Takeover of Conforama by the But Group: the Autorité identifies competitive risks but clears the transaction without commitment, in application of the failing firm exception* Background In July 2020, the Autorité cleared Mobilux (parent company of the But group) to acquire Conforama without waiting for its merger control review. Having concluded its analysis, the Autorité considered that the transaction would give rise to three main categories of risks to competition, which Mobilux was not able to demonstrate could be offset by efficiency gains. Despite these risks, the Autorité cleared the transaction without commitment, in application of the failing firm exception. The failing firm exception consists of unconditionally clearing the takeover by a competitor of a company that would
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