The draft EU merger assessment guidelines: will "theories of benefit" prevail?
30 April 2026
The European Commission has published new draft guidelines on how it will decide whether to clear or block mergers. They include much more detailed guidance on the circumstances in which the Commission will clear mergers on the basis that their pro-competitive benefits for consumers outweigh their anticompetitive harms, as well as an "innovation shield" safe harbour for transactions involving small innovators. While they also expand on the theories of harm that may be used against mergers, the draft guidelines should, on balance, be positive for dealmakers, if implemented in their current form.
