Mergers Charter: One Year On

In this post on the Competition & Markets Authority’s Blog, author Joel Bamford offers an overview of the first year of the CMA’s mergers charter, which was introduced to improve merger reviews through four guiding principles: pace, predictability, proportionality, and process. The charter aims to help the CMA reach accurate decisions more quickly while reducing unnecessary burdens on businesses, and Bamford notes that feedback from companies and advisers has generally been positive.

The CMA highlights strong progress on “pace,” including meeting its targets of completing pre-notification within 40 working days and clearing straightforward cases within 25 working days during Phase 1 reviews. However, Bamford explains that delays still arise when merging parties submit incomplete information, identify key documents late in the process, or repeatedly revise filings. Such behavior can disrupt timelines and, in rare cases, even lead to merger notices being rejected after statutory review periods begin.

On “predictability” and “proportionality,” the CMA says businesses have welcomed regular update calls, targeted information requests, and more focused investigations. At the same time, the agency notes that some companies have complicated reviews by shifting positions on remedies or filing excessive confidentiality claims that delay publication processes. The CMA also acknowledges concerns that some information requests remain burdensome and says it is open to more direct engagement to better tailor requests.

The post concludes by emphasizing improvements in communication and engagement between CMA staff and merging businesses, particularly through teach-ins and regular discussions with senior officials. Bamford stresses, however, that successful merger reviews depend on full cooperation and transparency from companies and advisers alike. Overall, the CMA considers the first year of the charter a success, but says continued adherence to its expectations will be essential to maintaining faster and more efficient merger reviews going forward…

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