This month has seen an increase to the notification thresholds in India, as well as annual amendments to the merger thresholds in Italy and the Philippines India—increases in the merger control thresholds On 7 March 2024, the government revised the asset and turnover thresholds for the notification of M&A transactions with the Competition Commission of India (CCI). The thresholds for the de minimis exemption as well as the parties and group tests provided under the Competition Act 2002 (as amended) have changed. A transaction now requires notification in India where: If the parties are stand-alone companies, either: • combined assets in India exceed INR 2,500 Crores (INR 25bn) (approximately €279.95m/US$302.67m) (previously INR 20bn); or • combined turnover in India exceeds INR 7,500 Crores (INR 75bn) (approximately €839.86m/US$908.00m) (previously INR 60bn); or • combined worldwide assets exceed US$1.25bn (approximately €1.16bn) (previously US$1bn), including assets in India exceeding INR 1,250 Crores (INR 12.5bn) (approximately €139.98m/US$151.33m) (previously INR 10bn); or • combined worldwide turnover exceeds US$3.75bn (approximately €3.47bn) (previously US$3bn), including turnover in India exceeding INR 3,750 Crores

This month has seen the Australian Competition and Consumer Commission publish three sets of guidelines ahead of commencement of Australia’s new merger regime, as well as annual amendments to the merger control thresholds in Italy. Australia—ACCC publishes guidance on the transition to a new merger control regime and consults on draft merger assessment guidelines There have been several developments: (i) the Australian Competition and Consumer Commission (ACCC) published three sets of guidelines ahead of the new Australian merger regime; and (ii) the Australian Treasury published an exposure draft for consultation, including setting out the merger notification thresholds announced on 10 October 2024. Transitional guidelines The merger clearance process in Australia will be in a state of flux for the next 12 months as the country moves from the current voluntary system, through a transition period from 1 July 2025, into the new mandatory regime from 1 January 2026. On 4 March 2025, the ACCC published guidance on the transition to a new merger control regime (transitional guidelines) to assist parties to navigate this period. The

This month has seen annual amendments to the merger control thresholds in Canada, Italy, and the Philippines, as well as Montenegro overhauling its merger control regime with faster timelines and flexible merger filing rules. Canada—thresholds remain the same in 2026 On 2 March 2026, the Canadian Competition Bureau (CCB) has confirmed that, following the annual review, the thresholds for notification under Canadian merger control will remain unchanged in 2026. The thresholds remain (in summary): • size of transaction test: the target must be, or control, an ‘operating business’ in Canada with over CDN$93m (approximately €58.9m/US$66.6m) in Canadian assets (book value) or gross revenue generated by these assets from sales in, from or into Canada (ie domestic plus export sales), and • size of parties test: all parties and their affiliates (in aggregate) must collectively have over CDN$400m (approximately €253.4m/US$286.3m) in Canadian assets or gross revenues generated by sales in, from or into Canada (ie domestic sales, exports and imports) (this threshold is unchanged and has remained constant since 1986) Where the thresholds are met, notification

Monthly round-up of international merger control developments for March/April 2020. This month has seen the entry into force of the new pre-merger control regime in Uruguay, confirmation of the new regime in Vietnam (which enters into force next month), the annual threshold revision in Italy, confirmation that the Canadian thresholds will not change this year; additionally, a large number of competition authorities are also taking action in relation to the coronavirus (COVID-19) outbreak that impacts merger control reviews. Coronavirus (COVID-19) Responses—impact on merger control reviews Competition authorities around the world are starting to announce measures that will impact merger control reviews. In order to keep track of these measures in this fast-moving and unprecedented situation, we have published a new document that summarises these developments. This is available here - MJ merger control–competition authorities and coronavirus (COVID-19) status [Archived]. Vietnam—amended merger control regime with new thresholds to enter into force next month The Implementing Decree providing details on the amendments to the competition law in Vietnam, including major changes to the merger control regime, has

Monthly round-up of international merger control developments for March/April 2021. This month has seen the annual amendments to thresholds in Italy take effect and the European Commission issued new guidance on referrals from Member States. Italy—revised notification thresholds in force Following the annual review, the Italian Competition Authority has announced and introduced the revised thresholds for notification under the Italian merger control regime. Under the new thresholds, a transaction now requires notification when: • the Italian turnover of all undertakings concerned in the previous financial year is higher than €511m (approximately US$611m) (previously €504m), and • the Italian turnover of two undertakings involved in the transaction in the previous financial year is higher than €31m (approximately US$37m) (no change). As a reminder, when the thresholds are met, notification is mandatory. Comment: These changes are part of the annual review of the thresholds in line with inflation. See further, Italy merger control. EU—new guidance on referrals from Member States published The European Commission

This monthly round-up (May 2022) has seen amendments (including changes to the merger control regime) passed on China’s Anti-Monopoly Law, as well the launch of a new consultation on further proposed changes to China’s merger control thresholds, the publication of a draft bill to lower the merger control thresholds in Finland, the introduction of revised notification thresholds in Kosovo and the resumption of the merger control review process in Ukraine. EU—Commission launches consultation on proposed plans to streamline merger control procedures for non-problematic mergers On 6 May 2022, the Commission launched a consultation on a draft revised Merger Implementing Regulation (and notification forms: Form CO, Short Form CO, Form RS and Form RM) and a draft revised version of the Notice on Simplified Procedure. The proposed changes are intended to: • expand and clarify the categories of cases that can be treated under the simplified procedure • introduce refined safeguards so that the simplified procedure does not apply to cases that merit a more detailed review • ensure effective and proportionate information gathering, by introducing a new notification

This month has seen Argentina introduce changes to its merger notification process, the likely introduction in Egypt of a new pre-closing regime which is expected to come into effect by mid-June (according to unofficial statements from officials of the Egyptian Competition Authority) and, in Vietnam, the publication of a new merger form and document outlining the merger review process Argentina—changes to the merger notification process On 18 May 2025, the Argentinian government issued Resolution No. 905/2023 (Resolution) to reform its notification process for mergers. This Resolution replaces Resolution 40/2001. The Resolution includes (amongst other things): • The creation of a new summary procedure (shorter and requiring the submission of a smaller volume of information) for the analysis of those mergers that do not create competition concerns. The Resolution instructs the Competition Defense Commission (the Commission) to determine those concentrations that will qualify for such summary procedure. • The creation of new notification forms: (i) Form F0 for those transactions that qualify for summary procedure; (ii) Form F1 (to be jointly filed with Form 0) for those transactions

This month has seen Parliament approve powers to call in below-threshold mergers in Denmark, publication of guidelines providing clarifications on how the new merger control regime will apply in Egypt, amendments to the merger control thresholds (with the introduction of a turnover based threshold) in Jordan, and the Digital Markets, Consumers and Competition Act receiving Royal Asset in the UK. Denmark—Parliament passes bill introducing power to call in below-threshold mergers In our November 2023 monthly merger update, we highlighted that the Danish Competition and Consumer Authority (DCCA) launched a consultation on proposed amendments to the Danish Competition Act. In relation to merger control, the Danish Government proposed a ‘call-in’ option enabling the DCCA to request notification of mergers below the thresholds. Under the proposed amendments, the DCCA may require undertakings to notify mergers if: • the combined annual turnover in Denmark of the undertakings concerned is at least DKK 50m, and • the DCCA assesses that there is a risk that the merger significantly impedes effective competition (SIEC). On 21 May 2024, the Danish Parliament

This month has not seen any substantive global merger control developments of note. However, there are a few updates worth highlighting in Australia, Brazil, the EU, India, Thailand and the UK. Gun-jumping and other merger control breaches—fines issued around the world in recent weeks In recent weeks there have been fines announced for gun-jumping/failure to notify and other breaches of merger control rules by competition authorities around the world, namely: • Israel: Bank Hapoalim and Israel Discount Bank were each fined ILS 40m for failure to notify their acquisition of minority stakes in Neema Shefa Israel Ltd. Bank Hapoalim acquired 20% of the share capital of Neema Shefa Israel Ltd and Israel Discount Bank approximately 17.5%. This is the first time companies have been fined for holding a minority stake in a competitor without obtaining a permit from the director-general of the Israeli Competition Authority • Spain: Mémora was fined EUR 108,000 for failure to comply with commitments given in relation to its acquisition of Rekalde and Irache in 2021 For information on

This month has seen amendments to the merger control thresholds in Egypt, the Israel Competition Authority launching a consultation on revised merger guidelines, the Greenland government proposing merger control reforms including ‘stop-the-clock’ powers, Jordan introducing major amendments to its merger control regime, higher merger control thresholds and increased filing fees coming into force in South Africa, the Swedish parliament adopting major reforms to merger control, the United Arab Emirates introducing Executive Regulations clarifying certain aspects of its merger control regime, and Vietnam adopting a resolution increasing merger control thresholds and simplifying competition procedures. Egypt—amendments to merger control thresholds On 1 April 2026, the second phase of the new merger control regime came into effect. Key aspects of the second phase include: On 22 April 2026, amendments to the Egyptian Competition Law were approved by the House of Representatives. The amendments include increase to the notification thresholds. A transaction will be notifiable in Egypt if: • (a) the combined turnover or the value of the combined assets in Egypt of the parties concerned exceeded EGP 2.5 billionn (approximately

This month has seen a large number of competition authorities continuing to take action in relation to the coronavirus (COVID-19) outbreak that impacts merger control reviews, and a reminder of the new simplified procedure in the Republic of Ireland that comes into force next month. Coronavirus (COVID-19) Responses—impact on merger control reviews Competition authorities around the world have adopted measures that impact merger control reviews, although some authorities have started to re-commence normal operations, for example with deadline suspensions now having ended and timetables are returning to normal in certain countries, for example, Austria, Paraguay, Serbia and Spain. In order to keep track of these measures in this fast-moving and unprecedented situation, we have published a document that summarises these developments. See, MJ merger control–competition authorities and coronavirus (COVID-19) status [Archived] for further information. Republic of Ireland—new simplified notification process in force next month As a reminder, the new simplified notification process in the Republic of Ireland will come into force on 1 July 2020. The new simplified

This month has seen the entry into force of the new mandatory pre-merger notification regime in Peru and a call for lower notification thresholds in Finland. Peru—new mandatory pre-merger notification regime enters into force The new mandatory pre-merger notification regime in Peru has now entered into force. Now, transactions require notification in Peru, with closing to be suspended pending clearance, when the following thresholds are met: • the parties to the transaction must have a combined turnover in Peru of at least PEN 519.2m (approximately €110.8m/US$135.7m), and • two of the parties to the transaction must each have turnover in Peru of at least PEN 79.2m (approximately €16.9m/US$20.7m). Note­ – the thresholds are based on multiples of the Peruvian Tax Reference Units (‘UITs’), which are updated each year; the figures above are based on the current value of the UIT. The current multi-purpose market regulator, INDECOPI, will enforce the new merger control regime. Where the thresholds are met, transactions must be notified and closing suspended pending clearance. INDECOPI also has the discretion to investigate transactions