The European Commission published its Draft Merger Guidelines on April 30, 2026, which, once finalized, will replace the separate 2004 Horizontal and 2008 Non-Horizontal Merger Guidelines.
In this paper, Gregor Langus of Cornerstone Research, Damien Neven of Geneva Graduate Institute, and Aviv Nevo of University of Pennsylvania compare the Draft Merger Guidelines with the 2023 US Merger Guidelines, outlining areas of similarity and difference. The authors identify four structural differences:
- in enforcement objectives
- the role of concentration measures
- the taxonomy of dynamic theories of harm
- the treatment of pro-competitive benefits.
The paper assesses the practical implications for transatlantic merger control and offers suggestions for clarification of the final guidelines.
Brussels
