Exploring recent antitrust M&A trends in the EU and UK: Clearance patterns and CMA solutions

The last quarter of 2025 highlighted the shifting landscape of merger control frameworks in the European Union and the United Kingdom, reflecting increased flexibility, streamlined processes, and practical enforcement practices. Authorities are now more open to behavioral remedies, advocating for deeper engagement before notification and prioritizing solutions that support pro-competitive transactions. These changes emphasize the importance of strategic planning, early communication with regulators, and well-thought-out remedies to ensure timely approvals in both regions.

European Union
Engaging early with the European Commission leads to successful clearances
During the recent quarter, the European Commission reviewed several complex deals that required extensive regulatory analysis. Mars’ acquisition of Kellanova and Omnicom’s purchase of IPG were among the noteworthy transactions examined. Omnicom’s deal with IPG was first reported to the Commission in October 2024 and was cleared in Phase 1, nearly 10 months after its announcement, following a thorough review of thousands of submitted documents. The Commission eventually approved both transactions, with Mars’ acquisition of Kellanova receiving unconditional clearance in Phase 2, approximately 16 months post-announcement. The evaluation focused on potential impacts on bargaining dynamics in the snack and cereal product markets. The Commission concluded that the deal posed no significant risk of anti-competitive behavior, citing product differentiation and the absence of evidence supporting increased brand loyalty or consumer basket effects.

The investigation into portfolio effects highlighted the Commission’s scrutiny in markets with diverse product portfolios and products deemed essential. Despite this, the unconditional clearance underlines the Commission’s reluctance to challenge deals based on portfolio effects without substantial economic evidence. Similarly, the merger between Omnicom and IPG garnered unconditional approval, as it was determined that existing competitive pressure and low switching costs in the market would prevent any significant distortion of competition. The prolonged pre-notification discussions with the Commission preceding the formal filing of the transaction underscored the necessity for thorough engagement in complex deals.

United Kingdom
CMA revises approach to merger remedies amid streamlined investigations
The Competition and Markets Authority (CMA) introduced revised guidelines for merger remedies on December 19, 2025, signaling a shift in their approach. The changes emphasize a more streamlined process for investigating mergers and implementing remedies. The updated guidelines aim to offer greater clarity and predictability for businesses seeking approval for their transactions, showcasing a commitment to efficient regulatory practices. The new framework aims to ensure that remedies are proportional and appropriate, promoting a balanced approach to merger control in the UK.

Overall, the developments in the last quarter of 2025 demonstrate an evolving regulatory landscape that favors proactive engagement, tailored remedies, and collaborative efforts between businesses and competition authorities to facilitate pro-competitive mergers and acquisitions. By embracing these changes and adapting to the new norms in merger control, companies can navigate the regulatory environment efficiently and secure approvals for their transactions.