Proposed Merger Guidelines Signal An Evolution In EU Merger Control

Key Takeaways

• The revised Guidelines respond to the rise of digital platforms, AI, and renewed emphasis on European industrial competitiveness, reflecting a shift in tone toward "scale and consolidation" and the creation of "European champions". However, established theories of harm remain the primary analytical focus, and any arguments for clearance must still be backed by compelling evidence subject to EU court review.
• The Guidelines dedicate 15 pages to efficiencies (up from two) and state that demonstrated efficiencies will play a key role in future assessment. In a significant departure from current policy, the Guidelines expressly recognise efficiencies that benefit society at large, potentially offering a lifeline to mergers in concentrated industries.