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Looking at the current geopolitical situation, questions on national security and resilience are never far off. Foreign investments can potentially raise concerns of national autonomy and self-sufficiency.

The European Commission has published Draft Merger Guidelines consolidating two decades of enforcement practice into a single framework that emphasizes dynamic competition, innovation, and ecosystem effects. While retaining the existing legal test, the guidelines articulate a more explicit analytical approach that brings greater prominence to scale, resilience, and non-price dimensions of competition, with particular implications for technology and life sciences transactions.