UK mergers

This Overview signposts core materials on UK mergers for competition practitioners, including analysis of the statutory framework and procedural guidance. UK merger control, governed by the Enterprise Act 2002 and administered by the Competition and Markets Authority (CMA), is a voluntary, non - suspensory regime assessing whether a transaction gives rise to a substantial lessening of competition. Post‑Brexit, parallel UK and EU reviews may occur.

Practitioners should focus on jurisdiction, including the turnover and share of supply tests, the breadth of the “enterprise” concept and the CMA’s flexible approach to the share of supply assessment. Procedurally, the key issues are Phase 1 screening, the use of interim enforcement orders to prevent pre‑emptive action, undertakings in lieu, and Phase 2 investigations. The CMA’s remedies practice emphasises structural solutions, though behavioural and hybrid remedies are used where appropriate. The counterfactual analysis, including failing firm arguments and potential and dynamic competition theories, is central to outcomes.

Public interest interventions may arise under the Enterprise Act (national security, media plurality and financial stability). In parallel, the National Security and Investment Act 2021 establishes a separate call‑in and mandatory notification regime for specified sectors....

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