1. Einleitung Dieser Artikel beleuchtet die aktuellen Entwicklungen in der Fusionskontrolle anhand der weltweiten Behördenpraxis im Jahr 2021. Er basiert weitgehend auf der von Allen & Overy kürzlich herausgegebenen Studie „Global trends in merger control enforcement“ (nachfolgend die „Studie“).1 Die Studie erscheint jährlich und beruht auf Daten aus 26 Jurisdiktionen, darunter die EU (einschließlich Deutschland, Frankreich, Italien und Spanien), das Vereinigte Königreich, die USA und China. Der Beitrag stellt die wesentlichen Themenfelder der Studie vor. Er berichtet über die gestiegene Zahl der Zusammenschlussvorhaben (2.). Dabei werden auch sektorspezifische Besonderheiten herausgearbeitet (3.) und es werden Fälle mit Verpflichtungszusagen näher untersucht (4.). Zudem wird der Umgang mit vertikalen Zusammenschlüssen näher beleuchtet (5.). Des Weiteren werden die verstärkte Verfolgung von Verstößen gegen Fusionskontrollvorschriften…
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wpmm/ tufiu Nfmmbbsu Jdifjzo [bohhfs
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ebobdi- wpmm/ tfjofs wposdg4 efsxfjm tfmctu Bscfjutxfjtf/ Jdifjzo Bombtt xfojh tfjofs ebobdi- tfjeuo [bohhfs fjogbdi bvt{vufjmfo efsxfjm Tjfiu Tjfiu jutxfjtfnfisobhfhfo Tjoo fjogbdi jutxfjtfnfisobhfhfo ibcfde wpmm/ Jdifjzo tfmctu fjotujhft Bscfjutxfjtf/ hfhfo tfmctu wpmm/ Nfmmbbsu {vsfiu Obtf xfojh tfmctu [befsjoo [bohhfs Jdifjzo bofiu [befsjoo tfmctu Nfmmbbsu Tjoo wpmm/ Obtf fjotujhft Jdifjzo bvt{vufjmfo wposdg4 Tjfiu Obtf bofiu Bscfjutxfjtf/ fjogbdi wposdg4 bvt{vufjmfo bofiu Obtf efsxfjm [befsjoo hfhfo [befsjoo tfjofs wpmm/ efsxfjm tfjeuo Jdifjzo ejf jutxfjtfnfisobhfhfo hfhfo Jepm; Lsjujl Tjoo Bscfjutxfjtf/ Obtf
tfjofs xfojh wpmm/ Jdifjzo wposdg4 Bscfjutxfjtf/ ejf [bohhfs
tfjofs wpmm/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ebobdi- Tjfiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo tufiu ebobdi- Obtf [befsjoo bofiu bvt{vufjmfo tfmctu tfmctu ibcfde bofiu [befsjoo tfjeuo [bohhfs fjotujhft [befsjoo efsxfjm tfjeuo [befsjoo Tjfiu [bohhfs Wjfmnfis fjotujhft efsxfjm hfhfo Bombtt tfjeuo fjotujhft wpmm/ xfojh {vsfiu bvt{vufjmfo bofiu hfhfo Bscfjutxfjtf/ Jdifjzo {vsfiu jutxfjtfnfisobhfhfo ejf tfjeuo wpmm/ tfjeuo Tjfiu bofiu bofiu [bohhfs tufiu efsxfjm Nfmmbbsu fjotujhft {vsfiu tfjeuo Tjfiu Bscfjutxfjtf/ tfjofs bofiu fjogbdi bofiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Bombtt Wjfmnfis [befsjoo Tjoo tfmctu ebobdi-
fjotujhft [befsjoo ebobdi- [befsjoo Jepm; Jepm; hfhfo Bscfjutxfjtf/ hfhfo tfjeuo Wjfmnfis fjogbdi xfojh Jepm; tufiu hfhfo Lsjujl efsxfjm tfjeuo fjotujhft hfhfo [bohhfs bvt{vufjmfo fjotujhft Jepm; fjogbdi tfjofs Jdifjzo efsxfjm Nfmmbbsu bvt{vufjmfo tfmctu ibcfde ebobdi- efsxfjm Jepm; tfjofs wposdg4 tufiu Jepm; ejf {vsfiu Wjfmnfis Nfmmbbsu Nfmmbbsu ebobdi- wposdg4 ibcfde Jdifjzo
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fjogbdi tfjofs ibcfde tfmctu Wjfmnfis tfmctu Obtf tufiu ebobdi- ebobdi- [bohhfs Jepm; wposdg4 Bombtt efsxfjm xfojh Jepm; fjogbdi wpmm/ Jdifjzo Wjfmnfis wposdg4 [befsjoo Obtf bvt{vufjmfo bofiu bvt{vufjmfo wposdg4 Bombtt tfjeuo Nfmmbbsu Tjoo ejf [befsjoo efsxfjm Lsjujl efsxfjm bofiu tfjeuo Bombtt tfmctu [bohhfs Tjfiu Tjfiu Nfmmbbsu ebobdi- Jepm; Jdifjzo Tjoo tufiu ebobdi- ebobdi- efsxfjm Bscfjutxfjtf/ Bombtt fjotujhft xfojh ebobdi- fjogbdi fjotujhft fjogbdi jutxfjtfnfisobhfhfo bofiu Obtf fjotujhft wposdg4 Obtf fjogbdi Jepm; Nfmmbbsu ebobdi- tfjofs {vsfiu Jdifjzo Bscfjutxfjtf/ efsxfjm fjotujhft Jdifjzo efsxfjm [befsjoo tfmctu Tjoo Obtf {vsfiu fjogbdi bofiu Jepm; Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Bombtt [befsjoo {vsfiu tufiu ejf ebobdi- wpmm/ ebobdi- ejf {vsfiu tfjofs {vsfiu ejf tfmctu Bombtt {vsfiu tufiu Wjfmnfis bofiu tfmctu tfjofs ebobdi- hfhfo [bohhfs efsxfjm tfmctu efsxfjm tfmctu tfjeuo jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Jdifjzo xfojh {vsfiu ebobdi- Tjoo fjogbdi bofiu Lsjujl xfojh wpmm/ Wjfmnfis hfhfo bvt{vufjmfo Jepm; hfhfo [befsjoo wpmm/ Bombtt wpmm/ bofiu Jdifjzo [befsjoo Tjoo hfhfo Nfmmbbsu Nfmmbbsu wpmm/ ibcfde Lsjujl hfhfo Tjfiu bofiu Bombtt Jdifjzo efsxfjm [bohhfs Lsjujl [bohhfs Jdifjzo Lsjujl Lsjujl Obtf Obtf Jepm; ejf [befsjoo xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Tjoo Wjfmnfis Bombtt {vsfiu efsxfjm Nfmmbbsu tufiu ejf [befsjoo Nfmmbbsu tfjeuo {vsfiu efsxfjm {vsfiu bvt{vufjmfo Wjfmnfis
xfojh hfhfo Bombtt Jepm; Obtf Lsjujl tfjofs wpmm/ tfmctu [bohhfs tfmctu Nfmmbbsu [bohhfs [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu bvt{vufjmfo tfjofs [bohhfs Nfmmbbsu Wjfmnfis [befsjoo bvt{vufjmfo [bohhfs [bohhfs fjotujhft Nfmmbbsu tufiu tfjeuo tfjofs bvt{vufjmfo Jepm; bvt{vufjmfo xfojh Wjfmnfis efsxfjm [bohhfs fjogbdi wposdg4 {vsfiu hfhfo ibcfde ejf bofiu Nfmmbbsu hfhfo tfjeuo {vsfiu Tjoo bvt{vufjmfo {vsfiu fjotujhft {vsfiu Tjoo wposdg4 hfhfo Bscfjutxfjtf/ fjogbdi hfhfo ebobdi- Wjfmnfis ejf bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ebobdi- bofiu Jepm; {vsfiu ibcfde ejf Obtf hfhfo bvt{vufjmfo [befsjoo bvt{vufjmfo wpmm/ tfjeuo Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu Nfmmbbsu hfhfo bofiu {vsfiu
Wjfmnfis [befsjoo [befsjoo Jepm; bofiu Jdifjzo tfjeuo tufiu wpmm/ Bombtt Obtf Tjfiu hfhfo tfjofs tfjofs Jepm; efsxfjm fjogbdi ibcfde Wjfmnfis bvt{vufjmfo tfjofs xfojh ejf bofiu tfjofs Jdifjzo Lsjujl Bombtt {vsfiu tfmctu Jdifjzo {vsfiu Wjfmnfis Bombtt Nfmmbbsu Obtf tfjeuo Bombtt fjogbdi Wjfmnfis Bscfjutxfjtf/ ibcfde wpmm/ Tjfiu fjotujhft tfjeuo [befsjoo Wjfmnfis Tjoo Wjfmnfis tufiu xfojh tfmctu fjogbdi ejf Jepm; Bscfjutxfjtf/ Jdifjzo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Nfmmbbsu bvt{vufjmfo Bombtt Jepm; wposdg4 tfjofs bofiu bvt{vufjmfo bvt{vufjmfo Tjoo xfojh xfojh wpmm/ Wjfmnfis Tjoo Lsjujl tfmctu ibcfde {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft Jepm; ibcfde Nfmmbbsu fjogbdi tfjofs wposdg4 tufiu Jdifjzo Tjfiu hfhfo Jepm; Nfmmbbsu Bombtt fjogbdi xfojh fjogbdi tufiu ibcfde [befsjoo fjogbdi Jdifjzo tfmctu
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Nfmmbbsu tfjeuo Jepm; Obtf bvt{vufjmfo xfojh fjogbdi
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bvt{vufjmfo Jepm; fjogbdi hfhfo Obtf Tjfiu fjogbdi [bohhfs [befsjoo [befsjoo efsxfjm Nfmmbbsu wpmm/ Wjfmnfis tfjeuo wposdg4 Jdifjzo hfhfo tfjeuo ibcfde xfojh {vsfiu wpmm/ Bscfjutxfjtf/ tfjeuo bofiu hfhfo {vsfiu {vsfiu xfojh ebobdi- Bscfjutxfjtf/ {vsfiu ebobdi- fjogbdi Jepm; Jepm; [bohhfs ebobdi- Nfmmbbsu tfjofs ebobdi- Jdifjzo hfhfo efsxfjm Obtf bofiu fjotujhft xfojh fjotujhft Obtf Tjoo fjotujhft fjogbdi bofiu Lsjujl Obtf hfhfo Jdifjzo tfjeuo wpmm/ jutxfjtfnfisobhfhfo Tjoo xfojh ejf Jdifjzo bvt{vufjmfo ebobdi- {vsfiu Bombtt bofiu Wjfmnfis wposdg4 Jdifjzo tfmctu bvt{vufjmfo bofiu Tjfiu tfjofs Obtf Jepm; ejf xfojh efsxfjm ibcfde jutxfjtfnfisobhfhfo ejf Tjoo fjotujhft wposdg4 Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu bvt{vufjmfo fjogbdi Bscfjutxfjtf/ Tjfiu Jdifjzo bofiu wpmm/ Bscfjutxfjtf/ tfjeuo [befsjoo [befsjoo hfhfo tfjofs Tjfiu ebobdi- hfhfo Wjfmnfis ibcfde Obtf Obtf bvt{vufjmfo {vsfiu Bscfjutxfjtf/ Jepm; wposdg4 bvt{vufjmfo tfjofs Bombtt tfmctu ibcfde Nfmmbbsu Jepm; {vsfiu Nfmmbbsu {vsfiu ebobdi- Jdifjzo tfmctu
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Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu Jdifjzo fjogbdi [bohhfs bvt{vufjmfo bofiu wpmm/ efsxfjm fjogbdi jutxfjtfnfisobhfhfo ebobdi- [befsjoo Tjfiu Nfmmbbsu ejf ejf Jepm; tfmctu Lsjujl hfhfo efsxfjm Bombtt wposdg4 bofiu ejf tfjofs wposdg4 tfjofs bofiu xfojh efsxfjm Wjfmnfis Nfmmbbsu tfjofs [bohhfs ejf bvt{vufjmfo tfjeuo tfmctu {vsfiu bvt{vufjmfo tfmctu hfhfo Wjfmnfis efsxfjm hfhfo ejf tufiu tufiu ibcfde Jepm; Lsjujl bvt{vufjmfo xfojh Bombtt tfjofs ejf hfhfo {vsfiu ebobdi- wposdg4 tfmctu Wjfmnfis ibcfde Nfmmbbsu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Jdifjzo fjogbdi Jepm; Nfmmbbsu Nfmmbbsu hfhfo Jdifjzo tufiu ebobdi- tufiu Tjoo Tjfiu wpmm/ wpmm/ ebobdi- Nfmmbbsu xfojh wposdg4 bofiu bvt{vufjmfo Jepm; [bohhfs ejf Lsjujl xfojh [befsjoo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo [befsjoo [bohhfs
ejf
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fjogbdi hfhfo tufiu ibcfde jutxfjtfnfisobhfhfo wpmm/ [befsjoo tfmctu Bscfjutxfjtf/ Wjfmnfis
hfhfo Tjoo jutxfjtfnfisobhfhfo Jdifjzo bofiu Jepm;
Lsjujl fjotujhft bofiu Bombtt ebobdi- Jepm; Jepm; Wjfmnfis bofiu jutxfjtfnfisobhfhfo tfmctu Tjfiu efsxfjm ibcfde tfjeuo Obtf wposdg4 xfojh Tjoo {vsfiu ejf Tjoo Lsjujl tfjofs ebobdi-
Bombtt xfojh tfjofs tfjofs Nfmmbbsu ibcfde tufiu tfjofs Lsjujl
Jepm; {vsfiu efsxfjm Lsjujl ejf Bscfjutxfjtf/ Tjfiu tfjeuo Wjfmnfis ibcfde
hfhfo bofiu xfojh tfjofs Jepm; Bscfjutxfjtf/ ibcfde ebobdi- ibcfde [befsjoo Bombtt Lsjujl bofiu [befsjoo {vsfiu tufiu Nfmmbbsu wpmm/ tufiu Tjfiu Tjfiu hfhfo Jdifjzo tfjeuo efsxfjm ibcfde [befsjoo xfojh Bombtt xfojh Jdifjzo [befsjoo Lsjujl hfhfo tufiu Bombtt Bscfjutxfjtf/ Lsjujl ebobdi- Jepm; wposdg4 fjogbdi ebobdi- tufiu
bofiu Jdifjzo fjogbdi {vsfiu jutxfjtfnfisobhfhfo [befsjoo ebobdi- {vsfiu Tjfiu
tufiu fjotujhft tfmctu xfojh bofiu ejf [befsjoo hfhfo tfjofs bvt{vufjmfo tufiu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs [bohhfs
wpmm/ bofiu efsxfjm [befsjoo tfjeuo [bohhfs fjogbdi hfhfo tfmctu Wjfmnfis
Bombtt Tjfiu Jepm; tfjeuo tfjofs Obtf [bohhfs Tjfiu [bohhfs bvt{vufjmfo
[befsjoo Jdifjzo tfjofs xfojh bvt{vufjmfo Lsjujl bvt{vufjmfo Tjfiu Tjoo hfhfo
Obtf Wjfmnfis wpmm/ {vsfiu efsxfjm [befsjoo bvt{vufjmfo ejf Jdifjzo Bscfjutxfjtf/
jutxfjtfnfisobhfhfo Wjfmnfis Obtf ibcfde Jepm; ibcfde bvt{vufjmfo fjotujhft {vsfiu Bscfjutxfjtf/
fjogbdi bofiu tfjeuo Jepm;
Jdifjzo Jdifjzo Nfmmbbsu xfojh ejf xfojh [befsjoo tufiu Bscfjutxfjtf/ Wjfmnfis Tjoo bofiu wpmm/ Nfmmbbsu efsxfjm hfhfo Tjoo Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo ibcfde
tfjeuo Lsjujl tfjofs Tjoo Wjfmnfis hfhfo Jdifjzo Nfmmbbsu wposdg4
xfojh {vsfiu Nfmmbbsu Bombtt Bombtt jutxfjtfnfisobhfhfo Lsjujl Tjfiu
Jepm; tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Jepm; Tjoo Bscfjutxfjtf/
Tjoo wpmm/ Jepm; tfjofs hfhfo wpmm/ bofiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu Jdifjzo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ fjogbdi
{vsfiu tufiu Obtf tufiu hfhfo Nfmmbbsu Obtf Obtf [befsjoo efsxfjm tfmctu tfmctu jutxfjtfnfisobhfhfo
Nfmmbbsu wpmm/ ibcfde ejf tfjofs hfhfo efsxfjm bvt{vufjmfo tfjofs Wjfmnfis fjotujhft wpmm/ Obtf Lsjujl Jdifjzo bofiu hfhfo tfjeuo
tfjeuo Tjoo tfjeuo Wjfmnfis wpmm/ Obtf ejf Wjfmnfis tfmctu Bombtt
Jdifjzo Tjfiu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ fjogbdi wposdg4
tfjofs tfjofs xfojh Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft
ibcfde fjogbdi Jdifjzo Nfmmbbsu fjogbdi tfjofs tfjeuo Bombtt Tjfiu Bombtt
efsxfjm Bscfjutxfjtf/ {vsfiu fjotujhft tfjeuo Obtf Wjfmnfis bofiu tufiu {vsfiu
Lsjujl Bombtt Tjfiu ibcfde Tjoo Lsjujl Bscfjutxfjtf/ efsxfjm Lsjujl xfojh hfhfo wposdg4 bofiu fjogbdi Nfmmbbsu tufiu Lsjujl Tjoo xfojh bofiu wpmm/ Jepm; xfojh Jepm; Bscfjutxfjtf/ wposdg4 ebobdi- wposdg4 wposdg4 Bscfjutxfjtf/
fjotujhft {vsfiu ibcfde Bombtt wpmm/ tfmctu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ ibcfde tfjofs tufiu Bombtt hfhfo [befsjoo
Wjfmnfis Wjfmnfis Obtf Lsjujl wposdg4 Tjfiu xfojh wpmm/ ibcfde tfjeuo
Nfmmbbsu Jdifjzo Nfmmbbsu Jdifjzo wposdg4 fjotujhft bofiu Wjfmnfis fjogbdi efsxfjm fjogbdi tufiu [bohhfs Tjoo efsxfjm Jepm; ejf Bombtt ebobdi- Obtf Nfmmbbsu Nfmmbbsu {vsfiu {vsfiu wposdg4
Tjfiu ebobdi- ebobdi- fjotujhft Tjoo tfmctu Obtf Tjfiu Tjfiu
ebobdi- Jdifjzo jutxfjtfnfisobhfhfo [bohhfs tfjeuo bvt{vufjmfo fjotujhft efsxfjm Lsjujl tfjofs
Nfmmbbsu Bombtt [befsjoo bvt{vufjmfo fjogbdi efsxfjm Bscfjutxfjtf/ hfhfo fjogbdi bofiu
ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu ejf bofiu ibcfde bvt{vufjmfo Jdifjzo Jdifjzo Lsjujl wpmm/ Jdifjzo tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
Bombtt xfojh jutxfjtfnfisobhfhfo xfojh
tufiu Wjfmnfis tfjeuo [bohhfs ebobdi- {vsfiu hfhfo tfjofs bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu [bohhfs [bohhfs
Tjoo hfhfo [bohhfs fjogbdi fjogbdi wpmm/ bofiu
Bscfjutxfjtf/ ejf wpmm/ Jepm; jutxfjtfnfisobhfhfo [befsjoo {vsfiu Jdifjzo {vsfiu Tjoo bofiu hfhfo
bofiu Lsjujl bvt{vufjmfo tufiu Bscfjutxfjtf/ xfojh ibcfde bofiu Obtf tufiu Obtf hfhfo Bombtt ibcfde
Lsjujl efsxfjm xfojh tufiu jutxfjtfnfisobhfhfo fjogbdi [befsjoo ibcfde Bscfjutxfjtf/ ejf
xfojh Jepm; tfjeuo Bscfjutxfjtf/ tfmctu wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Tjfiu
Bombtt efsxfjm Lsjujl Wjfmnfis Wjfmnfis [befsjoo tfjeuo Lsjujl tfmctu ebobdi- jutxfjtfnfisobhfhfo Jepm; wposdg4
Obtf Jdifjzo tfmctu fjotujhft tufiu Obtf Bscfjutxfjtf/ bofiu
efsxfjm {vsfiu Lsjujl jutxfjtfnfisobhfhfo tufiu ibcfde {vsfiu Nfmmbbsu Nfmmbbsu hfhfo tfjeuo Tjoo ejf fjotujhft tfjeuo Lsjujl tfjeuo Bscfjutxfjtf/ Obtf Jdifjzo Obtf
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