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Clifford Chance

Clifford Chance


EU Foreign Subsidies Regulation: Implications for M&A in the EU

24 November 2022

On 10 November, the European Parliament adopted a new EU Regulation on foreign subsidies which will enable the European Commission to take measures against subsidies from non-EU countries it rules to be market-distorting, including those that affect transactions involving EU-based targets.

Investors which are or which have relationships with non-EU public bodies and State-owned enterprises will have to assess whether they are caught by the new filing requirements for transactions involving EU targets and participation in public tenders, even if all those relationships are on commercial arm's length terms. This could result in a significant additional compliance burden.

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