The Competition Commission supports the revision of the merger control guidelines

The European Commission is revising the Merger Guidelines (i.e., mergers and acquisitions) to reflect two decades of decision-making practice and case law and to adapt the framework to today’s economic and geopolitical challenges.

The Merger Guidelines explain how the European Commission assesses mergers and set out the criteria used to determine whether a merger is likely to significantly impede effective competition. Their purpose is to protect competition and ensure fair and enforceable markets for the benefit of businesses and consumers.

The Guidelines also provide businesses with greater transparency and legal certainty when planning mergers and acquisitions.

The European Commission’s initiative to modernize the Merger Guidelines and to take into account evolving economic conditions and market developments is welcome.

The Hellenic Competition Commission, together with the competition authorities of Austria, Belgium, the Czech Republic, Ireland, the Netherlands, and Portugal, has published a joint statement regarding the draft EU Merger Guidelines.  

The joint statement sends a clear message that:

1. European competitiveness and sustainable economic growth are fostered by effective competition, which enhances innovation and long-term prosperity and remains the primary objective of merger control.
2. The draft Guidelines recognize that certain public interest considerations may be relevant when assessing the effects of mergers, to the extent that they relate to the competitive process. In particular, factors such as resilience, sustainability, or the integration of the single market may constitute relevant aspects of competition within the context of a well-documented and evidence-based assessment.
3. The internal market benefits from the achievement of economies of scale when these arise through open and competitive processes and through the efficient reallocation of assets.
4. Small and medium-sized enterprises that supply or are supplied by larger enterprises are vital to Europe’s economic strength and depend on open and competitive markets.