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Global merger control trends 2022/2023

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White & Case Antitrust/Competition Differentiator known for predicting legal trends before they enter the mainstream, while also analyzing whether or not that trend is relevant to your business.

2022 Global merger control recap

Catching below-threshold mergers in the EU


Toughening merger control enforcement around the world: Results of White & Case’s Global Antitrust Merger StatPak (WAMS) study

Battersea Power Station

Crackdown on procedural infringements


Divergence among regulators

rope knots

2023 Global merger control outlook

New subsidies control


Expansive FDI

data center

Spotlight on non-horizontal mergers in tech and life sciences sectors

Eastern shore of Maryland

Key legislation and judgments coming up in 2023

Record breaker: US M&A 2021

Expansive FDI

1 min read

Dealmakers should be made aware that deals outside of traditionally sensitive sectors may face an FDI scrutiny. Last year, at least 20 transactions globally were blocked or abandoned due to national security or FDI screening-related concerns.

During the past two years, nine EU Member States have either adopted a new screening mechanism or expanded their existing regime. New FDI regimes in Belgium, Luxembourg, the Netherlands, Ireland, Estonia and Sweden are expected to enter into force in 2023.

The UK's National Security and Investment Act (NSIA), which has been in force since January 2022, is expected to have an impact on merger control. A number of deals have been blocked, or subject to conditions, under the NSIA and parties should take this into account in their multijurisdictional assessment.

Following the publication of CFIUS's very first enforcement and penalty guidelines, CFIUS will be likely very active in enforcement actions, focusing in particular on Chinese investors.

In Australia, FDI reviews have been playing a significant role in merger control. The FDI regulator will seek the antitrust regulator's view on any investment that increases the applicant's presence in a particular industry. Where competition clearance is not mandatory, but FDI over a certain threshold is, this interplay can initiate a unilateral review by the competition authority, opening the applicant up to questioning to determine the competitive effects of the proposed transaction.

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This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.

© 2023 White & Case LLP

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