Innovation in EU Merger Review

Abstract

The European Commission has recently focused its attention on the effect of mergers on innovation. The Dow/DuPont, Halliburton/Baker Hughes and Bayer/Monsanto transactions are only some examples where this effect has been a key consideration in the Commission’s analysis. These cases show that a new factor has indeed emerged in the EU merger review process, and from the looks of it, it’s here to stay.

In this article I review EU regulatory developments, case law and economic studies to explain the Commission's recent focus on innovation in its merger review process. The views expressed here are mine alone and do not reflect the views of my employer.

Keywords: innovation, merger review, merger control, effect, new factor, mergers development