Proposed new guidelines for the European Union’s competition regulator will make it easier for companies to cite benefits like innovation, resilience and sustainability to justify proposed mergers, McGuireWoods London partner Matthew Hall wrote in a June 4, 2026, article in the international edition of Law.com.
The guidelines, published on April 30, 2026, and likely to be adopted later this year, introduce a “theory of benefit” that the European Commission will use to balance potential anti-competitive effects from mergers against potential efficiencies. This will widen the commission’s analysis and let companies argue that a deal will benefit public welfare and should be approved despite any anti-competitive effects. The guidelines reflect political pressures on the commission and are already impacting its work, Hall wrote.
“The guidelines recognise changes to the EU economy and directly impact the approach to filing mergers for approval,” Hall wrote. “Parties should analyse ‘theory of benefit’ arguments at the outset along with standard competition concerns that may be raised under a ‘theory of harm’. They are now equally important.”