the confidential version of the decision on the day of adoption. The parties will usually have a few days to identify confidential information and may ask for its redaction in the public version. Clearance decisions for simplified cases usually do not contain confidential information. The timing for the publication of the public version of the decision can vary between a few days (for simplified cases) to several weeks for more complex cases.<\/p>\n<p>Furthermore, the BCA often publishes a press release on the day of adoption of a merger decision, including for some simplified cases. The parties may receive an advance copy of the press release for comment.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority cooperate with antitrust authorities in other jurisdictions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA is a member of both the European Competition Network (ECN), and the International Competition Network (ICN). It cooperates extensively with other competition regulators, in particular the European Commission and the competition authorities of other EEA Member States.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What kind of remedies are acceptable to the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>If the BCA is concerned that the concentration would significantly affect competition on the Belgian market, it is up to the notifying parties to offer commitments within the legal timeframe. Given the limited guidance under Belgian law, the BCA relies on the Commission Notice on Remedies when assessing commitments.<\/p>\n<p>The BCA considers commitments proposed in Phase I or Phase II and accepts both behavioural and structural commitments. In order to be accepted, the commitments must be comprehensive, effective and verifiable so that they are capable of removing all competition concerns. The BCA has not yet required the use of up-front buyer or fix-it-first clauses for commitments involving divestments.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What procedure applies in the event that remedies are required in order to secure clearance?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The parties may offer commitments in Phase I as well as Phase II and if they do so, the review period is extendable by respectively 15 and 20 working days.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for failure to notify, late notification and breaches of a prohibition on closing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA can impose a fine of up to 1% of the worldwide annual turnover, on an undertaking that has <u>omitted to notify<\/u> a reportable concentration (even if the concentration would not raise any competition concerns and would be unconditionally cleared). The BCA can also impose a fine of up to 10% of the undertaking\u2019s worldwide turnover for <u>implementation ahead of local regulatory clearance<\/u>. In practice, the two sanctions will be applied simultaneously as a failure to notify will always coincide with implementation ahead of local regulatory clearance, since the parties will only notify the concentration once it has been implemented.<\/p>\n<p>The party or parties acquiring control are responsible for making the notification, and therefore are susceptible to the risk of fines for not notifying or jumping the gun. The BCA can cumulatively apply the fine for failure to notify and the fine for gun-jumping.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for incomplete or misleading information in the notification or in response to the authority\u2019s questions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA can impose fines of up to 1% of the undertaking\u2019s worldwide turnover for (i) providing misleading, wrong or incomplete information as part of the notification or in response to a request for information; (ii) not providing the requested information within the deadline of a request for information; or (iii) refusing to participate in the oral hearing.<\/p>\n<p>The party or parties acquiring control are responsible for making the notification, and therefore are susceptible to the risk of fines for not cooperating. The BCA can also impose a fine of \u20ac50 to \u20ac2,000 on natural persons.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can the authority\u2019s decision be appealed to a court?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Decisions of the BCA can be appealed before the Brussels Markets Court (<em>Marktenhof \/ Cour des marches<\/em>) within 30 working days of notification of the Competition College\u2019s final decision.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the recent trends in the approach of the relevant authority to enforcement, procedure and substantive assessment?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA has, in the last 10 years, not blocked any transaction notified to it. On 2 June 2023, the BCA announced that What\u2019s Cooking (formerly Ter Beke) had abandoned its proposed acquisition of Imperial Meat Products and Campofrio Food Group assets. This rare abandonment followed an unusually lengthy Phase 2 investigation, during which the BCA Prosecutor General twice recommended prohibition. Over the last three and a half years, six notified transactions were cleared subject to conditions.<\/p>\n<p>The BCA does not shy away from applying the EU\u00a0<em>Towercast<\/em>\u00a0doctrine to investigate below-threshold mergers. On 21 June 2023, the BCA imposed interim measures in <em>Proximus\/EDPnet<\/em>, its first review of a concentration below both EU and national merger control thresholds under abuse of dominance rules. Proximus eventually abandoned the transaction. On 20 March 2025, the BCA terminated its review of Dossche Mills Group\u2019s proposed acquisition of Ceres\u2019 artisan bakery segment after the parties confirmed they would abandon the transaction. This was the BCA\u2019s second use of antitrust rules, rather than merger control provisions, to address potential competition concerns deriving from an M&amp;A deal.<\/p>\n<p>In its 2025 Priorities paper, the BCA highlighted five focus sectors: (i) agri-food; (ii) healthcare; (iii) basic services; (iv) the digitisation of the economy and telecommunications; and (v) construction. Businesses in these sectors should expect increased scrutiny.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any future developments or planned reforms of the merger control regime in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The BCA has indicated to be in favour of call-in powers for below-threshold deals. However, the introduction of such powers would require legislative amendments (and no legislative procedure has started based on our current knowledge).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">4657<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/116202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=116202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}