The European Commission’s (EC) June 2020 white paper [1] proposing wide-ranging controls over foreign-subsidized companies’ access to Europe’s internal market has received fresh impetus. In a report issued earlier this month, the European Union’s (EU) audit body faulted the EC for a hitherto balkanized approach to foreign state-backed acquisitions. Senior administration officials have committed to maximum legislative priority for the proposals. The white paper proposes subjecting foreign state-subsidized companies to market investigations, mandatory notifications of acquisitions and potential disqualifications from public procurement. The merger review proposals would represent a step change for mergers and acquisitions in Europe. The proposals suggest a much lower threshold for

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