M&A Regulation in the EU (and UK) – What to Expect in 2026

In this piece for BCLP, authors Dave Anderson, Paul Culliford & Tom Wright discuss the evolving leadership dynamics within the European Commission’s competition arm following the departure of Olivier Guersent as Director-General of DG COMP. With the role potentially vacant into 2026 and Linsey McCallum serving in an acting capacity, increased influence is expected from Deputy Director-General Guillaume Loriot, particularly in merger control and the ongoing revision of the EU Merger Guidelines. The authors note underlying political tensions between Competition Commissioner Teresa Ribera and Commission President Ursula von der Leyen, reflecting a broader debate between process-driven enforcement and a more growth-oriented competitiveness agenda.

A central focus is the forthcoming revision of the EU Merger Guidelines, led by DG COMP and closely monitored by senior Commission leadership. Following a 2025 consultation covering innovation, sustainability, digitalisation, resilience, and public policy considerations, draft guidelines are expected by Spring 2026. The revision aligns with the competitiveness objectives outlined in the Draghi Report and could expand the analytical framework used in merger assessments, potentially increasing the Commission’s discretion in novel and politically sensitive areas.

Turning to the UK, the authors examine reforms by the UK Competition and Markets Authority (CMA), including revised merger remedies guidance and a broader consultation on institutional reforms. While the CMA continues to favour structural remedies, it signals greater openness to behavioural remedies, including at phase 1 review, provided they are “clear cut” and readily implementable. These changes occur against the backdrop of UK government pressure to support investment and economic growth, raising questions about how the CMA’s enforcement posture may evolve in practice.

Finally, the piece explores international coordination challenges and developments under the EU’s Foreign Subsidies Regulation (FSR). US-EU merger cooperation may face strain amid geopolitical tensions and increased politicisation of US merger enforcement. Meanwhile, the Commission has issued new FSR guidelines clarifying its assessment of distortive foreign subsidies, though calls—particularly from Germany—for a shift toward a call-in system and narrower remedial powers suggest that further debate over proportionality and regulatory burden is likely to continue.