The Düsseldorf Court of Appeals (“DCA”) has now published its full reasoning rejecting the Federal Cartel Office’s (“FCO”) expansive interpretation of Germany’s transaction value-based test in Adobe’s acquisitions of Magento (e-commerce software) and Marketo (B2B marketing automation software).[1] The decisions clarify that the transaction value-based threshold is a subsidiary test, triggered only where the
Cleary Antitrust Watch
Blog Authors
Latest from Cleary Antitrust Watch
Delivery Hero and Glovo Cartel EU Fine Delivers Warning About Antitrust Risks of Holding Minority Stake in a Rival
On June 2, 2025, the Commission fined Delivery Hero and Glovo €329 million for a cartel in the online food delivery sector. During Delivery Hero’s non-controlling minority shareholding in Glovo from 2018 to 2022, the parties (1) agreed not to poach each other’s employees; (2) divided national markets among themselves, and (3) exchanged commercially sensitive information.…
Antitrust Review Episode 43: In conversation with Cani Fernández
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Cani Fernández, President of the Spanish Competition Authority. Their conversation covers an array of topics, including the role of competition law, the Draghi Report, merger control, cartel enforcement, sustainability, digital regulation, and much more.
Listen below, or select from the…
Antitrust Review Episode 42: In conversation with Aviv Nevo
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Aviv Nevo, Chief Economist at the Department of Justice under President Obama and Director of the Bureau of Economics at the Federal Trade Commission under President Biden. They discuss antitrust enforcement under President Biden, why economics matters, the consumer welfare…
The European Commission Launches Wide-Ranging Review of EU Merger Guidelines
On May 8, 2025, the European Commission (the “EC”) launched a public consultation on the EU Merger Guidelines (together, the “Guidelines”), which describe the framework applied by the EC to assess the competitive impact of horizontal and non-horizontal mergers (the “Consultation”).[1] The Consultation responds to the Draghi Report’s call for “more forward-looking and…
Antitrust Review Episode 41: In Conversation With Ariel Ezrachi
In the latest instalment of our Antitrust Review podcast, host Nick Levy is joined by Ariel Ezrachi, Professor of Competition Law at Oxford University. Their conversation covers an array of topics, including the role of competition law, the risks of politicization, digital regulation, algorithmic collusion, dark patterns, AI, and much more.
Listen below, or select…
The French Competition Authority is Contemplating Introducing Call-In Powers to Review Below-Threshold Mergers
In January 2025, the French Competition Authority (the “FCA”) launched a public consultation on the introduction of a merger control framework for transactions that fall below the current turnover-based notification thresholds.[1] Whereas three options were presented in the consultation, on April 10, 2025 the FCA announced that the first option, namely the introduction of…
Further Scrutiny of Below-Threshold Transactions in Europe: Dutch Consider “Call In” Powers Amid First Investigation of Non-Reportable Transaction Under Antitrust Provisions
On March 18, 2025, a legislative proposal was opened for consultation that, if enacted, would enable the Dutch Authority for Consumers and Markets (“ACM”) to “call in” transactions that currently do not meet notification thresholds for merger review.[1] The Proposal follows calls by the ACM for expanded authority and coincides with its first investigation…
German Federal Court of Justice Confirms Apple’s Designation and Paves the Way for Further Scrutiny by the FCO
On March 18, 2025, the German Federal Court of Justice (“FCJ”) confirmed the designation of Apple Inc. (“Apple”) as a company of “paramount significance for competition across markets” (“PCMS”) under Section 19a(1) of the German Act against Restraints of Competition (“ARC”) which enables the German Federal Cartel Office’s (“FCO”) to prohibit specific conduct of Apple in…
EU Consults on Foreign Subsidies Regulation Guidelines
On March 5, 2025, the European Commission (EC) launched a public consultation on the EU Foreign Subsidies Regulation (FSR). The consultation will run to April 2, 2025.…