Modernising merger control means more unpredictability

In a recent post, we shared details of the 2025 edition of Getting the Deal Through: Merger Control, now called Panoramic: Merger Control. This comprehensive guide continues to cover the basic principles of merger regulation in 58 jurisdictions worldwide, as it has done for the 29 years over which Freshfields has collaborated on it with Law Business Research. In this blog, we draw your attention to our opening chapter, which presents an overview of key global developments that suggest an increasing unpredictability in merger control which is likely to continue into 2025.

Challenges to transactions have been on the rise for years now, with no change in direction on the horizon, and there is an increased risk of review across several major jurisdictions. Recent departures from traditional enforcement pathways have introduced uncertainty, not least due to new theories of harm being put forward by regulators. Competition authorities are taking a closer look at related markets, network effects and barriers to entry, while also exploring the role of innovation and labour in harm to competition. While digital and other high tech markets are in large part responsible for driving this trend, the impact goes well beyond these sectors. 

In consequence, major deals face different lines of attack simultaneously. Even parties that manage to meet this burden, which often requires extensive production of economic and ordinary course evidence, can end up facing divergent remedies. Nevertheless, we continue to see transactions of all sizes and across all industries get done with the right coordinated strategy and planning ahead.

In ‘Modernising merger control means more unpredictability’, we explore these trends in more detail, with particular focus on insights contributed by Freshfields lawyers from across the globe. You can read it here.

Please get in touch to request access to the 2025 edition of Panoramic: Merger Control.