The European Commission is preparing the largest reform of merger rules in the last 20 years.

The European Commission has launched a public consultation for the new guidelines on mergers, in a reform that changes the way economic concentrations are assessed by including global competitiveness, innovation, investment, sustainability, and resilience.

In short The European Commission has launched a public consultation on the draft of the new EU guidelines for merger control. The new guidelines will replace the current guidelines on horizontal and non-horizontal mergers. The Commission describes the reform as the most significant change in EU merger control in the last 20 years. The draft introduces a more dynamic analysis of innovation, investment, sustainability, resilience, and the ability of European companies to compete globally. Stakeholders can submit contributions until June 26, 2026.

The European Commission launched a public consultation on Thursday regarding the draft of the new EU guidelines for merger control. The document will replace the current guidelines on horizontal mergers and the guidelines on non-horizontal mergers.

The European executive presents the process as the most important reform of merger control in the European Union in the last two decades. The public consultation follows a call for contributions, an initial consultation launched in May 2025, and several events with stakeholders.

The draft aims to modernize the way the Commission assesses mergers, in a changed geopolitical and commercial context. The Commission states that industrial scale, global competitiveness, innovation, and investment have become increasingly important, while sustainability and resilience are relevant parameters for competition.

“Europe needs bold and innovative companies that can compete on the global stage. We have the talent. Now we need to build the environment for the next champions of Europe. Today we publish our draft merger guidelines to better support companies to grow, scale up, and innovate. This is an ambitious approach to our competition policy, so that we can respond to the realities of the highly competitive global economy and strengthen our competitiveness, while maintaining the predictability and certainty that investors value most in Europe,” said European Commission President Ursula von der Leyen.

The new guidelines aim to support the global competitiveness of the European Union. The Commission states that the development and growth of companies in global markets, up to the necessary size to compete, can have pro-competitive effects by supporting innovation, investment, and resilience.

The draft introduces a more dynamic approach to innovation and investment in merger assessment. It includes guidelines on assessing dynamic risks and "killer acquisitions," through which small innovative firms can be bought in a way that affects the future development of competition or innovation.

The Commission also proposes an "Innovation Shield" for unproblematic mergers involving small innovative companies, start-ups, and research and development projects.

The document recognizes sustainability and resilience as important competitive realities. The Commission wants to provide guidelines on how the positive contributions of a merger to the economy and society can be taken into account in the assessment of economic concentrations.

The draft updates and clarifies the analysis regarding market power, blocking access to the market, and coordination between companies. The Commission states that these changes will allow it to assess the impact of different types of mergers on price, quality, and innovation in a changing economy.

The new guidelines will include detailed guidance on the efficiency claims made by companies regarding mergers. These may also include positive dynamic efficiencies related to innovation and investment, which may take longer to materialize.

The draft also contains new guidelines regarding situations in which member states can intervene in mergers that do not raise competition concerns, to protect legitimate public interests.

“We are updating the merger guidelines for a more complex world, transforming them into a more precise tool for supporting the competitiveness and sustainable prosperity of Europe. They provide a more dynamic and forward-looking framework for assessing how mergers affect innovation, investment, resilience, and the ability of European companies to compete globally. This helps us support operations that strengthen our single market, allowing innovative firms to grow in size and enhance Europe’s strategic autonomy. But their founding purpose remains unchanged: to protect strong and competitive markets, without allowing the accumulation of power that can be abused. In other words, maintaining fairness at the heart of Europe. This means the firm application of our rules and protecting European companies and citizens against harmful market power. Because our strength lies in clear rules, applied equally to all,” said Teresa Ribera, Executive Vice President for a Clean, Just, and Competitive Transition.

The public consultation is open until June 26, 2026. All stakeholders can submit comments through the questionnaire published by the Commission.

After the consultation, the Commission will analyze the responses and will publish the contributions in the language in which they were submitted, along with a summary of the main trends resulting from the consultation. The European executive will also continue the dialogue with citizens, companies, and other stakeholders before finalizing the review process.

The Commission will hold an interactive workshop with stakeholders on June 10, 2026.

European merger control aims to protect a competitive and dynamic internal market. The system allows companies to grow, innovate, invest, and offer better products, but prevents the accumulation of market power that can affect consumers, companies, productivity, and economic growth.

The legal basis for merger control is the EU Regulation on economic concentrations. The Commission assesses whether a proposed merger may significantly impede effective competition in the European Union.

In this assessment, the Commission can also analyze the pro-competitive benefits of a merger, referred to as efficiencies, if these are claimed by the companies involved. If the transaction does not significantly impede effective competition, the Commission can approve it unconditionally.

If a merger raises competition concerns, companies can propose remedies, including changes to the transaction, to ensure that competition is maintained in the market. If no adequate remedies are proposed, the Commission can prohibit the transaction.

In the last ten years, over 99% of the Commission's merger decisions have been approvals, of which approximately 95% were unconditional approvals.