ARTICLE
5 March 2026

Global Trends In Merger Control Enforcement

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
Driven by political agendas, antitrust authorities in 2025 took a more permissive approach to merger control enforcement. For dealmakers this should mean clearer paths to approval, although looking ahead, continued geopolitical volatility and evolving national priorities add layers of unpredictability to the regulatory landscape.
United States Antitrust/Competition Law
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Driven by political agendas, antitrust authorities in 2025 took a more permissive approach to merger control enforcement. For dealmakers this should mean clearer paths to approval, although looking ahead, continued geopolitical volatility and evolving national priorities add layers of unpredictability to the regulatory landscape.

A decline in deal mortality rates in 2025 was met with an increase in conditional merger control approvals. Antitrust authorities showed greater flexibility on remedies, with some demonstrating more openness to behavioral commitments and complex structural fixes.

Summary

This edition of our global report explores the trends and challenges shaping the merger control and foreign investment landscape and predicts what dealmakers should expect in the year ahead.

M&A in tech, life sciences, and consumer-facing sectors is under intense scrutiny—even where transactions fall below filing thresholds.

The foreign direct investment landscape remains unpredictable, with sectoral scope expanding as governments' concerns extend to economic security, domestic resilience, and critical technologies.

The EU Foreign Subsidies Regulation creates challenges, but these may ease in future.

Deal timetables feel the impact of regulatory approval processes.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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