Europe Tightens Merger Control: 'Killer Acquisitions' Under Scrutiny
The regulatory landscape for merger control in Europe is rapidly evolving, driven by a desire for competitiveness, growth, and strategic autonomy on the global stage. Recent developments in several European countries, as discussed by Dentons lawyers in the October 2025 PLC Magazine, highlight an increased call-in risk in M&A transactions.
Regulators across Europe are tightening their grip on 'killer acquisitions', a term used to describe purchases of smaller rivals by larger companies to stifle competition. In Germany, BaFin is stepping up its scrutiny, while in France, the Autorité des marchés financiers (AMF) is taking a closer look at deals that could hinder innovation. The UK's Financial Conduct Authority (FCA) and Spain's Comisión Nacional del Mercado de Valores (CNMV) are also showing increased vigilance.
These changes have significant implications for legal certainty in dealmaking. Companies must now navigate a more complex regulatory environment, with a higher risk of mergers being blocked or subject to strict conditions. This could lead to longer deal times and increased costs, as companies work to ensure compliance with the new rules.
The shift in merger control regimes across Europe is a response to the need for competitiveness and strategic autonomy on the global stage. However, it also presents challenges for companies engaged in M&A transactions. As regulators in countries like Germany, France, the UK, and Spain increase their scrutiny, companies must be prepared to navigate a more complex regulatory landscape to ensure successful dealmaking.
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