- within Food, Drugs, Healthcare, Life Sciences, Litigation and Mediation & Arbitration topic(s)
Deutsche Börse and Nasdaq Face EU Antitrust Investigation in Derivatives Sector
The European Commission ("Commission") has opened an investigation against Deutsche Börse and Nasdaq for allegedly coordinating their activities in the financial derivatives market. The Commission is examining potential cartel behaviour in breach of Article 101 TFEU. The probe focuses on whether the firms agreed not to compete in listing, trading, and clearing services, potentially restricting competition and undermining the integrity of the Single Market. This investigation highlights the Commission's commitment to enforcing competition rules in essential financial markets, even against industry giants like Deutsche Börse and Nasdaq. The case is still ongoing.
Commission Reaffirms that In-House Lawyers' Communications Are Not Protected by Legal Professional Privilege
In its Competition Policy Brief 1/2025, the Commission has reaffirmed that communications of in-house lawyers are not protected by legal professional privilege (LPP) in EU competition law investigations. Relying on settled case law, in particular Akzo Nobel (2010), the Commission confirmed that LPP protection remains strictly limited to communications with independent external lawyers. Despite ongoing discussions on the role of in-house counsel and changes in national legal frameworks, the Commission maintains that the employment relationship of in-house lawyers prevents them from meeting the EU law requirement of independence. The Brief underlines that this position continues to fully apply in dawn raids and document inspections carried out under Regulation 1/2003.
Commission Investigates Red Bull for Suspected Abuse of Dominance
The Commission is investigating Red Bull's retail practices, including allegations it used its influence to reduce rivals' visibility and access to shelf space as well as misusing its position as "category manager" in certain stores. It is also examining possible coordination through an industry trade group to restrict distribution of large-can energy drinks. The case breaks new ground by treating the use of a "category manager" role as possible abuse of dominance under Article 102 TFEU. Meanwhile, the General Court dismissed Red Bull's legal challenge to the Commission's dawn raid, confirming the inspection met legal standards.
UK CMA Imposes Temporary Restrictions on Shutterstock–Getty Merger
As part of its Phase 2 merger investigation, the UK Competition and Markets Authority ("CMA") has imposed interim measures on Shutterstock to ensure the company remains an effective competitor while its proposed acquisition of Getty Images is under review. These measures require Shutterstock to remain fully independent from Getty, preserve its staff and assets, and avoid actions that could weaken its ability to compete. This deal would unite two of the largest stock image providers globally, raising concerns about reduced competition in digital content licensing. The case is widely followed due to its potential implications for creatives and media buyers.
Parfait Group Sanctioned €7.6M for Breach of Merger Remedies in Martinique
The French competition authority ("AdC") fined the Parfait Group EUR 7.6 million for failing to comply with key commitments made during its 2022 acquisition of the Géant Casino hypermarket and La Batelière shopping centre in Martinique. The commitments included selling the hypermarket to a competitor by September 2023, maintaining the value of the site, and cooperating with an independent trustee. The AdC found that each of these three commitments was breached separately and treated each breach as an autonomous infringement. The Parfait Group missed the divestment deadline by almost two years, allowed the assets to deteriorate, and failed to work with the trustee. This is the first time the AdC has imposed three separate fines in a single merger control decision one for each of the three breached commitments (divestment, preservation of value, and cooperation with the trustee) which reinforces the importance for merging parties to meet post-clearance obligations in full and on time. The AdC's approach suggests that companies can expect more active scrutiny and potentially significant financial consequences for non-compliance.
Canadian Government Raises No National Security Objections to Anglo's Takeover of Teck
Canada has effectively cleared Anglo American's proposed takeover of Teck Resources after allowing the national security review deadline to expire without extension. This removes a major obstacle for the USD 50 billion transaction, which would create one of the world's largest copper producers. The authorities will now focus on the separate "net benefit" assessment, which examines the impact of the foreign investment on Canadian jobs, capital commitments, and critical mineral assets. The lapse of the national security review means the government does not identify risks relating to critical minerals, supply chains, or access to sensitive information. This clearance comes despite recent heightened scrutiny of investments involving critical minerals such as copper and suggests that Canada may be willing to take a more nuanced approach to such transactions.
Peru's Competition Authority Fines 13 Pharmaceutical Companies PEN 539 Million for Bid-Rigging
Peru's competition authority ("Indecopi") has fined 13 pharmaceutical companies a total of PEN 539 million (approx. USD 158 million) for rigging public procurement processes over a 14- year period, from 2006 to 2020. The companies coordinated bids and suppressed competition in tenders run by the Ministry of Health and EsSalud for essential medicines including antibiotics, anti-cancer drugs, immunosuppressants, and saline solutions. Five executives were also fined, and the companies must implement five-year compliance programs. According to the investigation, the firms used chats, emails, private meetings and coded language to divide markets and avoid detection. The decision marks one of Indecopi's largest penalties to date and underscores its strict stance on bidrigging in state procurement.
Brazil Fines Steelmaker CSN for Breaching Merger Remedy Commitments
Brazil's competition authority ("CADE") has fined steelmaker CSN BRL 128.1 million (USD 23.7 million) for failing to comply with a long-standing obligation to sell its shares in rival Usiminas. Under a 2014 performance agreement, CSN had five years to reduce its shareholding to 5%, but in 2019 CADE eliminated the deadline. In 2023 a federal court reinstated a new deadline for July 2024, which CSN also missed, ultimately completing the sale only in 2025. After Usiminas challenged this last delay in court, a federal judge ordered CADE to calculate and impose a fine. CADE's tribunal voted 4–2 to follow the judicial order, noting that the agency was acting in compliance with the court's ruling. The case underscores the growing willingness of Brazilian courts and CADE to strictly enforce divestment commitments, even many years after they were agreed.
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