Overview   Mergers

The fourth issue of 2026 includes the following articles: "Cleared for Take-Off, Subject to Conditions" (looking at the Commission’s conditional approval of Boeing’s acquisition of Spirit AeroSystems following a Phase I investigation) ; and "M.11939 FrieslandCampina/Milcobel – A dairy tale" (which covers the Commission’s first assessment of a merger between dairy cooperatives in the context of a sustained milk shortage, following an in-depth investigation into the dairy sector in Belgium and the Netherlands.)

The European Commission has launched today a public consultation inviting comments on the draft of the new EU Merger Guidelines. These will replace the current Horizontal Merger Guidelines and the Non-Horizontal Merger Guidelines. This marks the most significant reform in EU merger control of the past two decades.
See also the consultation's form, as well as the corresponding COMP Flash.

The European Commission has opened an in-depth investigation to assess, under the EU Merger Regulation, the proposed creation of a joint venture between UPM-Kymmene Corporation ('UPM') and Sappi Limited ('Sappi'). The Commission is concerned that the transaction may reduce competition in certain markets for the production and supply of communication paper and specialty paper in the European Economic Area ('EEA') and result in higher prices, less choice or reduced quality.

The European Commission has unconditionally approved, under the EU Merger Regulation, the proposed acquisition by RTL Deutschland GmbH ('RTL') of Sky German Holdings GmbH ('Sky DACH'). The Commission concluded that the transaction would raise no competition concerns in the European Economic Area ('EEA').

The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition by Clarios of three secondary recycling lead smelters, operated by Ecobat in Germany (Braubach and Freiberg) and Austria (Arnoldstein). The Commission concluded that the transaction would raise no competition concerns in the European Economic Area ('EEA').

The Commission takes note of the judgments of the Court of Justice of the European Union upholding the 2023 judgments of the General Court and thus the 2019 Commission's decision approving, under the EU Merger Regulation, the acquisition of Innogy by E.ON.
In its judgment, the Court of Justice confirmed that the Commission was correct in assessing the different parts of the asset swap as two separate concentrations.
The Court of Justice confirmed that the Commission and the General Court were correct in assessing the transaction within the boundaries of the EUMR, and not through Regulation 1/2003.
Furthermore, the Court of Justice confirmed that the analytical framework applied by the Commission was sufficiently and adequately explained, and that the General Court did not reverse the burden of proof with respect to submitting evidence on the effects of the transaction.
See also Curia's press release.

The Commission unconditionally cleared Mars' USD 36 billion acquisition of Kellanova following an in- depth Phase II investigation.
The investigation focused on a bargaining theory of harm, namely whether combining Mars' brands with Kellanova's salty snacks (Pringles) and cereals (Kellogg's) brands would give the merged entity excessive leverage in negotiations with retailers, potentially leading to higher consumer prices.

On 5 March 2026, DG Competition will host a conference to discuss key aspects of the ongoing review of the Merger Guidelines. This event will bring together leading experts and stakeholders to explore the latest developments and challenges in EU merger control.

The conference will debate three broad themes:

1. Driving productivity and innovation in the Single Market: the role of EU Merger control;
2. How can mergers promote a more sustainable Europe?; and
3. Mergers and the cost of living: price effects, workers woes and other impacts to society.

Following a request by the Luxembourg competition authority pursuant to Article 22 of the EU Merger Regulation, the European Commission conducted an expost review of the acquisition of Boissons Heintz by Brasserie Nationale.
The Transaction was cleared in Phase I, subject to the divestiture of Boissons Heintz’s on-trade activities. This divestment business has been acquired by a Belgian wholesaler, Brasserie Maziers, that the Commission approved. This remedy enables Brasserie Maziers to enter into Luxembourg and contributes to the further integration of the internal market.

The European Commission has approved, under the EU Merger Regulation, the proposed acquisition by Universal Music Group N.V. ('UMG') of Downtown Music Holdings LLC ('Downtown'). The approval is conditional upon full compliance with the commitments offered by the companies, which entail the full divestment of Downtown's royalty accounting platform Curve Royalty Systems, Ltd ('Curve').

The European Commission has unconditionally approved, under the EU Merger Regulation, the proposed acquisition by Google of Wiz. The Commission concluded that the transaction would raise no competition concerns in the European Economic Area ('EEA').

The OECD Competition Division and the European Commission Directorate-General for Competition (DG COMP) are joining efforts to bring together key findings from the revision of the OECD Recommendation and the European Commission’s public consultation. Experts on merger control will discuss current international best practices and principles that govern merger control, touching upon aspects of competitiveness, resilience and the effects of mergers on innovation.
The event publicly presents the revision of the OECD Recommendation on Merger Review amended by the OECD Council meeting at Ministerial level on 3 June 2025 and showcases core insights from the European Commission’s public consultation.

In the context of the review of the Merger Guidelines, as a follow-up to the public consultation, DG Competition is organizing two interactive technical stakeholder workshops on key aspects of the review of the Merger Guidelines. The aim of the workshops is to gather views on these important topics of the review and discuss how they could be incorporated in the draft Merger Guidelines.

1. Workshop 1: Scale, Competitiveness and Efficiencies. Brussels, 4 December 2025, 9.00 – 17:00 CET
2. Workshop 2: Innovation, Investment, Sustainability, Labour and Democracy. Brussels, 20 January 2026, 9.00 – 17:00 CET

The third issue of 2025 includes the following articles: SES/Intelsat - Merger Control in a Changing Satellite Market; UniCredit/Banco BPM - A Shakespearian drama; and Liberty Media/Dorna Sports - How to avoid going round in circles (on market definition).

The European Commission has approved, under the EU Merger Regulation, the proposed acquisition by Vandemoortele Group of Délifrance. The approval is conditional upon full compliance with the commitments offered by the companies.

The European Commission has opened an in-depth investigation to assess, under the EU Merger Regulation, the proposed acquisition of joint control of Terminal Catalunya (‘TERCAT') by Terminal Investment Limited Holding (‘TIL') and Hutchison Ports. The Commission has preliminary concerns that the transaction may lead to higher prices or reduced quality of container terminal services at the port of Barcelona, Spain.

The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Kellanova by Mars, Incorporated (‘Mars'). The Commission has concluded that the proposed transaction would not raise competition concerns in the European Economic Area (‘EEA').

The European Commission has informed Universal Music Group (‘UMG') of its preliminary view that its proposed acquisition of Downtown may restrict competition in the market for the wholesale distribution of recorded music.

The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Interpublic Group of Companies, Inc. (‘IPG') by Omnicom Group Inc. (‘Omnicom'). The Commission concluded that the merger would raise no competition concerns in the European Economic Area (‘EEA').

The European Commission has opened an in-depth investigation to assess, under the EU Merger Regulation, the proposed acquisition of Anglo American's nickel business (‘the target') by MMG. The Commission has preliminary concerns that the transaction could enable MMG to divert ferronickel supply away from European markets, leading to higher costs and reduced quality in European stainless steel production.