By Foo Yun Chee
BRUSSELS, April 29 (Reuters) – EU regulators will seek feedback starting Thursday from interested parties to the first proposal to overhaul merger rules in more than two decades, which has raised expectations among companies for looser rules.
The European Commission’s revamp follows calls by some EU countries and some companies for regulators to take a more flexible line towards acquisitions aimed at creating European champions.
“From tomorrow, you will be able to see the draft merger guidance that will be open for public consultation on our website,” EU antitrust head Teresa Ribera told a news conference on Wednesday.
One of the aims of the revised rules is to make it easier for companies in Europe to build scale through cross-border acquisitions instead of through national deals, sources with direct knowledge of the matter have told Reuters.
The changes will also allow companies to argue about the benefits of innovation, sustainability, resilience, investment and employment, but this is likely going to be a tough sell to regulators focused principally on consumer harm and reduced competition.
Startups claiming innovation benefits for their deals could become more likely to secure speedy EU antitrust approval, but if big technology companies are involved that could raise concerns they may be buying smaller rivals to shut them down.
(Reporting by Foo Yun CheeEditing by Peter Graff)
