Fusions et acquisitions - Contrôle des concentrations

eAlerts Récentes

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  17.03.2023

  EU

  Mer­ger con­trol re­view be­low fi­ling thre­sholds – the ECJ To­wer­cast judg­ment adds one more ar­row to the qui­ver

  On 16 March 2023, the ECJ decided that a M&A transaction, which was not subject to ex-ante EU merger control, can be reviewed – from an ex post perspective – as to whether the acquirer (through the acquisition) abused its dominant position within the meaning of Article 102 TFEU (prohibition of the abuse of a dominant position). This allows national competition authorities to apply Art. 102 TFEU to non-notifiable mergers. The judgment therefore provides competition authorities in the EU with a significant additional tool for their scrutiny of transactions, which are not reportable...

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  21.02.2023

  Europe

  UK re­gu­la­tor joins the glo­bal en­for­ce­ment trend and warns em­ployers to avoid no-poa­ching agree­ments

  The overlap between employees’ rights and competition law has long been predicted by competition specialists. Cartel enforcement in labour market agreements became a fledgling activity of competition watchdogs but it is increasingly picking up.ContextAt EU level, the Competition Commissioner highlighted at the end of 20211 that no-poaching agreements are “an indicated way to keep wages down, restricting talent from moving where it serves the economy best”.Competition authorities across Europe have also started targeting no-poaching agreements between competitors. The Portuguese...

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  07.02.2023

  Europe

  New M&A Re­port is now avai­lable

  The Emerging Europe M&A Report 2022/23, published by CMS  in cooperation with EMIS, presents in detail M&A deal statistics from 15 countries in the region and looks at trends and investment activity across key sectors and markets. The key findings of the CMS Emerging Europe M&A Report include the following:M&A activity across Emerging Europe rose by 5.6% in volume to 1,229 deals, as compared to 2021. In contrast, the total deal value fell by 20%, to EUR 32.93bnCross-border deal activity was a strongpoint, up from 743 to 815 deals, although values fell from EUR 38.2bn to...

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  01.08.2022

  England and Wales

  Rus­sia sanc­tions up­date: UK bans new in­vest­ment into Rus­sia

  New UK sanctions regulations have come into force imposing the most rigorous restriction on doing business with Russia since the invasion of Ukraine on 24 February 2022. The twelfth amendment to the Russia (Sanctions) (EU Exit) Regulations 2019 aims to “close off revenue streams that the Russian government could leverage” in order to “deepen…sanctions measures” and encourage Russia to “respect international law and the territorial integrity of sovereign nations”. It is now a criminal offence, imprisonable by a maximum term of seven years, for a UK citizen...

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  15.07.2022

  Europe

  EU's Ge­ne­ral Court con­firms Com­mis­sion's new mer­ger re­fer­ral po­licy in Il­lu­mina/Grail case

  Under Article 22 of the EU Merger Regulation (EUMR), national competition authorities have the possibility to request referral to the Commission of any merger, which does not meet the thresholds of the EUMR, but which affects trade between member states and threatens significantly to affect competition in the territory of the member state. In March 2021, the Commission introduced a new policy for Article 22 EUMR, starting to accept Article 22 EUMR referrals from national competition authorities even if the referring authorities have no power to review the cases under their national merger-control...

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  24.06.2022

  Europe

  Re­gu­la­tion on fo­reign sub­si­dies is hea­ding for the fi­nish line - Eu­ro­pean com­pa­nies need to be pre­pa­red

  Since 5 May 2022, EU trilogue negotiations have been underway on the first Regulation to limit the effect of subsidies from third countries to companies active in the EU. That an agreement will be reached can be considered a certainty. The Regulation could be applicable as early as the first half of 2023. The three new tools envisaged by the Regulation also mean new compliance burdens for many European companies. This article presents the most important amendments to the Commission's draft proposed by the European Parliament and the Council in the trilogue. First Regulation of its kind Existing...

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