In a recently published judgment, the Higher General Court of
Düsseldorf has objected to the interpretation of the
transaction value threshold under the German merger control regime
by the Federal Cartel Office (Judgment of 23 November 2022 –
Kart 11/21 (V)).
The judgment provides helpful guidance on the notification
requirement under German merger control in scenarios where the
purchase price is high but the target's link to Germany is
weak.
Background
Since 2017, mergers involving the acquisition of a target with
turnover in Germany below the standard thresholds are, in
accordance with Sec. 35 (1a) of the Act against Restraints on
Competition (ARC), nevertheless subject to merger
control1 by the Federal Cartel Office
(FCO) if:
