Merger control – Bridging enforcement gaps or au revoir legal certainty?

The European Commission and national competition authorities try to bridge perceived enforcement gaps in merger control by allowing Article 22 referrals of mergers that neither meet national merger thresholds nor the thresholds in the EU Merger Regulation to the EU. Following the “Towercast” judgement, national competition authorities can also apply abuse rules (Art. 102 TFEU) on mergers. What are the consequences of this extension of merger control and what can be done to improve legal deal certainty and reduce red tape and delay of transactions?