Kyriakos Fountoukakos

The Illumina/GRAIL case saga continues. As we reported in our previous briefing, the Illumina / GRAIL deal provides the first illustrative example of the European Commission’s ("Commission") new approach to try and “catch” transactions using the referral mechanism in Article 22 EU Merger (...)

On 10 September 2021, the European Commission (“Commission”) published a competition policy brief in which it provides more detail on its policy approach in its upcoming sustainability guidance. Following a call for contributions last year and a conference bringing together relevant stakeholders (...)

On 9 July 2021, following a comprehensive consultation process, the EU Commission (Commission) published its proposals for a revised Vertical Block Exemption Regulation (Draft VBER) and Draft Vertical Guidelines, due to replace the current regime which expires on 31 May 2022. The previous (...)

On 22 June 2021 the European Commission (“Commission”) revealed that it had carried out surprise inspections at the German premises of a company active in the clothing sector, suspected of infringing competition rules. This was the first unannounced inspection, or “dawn raid”, conducted by the (...)

On 5 May 2021, the European Commission (Commission) issued its proposal for a Regulation on foreign subsidies distorting the EU market. This follows on from the Commission’s White Paper issued in June 2020 and the extensive public consultation that ensued. The primary objective of this (...)

On 26 March 2021 the EU Commission (Commission) published revised guidance on the referral mechanism set out in Article 22 of the EU Merger Regulation (EUMR), under which the Commission will now accept referrals from Member States for deals that fall below the domestic jurisdictional thresholds (...)

On 25 March 2021, the Court of Justice of the EU (“CJEU”) dismissed the appeals by Lundbeck and five producers of generic medicines against the General Court’s (GC) judgments that upheld the Commission’s decision and the fines it had imposed in its first pay-for-delay infringement decision in 2013. (...)

On 4 March 2021 the EU Commission announced it has launched a formal investigation into possible anti-competitive conduct by pharmaceutical company Teva in relation to its blockbuster drug Copaxone, which is used in the treatment of multiple sclerosis. The patent for the active ingredient in (...)

“When the price of a drug suddenly goes up by several hundred percent, this is something the Commission may look at” Commissioner Vestager said when opening a formal investigation into Aspen’s alleged excessive pricing conduct in May 2017. On 10 February 2021, the EU Commission (Commission) (...)

On 4 February 2021, the European Commission’s long-awaited Conference on Competition Policy Contributing to the European Green Deal took place. The conference was opened by Commission Executive Vice President and Commissioner in charge of competition policy, Margrethe Vestager. The European (...)

On 27 January 2021, the Court of Justice of the EU (CJEU) dismissed in its entirety an appeal brought by the Goldman Sachs Group (Goldman Sachs) against a General Court ruling which confirmed Goldman Sachs’ joint and several liability in the 2014 power cables cartel (judgment here). The CJEU (...)

Today, the German parliament passed the “Digital Competition Act” which is the 10th amendment to the Act against Restraints of Competition (ARC). The amended law – which will very likely enter into force January 2021 – will bring about significant changes to the German competition law landscape. (...)

On 1 January 2021, with the end of the Brexit transition period, the UK entered the real world of Brexit. This has immediate implications for merger control both in the UK and the EU. Any companies involved in deals need to be aware of the impact. As of 1 January 2021 the EU Merger Regulation (...)

On 18 December 2020 the Commission published a further consultation on its proposals for a revised vertical agreements block exemption Regulation (VBER) and guidelines. The Commission’s steps to date, and conclusions of its evaluation phase, are set out in our HSF Notes post from 17 September (...)

On 15 December the European Commission announced far-reaching proposals for regulation of the digital sector in the form of a Digital Services Act (DSA) and a Digital Markets Act (DMA). In summary the DSA contains new rules including on illegal content and transparency. It applies to all (...)

The German FCO has not lost its appetite to take on major tech companies. Today, it has announced that it has initiated abuse proceedings against Facebook to examine the linkage between Oculus virtual reality products and Facebooks’ social network. The accusations against Facebook Facebook’s (...)

The CMA has today (2 December 2020) launched a market study into the electric vehicle charging sector in the UK. The study will consider two broad themes: how to develop a competitive sector while also attracting private investment to help the sector grow; how to ensure people using electric (...)

In July 2020, the UK’s Competition and Markets Authority (“CMA”) published its market study final report “Online platforms and digital advertising” (“Report”) (see the Report here). The Report includes significant recommendations on the future regulation of platforms funded by digital advertising, (...)

On 28 May 2020 the General Court handed down its ruling in CK Telecoms UK Investment Ltd v European Commission (Case T-399/16) in which it annulled the EU Commission’s decision which prohibited the proposed acquisition by CK Hutchison Holdings Ltd (Hutchison) of Telefónica Europe plc (O2). The (...)

On 8 April 2020 the Commission published a ‘Temporary framework for assessing antitrust issues related to business cooperation in response to situations of urgency stemming from the current COVID-19 outbreak’ (Temporary Framework). The Commission recognises the exceptional challenges faced by (...)

On 10 March 2020 the UK Court of Appeal handed down its hotly anticipated judgment in Flynn Pharma Limited & Anr vs Competition and Markets Authority. The UK Competition and Markets Authority (CMA) was seeking to reinstate record fines totalling £89.4m imposed on pharmaceutical companies (...)

On 30 January 2020 the European Court of Justice (“ECJ”) clarified for the first time the criteria governing whether so-called “pay-for-delay” agreements entered into between originator and generic pharmaceutical companies fall foul of EU competition law rules. Such agreements are a form of patent (...)

On 31 January 2020, at 11pm GMT, the UK ceased to be a Member State of the EU and the transition period provided for in Article 126 of the Withdrawal Agreement started to run. This briefing looks at the provisions in the Withdrawal Agreement that are relevant for merger control, both during the (...)

On 10th May 2019 the CMA secured the disqualification of three former directors of companies involved in a bid rigging cartel in the design, construction and fit-out services sector. The three directors have given legally binding disqualification undertakings under which they will be banned (...)

In a preliminary ruling request made by the Finnish Supreme Court on the question of the relevant entities liable for damages, the Court of Justice of the EU (CJEU) held that principles applied in order to determine the relevant entities for liability for fines under Articles 101 and 102 TFEU (...)

On 11 February 2019 the Competition Appeal Tribunal (CAT) upheld the CMA’s first infringement decision for breach of an interim order imposed on a completed merger under investigation. Electro Rent had served a break notice on the lease of its UK premises without first seeking the CMA’s consent (...)

On 7 February 2019, after almost three years of investigation, Germany’s Federal Cartel Office ("FCO") issued its long awaited decision on Facebook’s data collection practices. The FCO found that Facebook has a dominant position on the German market for social networks, and abused this position (...)

On 7 September 2018, the Competition Appeal Tribunal ("CAT") handed down its judgment in Ping upholding the Competition and Market Authority ("CMA")’s decision that Ping’s online sales ban ("OSB") constituted a restriction of competition by object under EU and UK competition law. The aim of (...)

The General Court’s ruling in Goldman Sachs’ appeal in the power cables cartel confirms that the bank was jointly and severally liable for the conduct of Prysmian, one of the cartelists, because of the nature of its investment in the company. The General Court confirmed that the Commission was (...)

For the first time since the EU Merger Regulation (EUMR) came into force the Court of Justice of the EU (CJEU) has provided guidance on the scope the standstill obligation (Article 7(1) EUMR) which prevents parties implementing their transaction before the EU Commission issues a clearance (...)

In its hotly anticipated ruling in the Coty case, the Court of Justice of the EU (CJEU) has held today that, in the context of a selective distribution system, a restriction imposed on an authorised retailer not to sell the goods through online third-party platforms does not infringe Article (...)

On 13 September 2017 the EU Commission unveiled a set of proposals for the screening of foreign direct investments into the EU. Whereas the Commission recognises the benefits of foreign direct investment and its importance for growth, jobs and innovation in the EU, it also wants to be in a (...)

On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook’s acquisition of WhatsApp under the EU merger regulation (EUMR). On the same day, the Commission issued a (...)

On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook’s acquisition of WhatsApp under the EU merger regulation (EUMR). On the same day, the Commission issued a (...)

On 10 May 2017 the EU Commission published its final report in the e-commerce sector inquiry launched in May 2015 as part of a wider Digital Market Strategy which aims to achieve better access for consumers and businesses to online goods and services across the EU. The aim of the sector inquiry (...)

On 9 April 2019, the European Commission published the full text of its decision to fine Crédit Agricole, HSBC and JPMorgan Chase for participating in a cartel in the euro interest rate derivatives ("EIRD") sector. While four of the seven participating banks settled the case with the Commission (...)

In Intel’s appeal against the General Court’s judgement of June 2014 (which upheld the Commission’s decision that Intel abused its dominant position by virtue of operating exclusivity rebate schemes – see here for our e-bulletin on the judgment), Advocate General Wahl recommends that the Court of (...)

Yesterday the Commission published the much anticipated preliminary report in its ecommerce sector inquiry. The report was initiated in response to rapid growth in online sales activity over recent years and signals renewed commitment on the part of the EU in enforcing the competition rules in (...)

On 8 September 2016 the General Court (GC) handed down its judgments in relation to the appeals brought by Lundbeck and a number of generic companies (Sun Pharma (Ranbaxy), Arrow, Generics UK, Merck and Xellia/Alpharma) against a European Commission (Commission) decision finding that the (...)

Introduction With merger control regimes in place in a very large number of jurisdictions around the world - all EU Member States but one and an increasing number of countries worldwide have merger control regimes - the topic of mergers and joint ventures encompasses numerous issues and (...)

This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Introduction On 6 October 2015, the European Court of Justice (the Court) issued its preliminary ruling in Post Danmark A/S v Konkurrencerådet (Competition (...)

Introduction and background On 4 November 2015, the UK Competition and Markets Authority ("CMA") accepted final undertakings from Reckitt Benckiser Group plc ("RB") and Johnson & Johnson ("J&J") in relation to RB’s proposed acquisition from J&J of the K-Y brand of personal lubricant (...)

This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The supranational merger control regime of the Common Market for Eastern and Southern Africa ("COMESA") has been fully operational since 14 January 2013. The (...)

This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. In its ruling of 19 March 2015 (Case C-286/13P) relating to the banana cartel, the Court of Justice of the EU (CJEU) dismissed the appeal by banana importer Dole (...)

Background to the Court of Appeal judgment Akzo Nobel N.V. ("Akzo") is a company incorporated in the Netherlands. Its subsidiary, Akzo Coatings International BV ("ANCI"), was seeking to exercise its option to acquire 51% (and as a result control) of the shareholding in Metlac Holding S.r.l. (...)

1. Introduction That the technology sector has never been under greater scrutiny from antitrust regulators is without question. The past two years alone have seen a number of major investigations by regulators around the world into, for example, the distribution of e-books, several aspects of (...)

1. Introduction On 12 December 2012 the EU General Court dismissed Electrabel’s appeal against the €20 million fine the European Commission had imposed on it for failing to notify a transaction - the acquisition of a minority shareholding - to the Commission under the EU Merger Regulation (...)

1. Introduction The Court of Justice of the EU (ECJ) has dismissed AstraZeneca’s appeal against the Commission’s and General Court’s findings that the company abused its dominant position under Article 102 TFEU by misusing the patent system and pharmaceutical marketing procedures in order to (...)

In May 2012 Vue Entertainment International Limited ("Vue") acquired sole control of Apollo Cinemas Limited ("Apollo"). In its decision of 24 August 2012 published in October 2012, the Office of Fair Trading ("OFT") stated that the acquisition had resulted or may be expected to result in a (...)

In May 2012 the Office of Fair Trading (OFT) opened a merger investigation into the acquisition by Facebook Inc (Facebook) of Instagram Inc (Instagram). This was the first time a merger involving Facebook, the global colossus in the social networking industry, publicly came under the scrutiny (...)

The acquisition of Ryanair’s minority stake in Aer Lingus is currently under investigation by the Competition Commission (CC) under the merger control regime of the Enterprise Act 2002, despite a series of jurisdictional challenges and a potentially conflicting transaction (a renewed bid by (...)

The acquisition of Ryanair’s minority stake in Aer Lingus is currently under investigation by the Competition Commission (CC) under the merger control regime of the Enterprise Act 2002, despite a series of jurisdictional challenges and a potentially conflicting transaction (a renewed bid by (...)

On 1 May 2012 the Competition Commission (CC) published its decision on the anticipated joint venture between Anglo American PLC and Lafarge SA in the market for construction materials. The CC concluded that the proposed joint venture would give rise to a substantial lessening of competition in (...)

On 1 May 2012 the Competition Commission (CC) published its decision on the anticipated joint venture between Anglo American PLC and Lafarge SA in the market for construction materials. The CC concluded that the proposed joint venture would give rise to a substantial lessening of competition in (...)

Introduction On 10 October 2011, the UK Office of Fair Trading (the «OFT«) referred the anticipated 50/50 joint venture between in-flight catering services companies Alpha Flight Group Limited («Alpha«) and LSG Lufthansa Service Holding AG («LSG«) to the Competition Commission (the «CC«), for an (...)

1. Introduction In our foreword to e-Competition’s 2011 Mergers and Joint Ventures Special Issue we noted the ever-increasing number of national jurisdictions with merger control regimes, and the effect of multiple-filing requirements on businesses and practitioners involved in M&A (...)

Introduction On 10 October 2011, the UK Office of Fair Trading (the "OFT") referred the anticipated 50/50 joint venture between in-flight catering services companies Alpha Flight Group Limited ("Alpha") and LSG Lufthansa Service Holding AG ("LSG") to the Competition Commission (the "CC"), for (...)

All views expressed are strictly personal views of the author. The present case note does not constitute legal advice and should not be relied on as such. The author would like to thank Natalia Sivakumaran, associate at Herbert Smith LLP in London, for her assistance with the preparation of (...)

I. Introduction and background Ordnance Survey (OS) is an independent non-ministerial government department which produces a wide range of mapping products. Local Government Improvement and Development (LGID) is the business name of the Improvement and Development Agency for Local Government (...)

Introduction and background Ratcliff Palfinger (Ratcliff) manufactures and supplies tail lifts for commercial vehicles, passenger vehicles and trains. Ross & Bonnyman (R&B) manufactures and supplies tail lifts for commercial vehicles, ambulances and mezzanine and yard lifts. Both (...)

Introduction and background Assa Abloy AB (AA) is an international manufacturer and supplier of locks and associated products, sold under a number of brands in the UK, with Yale being its most well-known. Paddock Holdings Limited (Paddock) is a UK-based manufacturer and supplier of multi-point (...)

Introduction and background This was a transaction involving two companies (Rex Features Limited - “Rex” - and Getty Images, Inc - “Getty”) with overlapping activities in the licensing of stock and editorial images to media companies (in particular celebrity and entertainment images). The two (...)

Introduction and background to the CAT judgment The merger of Stagecoach Group Plc (“Stagecoach”) and Preston Bus Limited (“PBL”) was referred to the UK Competition Commission (the “CC”) by the UK Office of Fair Trading on 28 May 2009. According to section 36 of the Enterprise Act 2002 (the “Act”), (...)

Following a reference of the case to it from the OFT, on 22 December 2009, the UK Competition Commission ("CC") announced that it had decided to clear unconditionally the proposed merger of Ticketmaster Entertainment Inc. ("Ticketmaster"), a ticketing agent, and Live Nation Inc. ("Live (...)

On 28 August 2009, the UK’s Office of Fair Trading ("OFT") announced that it had unconditionally cleared the acquisition of assets by Smiths News from Surridge Dawson (the "Transaction"). Both parties were active in the supply of wholesale newspaper and magazine distribution in the UK. The (...)

On 11 June 2009, the Office of Fair Trading ("OFT") announced that it had decided to refer the proposed merger of Ticketmaster Entertainment Inc ("Ticketmaster") and Live Nation Inc ("Live Nation") to the Competition Commission ("CC") for an in-depth investigation. Despite the fact that there (...)

On 28 April 2009, the Office of Fair Trading (“OFT”) announced that it had decided to clear the acquisition of 15 stores belonging to the Zavvi entertainment retail chain by HMV plc (“HMV”) on the basis that the Zavvi stores were a “failing firm”. The so-called failing firm defence can override prima (...)

On 29 January 2009, the Office of Fair Trading (the "OFT") announced that it had cleared the acquisition of Lochard Ltd by Spectris plc on the basis of the de minimis exception. This is only the seventh case in which the OFT has used the de minimis exception as grounds for a decision not (...)

On 8 August 2008, the Office of Fair Trading (“OFT”) announced that it had cleared the London aspects of the acquisition by Global Radio UK Limited (“Global”) of GCap Media plc (“GCap”) on the basis that the acquisition was expected to generate significant efficiencies that will benefit advertisers (...)

On 1 May 2008 the OFT cleared the completed acquisition by General Healthcare Group (GHG) of seven hospitals from Nuffield Hospitals, following the on-sale of two of the nine hospitals GHG had originally acquired. The on-sale arrangements removed the problematic overlap in two of the local (...)

On 4 February 2008, the Office of Fair Trading ("OFT") announced that it had suspended its duty to refer Dunfermline Press Limited‘s ("DPL ") acquisition of the Berkshire Regional Newspapers ("BRN") portfolio of 8 local newspaper titles from Trinity Mirror plc to the Competition Commission (...)

On 18 January 2008, the UK’s Office of Fair Trading (“OFT”) announced that it had cleared unconditionally the purchase of GB Airways Limited (“GB Airways”) by easyJet Airline Company Limited (“easyJet”). The OFT focused on relatively narrowly defined markets, considering scheduled flights on (...)

"Judicial review and merger control: The CFI’s expedited procedure"* 1. Introduction The recent introduction by the Court of First Instance (CFI) of an expedited (’fast-track’) procedure for certain cases, including in particular merger cases, has been greeted positively by the business and (...)