“Time is the most valuable thing a man can spend” once wrote the Greek philosopher, Theophrastus. In the context of the competitive assessment of concentrations in the EU, an additional question arose: when is the best time for authorities to spend time to review a merger? The EU merger control regime was widely considered as a pure ex ante system, requiring a filing and review prior to the implementation of a transaction. However, the European Commission progressively identified an “enfor
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