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Merger Control

Merger control is critical to the success of any M&A transaction

Merger Control

Linklaters’ Antitrust & Foreign Investment team is one of the world’s leading global practices. With our help, clients gain competitive advantage by successfully navigating the rapidly evolving competition and antitrust laws around the world to help them build and defend successful businesses.

Our team is highly experienced in multi-jurisdictional merger filings and we have extensive practical know-how of merger control regimes and authorities around the globe. We work together with our clients to devise their merger control strategy combining commercial, legal and sometimes public interest considerations to deliver a successful outcome on a global level.

What we do

  • Deliver clear, commercial advice on antitrust risk at the outset of a deal and offer innovative structuring solutions.
  • Work with key advisers to ensure that antitrust aspects of the transaction are integrated into the deal and public affairs strategy.
  • Co-ordinate and make notifications to the regulatory authorities around the globe, ensuring a consistent and coherent approach.
  • Gather evidence, effectively mesh economic and legal arguments and deploy advocacy skills to achieve clearance.
  • Propose, negotiate and help implement solutions, where required.
  • Advise on integration planning.

Client Successes

Takeda

Takeda: advising on the £46bn acquisition of Shire. We coordinated merger control filings in more than 15 jurisdictions, including the EU, the US and China

Bayer AG

Bayer AG: advising Bayer AG as lead global antitrust counsel on the sale of its worldwide animal health business to Elanco Animal Health to create the world’s second largest animal health company. The transaction gives rise to merger filings in 14 jurisdictions, including the EU, US, China, Brazil, South Africa, and Australia

Nestlé

Nestlé: advising on the CHF10.2bn sale of its skin health business to a consortium led by EQT and Adia involving merger control notifications in 15 jurisdictions

Jingye Group

Jingye Group: advising leading Chinese steelmaker, Jingye Group, on the merger control, foreign investment and state aid implications of its agreement to acquire the business and certain assets of British Steel. Merger control filings were required and clearances successfully obtained in Turkey and Poland

Energizer Holdings, Inc

Energizer Holdings, Inc: advised worldwide battery manufacturer Energizer Holdings Inc. and represented them before the European Commission with respect to their USD 2bn acquisition of Spectrum Brands Holdings’ Global Battery and Portable Lighting Business, and, in particular (i) the procedure before the European Commission further to a request for referral from Austria, Germany, Poland, Romania and Spain; including the negotiations of the remedies and (ii) the subsequent sale of the Divestment Business to Varta AG

GrandVision

GrandVision: representing GrandVision in its USD 8bn acquisition by EssilorLuxottica. The case has triggered Phase II reviews in the US, Europe and multiple countries in South America and Asia

QIAGEN N.V

QIAGEN N.V: advising on the planned takeover by US technology group Thermo Fisher Scientific. The transaction requires regulatory filings in several jurisdictions, including (among others) the EU, the US and China

Linde

Linde: Advising as lead strategic counsel on the global antitrust aspects of its $90 billion merger of equals with Praxair Inc. to create the world's largest industrial gas company. The cross-border team handled filings in 24 jurisdictions, including the US, EU and China

E.ON

E.ON: advising on all competition aspects of E.ON’s and RWE Aktiengesellschaft’s far-reaching asset swap including E.ON acquiring a 76.8% stake in Innogy SE. The transaction included filings with the European Commission and national European authorities as well as the U.S. authorities

Vodafone

Vodafone: advising Vodafone on the competition law aspects of the proposed agreements with Telecom Italia in Italy

What we do

Foreign Investment & Merger Control

At Linklaters, we have world-leading experience thanks to our dedicated and truly integrated global network. We are continually monitoring developments in this rapidly evolving area in order to remain ahead of the curve. We offer clients a one stop shop for handling merger control and foreign investment review filings: a single, central point of contact, as well as a consistently high level of quality.

FIND OUT MORE ABOUT OUR FOREIGN INVESTMENT OFFERING

Merger control is critical to the success of any M&A transaction. Linklaters’ truly global team works with clients to devise their global merger control strategy. We combine commercial, legal, economic and often political considerations to maximise the chance of a successful outcome. We offer clients a one stop shop for handling merger control and foreign investment review filings: a single, central point of contact, as well as a consistently high level of quality.

FIND OUT MORE ABOUT OUR MERGER CONTROL PRACTICE

Antitrust Investigations and Litigation

With our global footprint and on-the-ground experience in multiple jurisdictions our Antitrust & Foreign Investment team support clients through the broad spectrum of challenges that arise before, during and after an investigation into behavioural conduct issues.

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Public procurement

Linklaters has extensive experience of advising on the application of the EU procurement Directives and the implementing regulations adopted in various Member States. We have been involved in many important projects for both private and public sector clients (including national governments), which have required a combination of detailed technical legal expertise, innovative thinking and commercial focus.

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State Aid & Foreign Subsidies Regulation

In this evolving legal environment, companies with no previous (and often no foreseen) exposure to State aid issues are increasingly affected by the rules. Companies increasingly view State aid law as a powerful tool to challenge the legality of fiscal regimes and other State measures which favour their competitors. Our clients gain a competitive advantage from our wealth of experience in handling complex State aid cases.

FIND OUT MORE ABOUT STATE AID

The FSR builds on elements of State aid, merger control, foreign investment, public procurement, and trade defence. Our global team is one of the world’s leading practices across the spectrum of these matters and we have the skills, experience and bandwidth required to prepare your business. We advise on the most complex and strategic matters and have an award-winning reputation for innovation and excellence.

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Economic & Utility Regulation

The team has advised on price controls, market access and liberalisation for utilities companies, as well as on the regulatory issues arising in the context of mergers and acquisitions and financing/restructuring transactions.

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