Essential Antitrust #47: Chat with EC’s Daniele Calisti: More room for procompetitive efficiencies?

From shifting geopolitical agendas to a transformed merger‑control landscape and AI‑driven investigations, our experts unpack the forces reshaping global antitrust in the coming year.

On 8 May 2025, the European Commission launched a public consultation to review the Merger Guidelines. In this episode, our host Jenn Mellott speaks with Daniele Calisti, Head of the Mergers Case Support and Policy Unit at DG Competition, who is leading the consultation process. They are joined by David Foster, Director at Frontier Economics, and fellow antitrust partner Thomas Janssens, to explore what changes may be coming – particularly around efficiencies and innovation.

On 6 April 2025, key consumer protection provisions set out in the landmark UK Digital Markets, Competition and Consumers Act (DMCCA) entered into force.

The recent and upcoming changes to the heads of key antitrust agencies, and in particular the Chair of the UK Competition and Markets Authority, may signal a shift in approach to merger control.

The transitions taking place across agency leadership will maintain competition law and policy at the forefront of regulatory developments in 2025. In particular, antitrust policy will be shaped by political influences and growing pressure to consider domestic growth, security and economic resilience concerns, alongside other industrial policy goals.

On 01 December 2024, the new European Commissioner for Competition Teresa Ribera took office. She has been tasked with implementing a refreshed approach to competition policy, including tackling killer acquisitions, speeding up state aid and antitrust enforcement as well as a new approach to mergers that could help boost the EU’s competitiveness.

On October 10, 2024 the US Federal Trade Commission (FTC) and the US Department of Justice (DOJ) issued a final rulemaking implementing the most significant update ever to the US HSR merger control filing. While these changes won’t be effective until the end of January 2025 at the earliest, understanding now how tackle new features such as expanded document requirements and new substantive narratives will position companies and dealmakers alike to hit the ground running.

Two years have elapsed since the introduction of new vertical block exemptions and guidelines in the EU and the UK. Since then, the European Commission has imposed the highest record fine on file for unlawful territorial restrictions imposed by a supplier on its resellers, in contravention of EU competition law. On the opposite side of the Atlantic, key developments in the US include increased enforcement of vertical restraints by US antitrust agencies.

Two former CFIUS Chairs discuss Treasury’s recently released draft rules and impending U.S. capital controls.

On 25 April 2024, the UK Competition and Markets Authority (CMA) published a suite of reforms to the way in which it carries out Phase 2 merger investigations. Intended to streamline in-depth reviews, improve opportunities to engage with the CMA throughout the process and incentivise merging parties to put forward remedies at the earliest possible stage, the reforms came into effect immediately.

In January 2024, China implemented significant changes to its merger control thresholds – marking the first revisions in 16 years. Coupled with last year's amendments to the Anti-Monopoly Law, they represent a comprehensive revamp of China’s merger control regime.

In our first Essential Antitrust podcast of 2024, host Jenn Mellott is joined by Alastair Chapman, Ninette Dodoo and Mark Sansom to explore some of the themes highlighted in “Global antitrust in 2024: 10 key themes”, our recent report on the biggest trends in antitrust for the year ahead.

The Digital Markets, Competition and Consumers Bill will introduce the most significant reforms to UK competition and consumer laws since the CMA was established in 2014.

In September 2023, the OECD and Canadian Competition Bureau published the Gender Inclusive Antitrust Toolkit. Designed to help competition authorities apply a gender lens to enforcement, the toolkit features key conclusions on how gender can be factored into merger review, evaluation of competitive effects in conduct investigations, detection of cartels and broader public interest considerations.

Nearly four years into his mandate as Director-General for Competition, Olivier Guersent joins us to reflect on this and on his 30-year career at the European Commission.

Over the past few years, competition law regimes in Asia have been undergoing dynamic changes and there has been a noticeable uptick in enforcement since the end of the pandemic. In our latest episode of our Essential Antitrust podcast, we provide a bird’s eye view of the intricate world of antitrust and foreign investments screening in this rapidly evolving region.

The US FTC and DOJ recently released long-awaited updates to the Hart-Scott-Rodino (HSR) Form and Merger Guidelines for assessment of mergers.

Regulators across the globe are keeping a close eye on the rising influence of generative AI.

The Biden Administration antitrust agencies have viewed merger remedies in the US with strong skepticism. The Department of Justice’s Antitrust Division’s attempt to block ASSA ABLOY’s acquisition of Spectrum Brands’ Hardware and Home Improvement division was a case in point, until the trial concluded due to a rare settlement in May 2023, opening the door for the transaction to proceed subject to a divestiture remedy.

As international competition and antitrust laws continue to evolve, companies are concerned with ensuring that their sustainability collaborations do not fall foul of the law.

At this year’s Spring Meeting hosted by the American Bar Association Antitrust Law Section in Washington, DC, antitrust and competition enforcers from the EU, UK, and US came together to share the latest in global antitrust enforcement and competition policy, as well as competition agencies’ collaboration, coordination, and goals for the coming year.

The EU has a brand new tool to police subsidies from non-EU governments. It gives the European Commission power to review M&A deals and public procurement bids, as well as initiate investigations. Companies potentially affected need already now to set up internal information gathering, and to factor the new rules into deal feasibility assessments and timelines.

In 2023 antitrust enforcement will continue to respond to calls for it to do more to address a range of global crises and social concerns. Authorities are being given enhanced powers and new tools, and are tackling novel kinds of cases, which is significantly increasing unpredictability.

Over the past several years, cartel enforcement actions appear to have been on the decline. Despite this, antitrust enforcers have made clear that they have no intention to ease up enforcement efforts and, in fact, have indicated a renewed commitment to aggressive enforcement – as illustrated by a recent spike in dawn raids, including of private homes, in Europe and several initiatives by the Biden Administration in the US.

Antitrust Authorities worldwide have been very vocal on their increasing focus on antitrust violations in the labor market – but what does this actually mean for businesses?

On 1 June new EU and UK rules on agreements for the supply and distribution of goods and services enter into force.

In this latest Essential Antitrust podcast, host Meghan Rissmiller is joined by Tone Oeyen and Alex Potter, partners in Brussels and London, to discuss the implications for businesses as they look to ensure compliance with the new regimes and adapt their strategies to take advantage of some of the changes.

Data issues are increasingly in the spotlight in the tech and life sciences sectors, requiring a holistic approach to antitrust and data protection considerations.

Licensing and collaboration agreements, integral to the life sciences and tech industries, are increasingly complex from an antitrust perspective.

The US FTC and DOJ Antitrust Division recent launch of a process to review the agencies’ merger guidelines comes amid a broader trend of heightened antitrust scrutiny. 

In 2022 expansive legislation and aggressive enforcement are clearly a priority for governments and authorities around the world.

Merger control assessments are becoming less predictable. The European Commission has changed its policy towards Member State referrals. The CMA has been flexing its broad jurisdictional thresholds to call in transactions for review. Driven by a desire not to let any transactions fall through the net, there is a key focus on innovative sectors such as tech and life sciences but the uncertainty extends across industries. Parties must be prepared to deal with the difficulties of navigating this increasingly complex environment.

Fintech M&A is booming, but so is regulatory scrutiny. Competition authorities are increasingly bullish to claim jurisdiction over fintech deals and to pursue novel theories of harm. At the same time, the scope of foreign investment regulation has widened due to the pandemic and ongoing trade tensions, adding yet another piece to the regulatory jigsaw puzzle faced by deal-doers. Getting your fintech deal cleared is no longer a given, and even if you get your merger control and foreign investment clearance, there is still a host of other financial regulation that applies before, throughout and after the deal process. 

On July 9, 2021, President Biden signed a far-reaching executive order aimed at promoting competition in the American economy.

Many stakeholders have applauded the European Commission for its European Green Deal programme. But a key question remains: who will pay for green transformation of the EU’s economy? Most businesses will not be able to finance the transition themselves and entire industries are calling for more public funding.

In the US, there are sweeping proposals in Congress for stricter merger control laws. In the EU, the European Commission is encouraging referral requests from Member States, even where transactions fall below merger control thresholds. In the UK, the revised Merger Assessment Guidelines seek to give the CMA more flexibility to find competition issues. All the while, different regulators are on record calling for tougher overall enforcement against consolidation. Intensified merger control around the globe will mean more – and less predictable – merger filings, making deal-making more complex.

In 2021, evolving market conditions, including heightened regulatory risk, emergence of new theories of harm, and the continuing economic impact of COVID-19 could alter transaction dynamics and contribute to more – and more contentious – transaction-related antitrust litigation, both with authorities and between merging parties.

2020 has demonstrated that governments and policymakers are seeking to implement ambitious sustainability goals.

Antitrust policy and enforcement is now mainstream news: it is front and centre in discussions about large tech players and digital markets, it is a core issue in the debate on sustainability, and it remains a key consideration in global trade negotiations. 

Competition authorities’ global quest to oversee a greater number of deals involving nascent competition looks set to intensify in the year ahead, making deal-making even more complex.

The EU framework for the screening of FDI is now fully applicable. Jenn Mellott discusses the political background and practical implications of the new framework with Frank Röhling and Amaryllis Müller.

The economic hardship caused by COVID-19 has resulted in an increase in firms in financial distress looking for a path forward through M&A.

The COVID-19 pandemic has resulted in rapid changes to the global foreign direct investment landscape as governments re-evaluate which assets will be critical to national security in the future. Many of these changes are here to stay.

The past few years have seen a renewed interest in vertical merger enforcement in the US.

Three and a half years after the EU referendum, the UK has now left the European Union.

The first episode of our new competition podcast, Essential Antitrust, explores the 10th edition of our annual analysis of the global antitrust landscape, 10 Key Themes. 

In our latest podcast episode of "No Worse Off," Freshfields partners Emma Gateaud and Craig Montgomery are joined by two industry experts for an in-depth discussion on motor finance claims and consumer redress restructuring.

On 6 April 2025, key consumer protection provisions set out in the landmark UK Digital Markets, Competition and Consumers Act (DMCCA) entered into force.

In our latest "No Worse Off" podcast episode, Freshfields partner Lindsay Hingston and Tabasam Faqir, Head of Restructuring and Capital Solutions for MENA, welcome special guest Naveen Sabharwal, Managing Director at Davidson Kempner. Together, they explore the key themes shaping the restructuring landscape in the Middle East.

The transitions taking place across agency leadership will maintain competition law and policy at the forefront of regulatory developments in 2025. In particular, antitrust policy will be shaped by political influences and growing pressure to consider domestic growth, security and economic resilience concerns, alongside other industrial policy goals.

On October 10, 2024 the US Federal Trade Commission (FTC) and the US Department of Justice (DOJ) issued a final rulemaking implementing the most significant update ever to the US HSR merger control filing. While these changes won’t be effective until the end of January 2025 at the earliest, understanding now how tackle new features such as expanded document requirements and new substantive narratives will position companies and dealmakers alike to hit the ground running.

Join partners Lindsay Hingston, Jonathan Kelly, and associate Madeleine Wall in our first "No Worse Off" episode of 2025.

In the latest episode of "No Worse Off," hosts Lindsay Hingston and Emma Gateaud review 2024's key legal headlines. This year-end special showcases legal milestones, team achievements, and landmark events that have transformed the restructuring landscape throughout the year.

In our latest podcast episode of "No Worse Off," Freshfields partner Craig Montgomery is joined by colleagues Madlyn Primoff from New York, Kristina Weiler from Hamburg, and Mijke Sinninghe Damsté from Amsterdam for an in-depth look at how litigation risk impacts restructurings from start to finish.

In our latest podcast episode, Freshfields partner Lindsay Hingston and Senior Associate Alex Thomson are joined by Georgina Peters, Barrister at South Square, for a further look at of Liability Management Exercises (LMEs).

In our latest podcast episode, Freshfields partner Lindsay Hingston hosts a candid discussion on the subject of women in restructuring, featuring Katharina Crinson, counsel at Freshfields, and Jo Hewitt, managing director at Alvarez & Marsal.

The sixth episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

The fifth episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

Two former CFIUS Chairs discuss Treasury’s recently released draft rules and impending U.S. capital controls.

The fourth episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

The third episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

On 25 April 2024, the UK Competition and Markets Authority (CMA) published a suite of reforms to the way in which it carries out Phase 2 merger investigations. Intended to streamline in-depth reviews, improve opportunities to engage with the CMA throughout the process and incentivise merging parties to put forward remedies at the earliest possible stage, the reforms came into effect immediately.

The second episode of our restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

The first episode of our new restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

In January 2024, China implemented significant changes to its merger control thresholds – marking the first revisions in 16 years. Coupled with last year's amendments to the Anti-Monopoly Law, they represent a comprehensive revamp of China’s merger control regime.

In our first Essential Antitrust podcast of 2024, host Jenn Mellott is joined by Alastair Chapman, Ninette Dodoo and Mark Sansom to explore some of the themes highlighted in “Global antitrust in 2024: 10 key themes”, our recent report on the biggest trends in antitrust for the year ahead.

The Digital Markets, Competition and Consumers Bill will introduce the most significant reforms to UK competition and consumer laws since the CMA was established in 2014.

In September 2023, the OECD and Canadian Competition Bureau published the Gender Inclusive Antitrust Toolkit. Designed to help competition authorities apply a gender lens to enforcement, the toolkit features key conclusions on how gender can be factored into merger review, evaluation of competitive effects in conduct investigations, detection of cartels and broader public interest considerations.

Nearly four years into his mandate as Director-General for Competition, Olivier Guersent joins us to reflect on this and on his 30-year career at the European Commission.

Over the past few years, competition law regimes in Asia have been undergoing dynamic changes and there has been a noticeable uptick in enforcement since the end of the pandemic. In our latest episode of our Essential Antitrust podcast, we provide a bird’s eye view of the intricate world of antitrust and foreign investments screening in this rapidly evolving region.

The US FTC and DOJ recently released long-awaited updates to the Hart-Scott-Rodino (HSR) Form and Merger Guidelines for assessment of mergers.

The EU has a brand new tool to police subsidies from non-EU governments. It gives the European Commission power to review M&A deals and public procurement bids, as well as initiate investigations. Companies potentially affected need already now to set up internal information gathering, and to factor the new rules into deal feasibility assessments and timelines.

In 2023 antitrust enforcement will continue to respond to calls for it to do more to address a range of global crises and social concerns. Authorities are being given enhanced powers and new tools, and are tackling novel kinds of cases, which is significantly increasing unpredictability.