The European Commission has opened a public consultation on draft new EU Merger Guidelines that would replace its current rules for assessing mergers.
The draft would update the Commission’s approach to reviewing mergers and acquisitions in the EU, including deals between direct competitors (“horizontal” mergers) and transactions involving firms at different levels of a supply chain (“non-horizontal” mergers), the Commission said in a statement on Thursday.
Anyone can submit comments via an online questionnaire until 26 June 2026.
The proposals include new guidance on how the Commission would assess mergers’ effects on innovation and investment, including “killer acquisitions” — deals in which a larger company buys a smaller rival that could grow into a competitor.
The draft also introduces an “Innovation Shield” for mergers involving small innovative companies, including start-ups and research and development projects.
Sustainability, resilience and state intervention
The Commission’s draft sets out how sustainability and resilience could be considered in merger reviews, including when companies argue a deal would bring wider benefits, it said.
It also updates guidance on assessing market power — the ability of a company to influence prices or exclude rivals — including analysis of foreclosure and coordination.
The proposals include more detailed guidance on “efficiencies”, the merger benefits companies can claim, including those linked to innovation and investment that may take longer to appear.
The draft also sets out new guidance on when EU member states can intervene in mergers that would otherwise be cleared, where they say “legitimate public interests” need protecting.
European Commission President Ursula von der Leyen said the draft guidelines were intended to “better support companies to thrive, scale, and innovate” while preserving “predictability and certainty” for investors.
Executive Vice-President Teresa Ribera emphasised the revised framework would be “more dynamic and forward-looking” in assessing how mergers affect innovation, investment and resilience, while keeping the purpose of merger control as “protecting strong, competitive markets”.
The Commission said it will publish consultation submissions in the language they are submitted, alongside a summary of input trends, and will hold an interactive stakeholder workshop on 10 June 2026.
