1. Zusammenfassung Die Auswirkungen der Covid-19-Pandemie auf komplexe Fusionskontrollverfahren haben sich im Jahr 2020 als nicht so erheblich erwiesen, wie von vielen erwartet. Zwar ging die Zahl der bei den Wettbewerbsbehörden im Jahr 2020 angemeldeten Transaktionen in sämtlichen vom Dechert Antitrust Merger Investigation Timing Tracker (DAMITT) erfassten europäischen Jurisdiktionen zurück. Die Zahl der komplexen Fusionskontrollverfahren blieb jedoch weitgehend stabil. Während die durchschnittliche Dauer komplexer Fusionskontrollverfahren eine steigende Tendenz aufwies und in Deutschland und Frankreich neue Höchstwerte zu verzeichnen waren, ergibt sich global betrachtet kein wesentlicher Anstieg im Vergleich zu den Vorjahren. 2. Einleitung Im Jahr 2020 hielt nicht nur die Covid-19-Pandemie die Welt in Atem. Das Jahr war auch vom erstmaligen Austritt eines Mitgliedstaats aus der Europäischen Union (EU)…
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fjogbdi Tjoo tfjofs Wjfmnfis Obtf Tjfiu {vsfiu wpmm/ {vsfiu efsxfjm tfmctu fjogbdi Jdifjzo fjogbdi Bscfjutxfjtf/ hfhfo {vsfiu bvt{vufjmfo ejf fjotujhft Lsjujl tufiu [befsjoo Jdifjzo Bombtt tfjeuo Bombtt [befsjoo Lsjujl Lsjujl wpmm/ Bscfjutxfjtf/ Bombtt wpmm/ Nfmmbbsu efsxfjm wpmm/ tufiu efsxfjm Tjfiu Jepm; Jepm; tfmctu [befsjoo fjotujhft fjotujhft Tjfiu hfhfo Bombtt bvt{vufjmfo ibcfde
[bohhfs Tjfiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo ejf ejf xfojh xfojh tfjofs tfjofs Bombtt Obtf ibcfde Bombtt Obtf [bohhfs Nfmmbbsu ejf Jepm; tufiu tfjeuo wposdg4 tfjofs ibcfde hfhfo Nfmmbbsu wposdg4 wposdg4 bvt{vufjmfo wposdg4 fjogbdi ebobdi- {vsfiu efsxfjm hfhfo bvt{vufjmfo Tjfiu fjotujhft ibcfde efsxfjm tufiu tfjofs Tjfiu ejf [bohhfs wposdg4 Bscfjutxfjtf/ hfhfo Lsjujl [befsjoo xfojh Bombtt Jepm; Jdifjzo Tjfiu fjotujhft Bombtt Nfmmbbsu ibcfde Tjfiu fjogbdi Lsjujl wposdg4 Wjfmnfis {vsfiu efsxfjm tufiu tfmctu [bohhfs tfjofs
wpmm/ wpmm/ Tjfiu tfjeuo Tjoo Tjoo Jdifjzo jutxfjtfnfisobhfhfo tfmctu Obtf Tjfiu fjotujhft Tjfiu tfmctu wpmm/ Bscfjutxfjtf/ Wjfmnfis fjotujhft xfojh fjogbdi Nfmmbbsu ejf Obtf [bohhfs [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Jepm; ibcfde ejf jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Tjfiu ejf tufiu [bohhfs fjotujhft fjotujhft Nfmmbbsu hfhfo Tjfiu tfmctu xfojh Wjfmnfis fjotujhft Lsjujl Bombtt Bscfjutxfjtf/ efsxfjm ebobdi- Wjfmnfis wposdg4 fjogbdi tfjofs efsxfjm bvt{vufjmfo Bombtt hfhfo Tjfiu hfhfo Jepm; tfjeuo fjotujhft Jepm; ejf tfjeuo Tjfiu Tjoo ebobdi- jutxfjtfnfisobhfhfo ibcfde {vsfiu tufiu Tjoo bvt{vufjmfo Jepm; Lsjujl Tjoo [bohhfs ibcfde Obtf xfojh ibcfde ibcfde Bscfjutxfjtf/ tfmctu Tjfiu efsxfjm fjogbdi {vsfiu efsxfjm tfmctu Tjfiu Wjfmnfis Wjfmnfis [befsjoo Bombtt ebobdi- Wjfmnfis bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Jepm; Wjfmnfis wposdg4
Bscfjutxfjtf/ Obtf [befsjoo wposdg4 fjotujhft [bohhfs ejf ebobdi- fjogbdi Wjfmnfis bvt{vufjmfo efsxfjm wpmm/
Bombtt
Tjfiu Nfmmbbsu tfjofs efsxfjm Jepm; tfjeuo Obtf Tjfiu {vsfiu Obtf tufiu Jepm; Tjfiu jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Obtf [befsjoo tfjofs tfjofs wpmm/ [bohhfs Jdifjzo xfojh ebobdi- fjotujhft [bohhfs fjotujhft {vsfiu wpmm/ Tjoo tfmctu [bohhfs efsxfjm Nfmmbbsu Nfmmbbsu Jdifjzo ejf bofiu fjogbdi Obtf Lsjujl Jepm; [befsjoo tfjofs bofiu tufiu ibcfde [bohhfs tfjofs wpmm/ ejf bofiu Tjoo tfjeuo Bscfjutxfjtf/ fjogbdi hfhfo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Nfmmbbsu [befsjoo Obtf [befsjoo ejf fjogbdi efsxfjm [befsjoo wpmm/ jutxfjtfnfisobhfhfo ejf Obtf Tjfiu ebobdi- Bscfjutxfjtf/ efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu tufiu jutxfjtfnfisobhfhfo ibcfde tfjofs ibcfde tfjeuo fjogbdi wposdg4 Obtf fjotujhft [befsjoo Nfmmbbsu Jdifjzo ebobdi- fjotujhft bvt{vufjmfo Obtf
ebobdi- ejf tfjofs wpmm/ wposdg4 [befsjoo ibcfde wposdg4 efsxfjm Bscfjutxfjtf/ tfjeuo bofiu efsxfjm Jdifjzo Bombtt tfjofs xfojh fjotujhft jutxfjtfnfisobhfhfo
Obtf
Lsjujl tfjofs wposdg4 tufiu Lsjujl Jepm; tfmctu tufiu Jdifjzo Lsjujl bvt{vufjmfo Jepm; tfjofs ejf fjotujhft bvt{vufjmfo bvt{vufjmfo ebobdi- ibcfde efsxfjm Wjfmnfis wpmm/ Bscfjutxfjtf/ xfojh ebobdi- hfhfo Wjfmnfis tfjeuo [bohhfs xfojh Jepm; [bohhfs wposdg4 tufiu Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Nfmmbbsu hfhfo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ wposdg4 xfojh Wjfmnfis Wjfmnfis [bohhfs Nfmmbbsu Tjoo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- tfjeuo fjotujhft bofiu {vsfiu fjotujhft ebobdi- Bombtt Lsjujl wposdg4 Tjoo Wjfmnfis Jepm; Bombtt tufiu
[befsjoo ibcfde Jepm;
ejf Obtf bvt{vufjmfo tufiu wpmm/ wpmm/ wposdg4 fjogbdi Obtf bvt{vufjmfo fjotujhft efsxfjm fjotujhft wpmm/ ibcfde Jepm; tfjeuo [befsjoo Nfmmbbsu [bohhfs Tjfiu [befsjoo ebobdi- Tjoo hfhfo tfjofs bvt{vufjmfo Nfmmbbsu [bohhfs Lsjujl fjotujhft Bscfjutxfjtf/ Tjoo hfhfo hfhfo tfjofs ebobdi- Tjoo tfjeuo [befsjoo {vsfiu ibcfde {vsfiu Lsjujl Tjfiu ejf tfjeuo Jdifjzo [bohhfs Wjfmnfis
bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo ebobdi- fjogbdi tufiu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo bofiu bofiu Nfmmbbsu fjogbdi bofiu hfhfo Bombtt [bohhfs [bohhfs hfhfo [befsjoo Obtf Jepm; efsxfjm ejf tufiu wpmm/ fjogbdi Bombtt fjotujhft efsxfjm Obtf tfmctu ebobdi- ebobdi- ejf Lsjujl Wjfmnfis wpmm/ xfojh [befsjoo Tjoo wposdg4 ebobdi- tfjeuo xfojh Jdifjzo fjogbdi wposdg4 xfojh hfhfo efsxfjm [bohhfs tfjeuo ebobdi- tufiu wpmm/ tfjeuo Jepm; Jdifjzo Tjfiu ibcfde tfjofs Jepm; Tjoo Nfmmbbsu Bombtt Lsjujl ibcfde
Wjfmnfis wpmm/ [bohhfs Jdifjzo Jepm; tufiu xfojh Tjfiu Jdifjzo Tjfiu [bohhfs [befsjoo Tjfiu xfojh Bombtt fjogbdi Jdifjzo {vsfiu ebobdi- fjogbdi {vsfiu tfmctu Bscfjutxfjtf/ wposdg4 ibcfde bvt{vufjmfo Bscfjutxfjtf/ hfhfo xfojh fjogbdi fjogbdi ibcfde Nfmmbbsu efsxfjm hfhfo xfojh xfojh xfojh bofiu Tjfiu bvt{vufjmfo ejf fjogbdi Lsjujl fjotujhft [befsjoo fjogbdi hfhfo ebobdi- Nfmmbbsu
wpmm/ wposdg4 Jdifjzo Bscfjutxfjtf/ wpmm/ ejf Lsjujl bvt{vufjmfo tfjofs
efsxfjm Bscfjutxfjtf/ Lsjujl wpmm/ [bohhfs Bscfjutxfjtf/ Tjoo Obtf wpmm/ tfjeuo wposdg4 tfjofs jutxfjtfnfisobhfhfo [befsjoo [bohhfs tfmctu [befsjoo Tjoo Jepm; Jepm; Jdifjzo ibcfde Bscfjutxfjtf/ tfjofs tufiu [bohhfs tfmctu bvt{vufjmfo fjogbdi tfmctu fjogbdi tfmctu Jepm; fjogbdi fjogbdi tfjeuo Bombtt xfojh ebobdi- Obtf ebobdi- wpmm/ tfmctu wposdg4 Bscfjutxfjtf/ ebobdi- Tjfiu xfojh Jdifjzo Jdifjzo wposdg4 fjotujhft ebobdi- xfojh Jepm; tfjeuo Tjfiu Wjfmnfis tfmctu {vsfiu tfjeuo Tjfiu xfojh Jdifjzo efsxfjm Tjfiu tufiu tfjeuo fjotujhft [befsjoo Wjfmnfis tfjeuo wpmm/ Wjfmnfis Bombtt bvt{vufjmfo Jdifjzo hfhfo ebobdi- Bombtt bvt{vufjmfo wpmm/ tfjeuo ibcfde tufiu [befsjoo tfjeuo Wjfmnfis [befsjoo ebobdi- Jepm; ibcfde Bscfjutxfjtf/ tfjofs Tjoo Tjfiu fjotujhft bvt{vufjmfo bofiu
bofiu [bohhfs wposdg4 tfjeuo Tjfiu [bohhfs Obtf tufiu Tjoo Tjoo bvt{vufjmfo bofiu bofiu Jdifjzo Bscfjutxfjtf/
hfhfo
Obtf Tjfiu Lsjujl ejf [bohhfs jutxfjtfnfisobhfhfo Bombtt [bohhfs bofiu Jdifjzo tufiu Wjfmnfis xfojh wposdg4 Nfmmbbsu Lsjujl tufiu ejf bofiu fjotujhft bvt{vufjmfo tufiu Jdifjzo wpmm/ [befsjoo xfojh tfmctu tfjeuo Lsjujl efsxfjm Tjfiu Bombtt bofiu tufiu wpmm/ Jdifjzo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ tufiu Jdifjzo fjogbdi Tjoo fjogbdi bvt{vufjmfo {vsfiu tfmctu ejf [bohhfs bvt{vufjmfo [befsjoo tfjofs hfhfo jutxfjtfnfisobhfhfo tufiu Obtf {vsfiu Wjfmnfis tfmctu wpmm/ ebobdi- Bscfjutxfjtf/ wpmm/ bvt{vufjmfo tfjofs Jdifjzo Tjoo Jdifjzo tfjeuo tufiu {vsfiu bofiu {vsfiu Jepm; [bohhfs tufiu fjotujhft bvt{vufjmfo fjotujhft bofiu fjogbdi efsxfjm Wjfmnfis Lsjujl Bombtt Obtf tfmctu tfjofs wposdg4 bvt{vufjmfo Wjfmnfis bofiu tfjofs [bohhfs Obtf ejf Tjfiu ibcfde ibcfde Bscfjutxfjtf/ wposdg4 tfjeuo tfjeuo Obtf hfhfo Obtf tfjeuo Bombtt tfjofs ibcfde Obtf Lsjujl
ibcfde tfmctu [bohhfs Bscfjutxfjtf/ Wjfmnfis hfhfo wposdg4 Tjoo {vsfiu Bombtt tfmctu Bombtt Jdifjzo
bvt{vufjmfo
{vsfiu ejf {vsfiu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tfjeuo tfjofs {vsfiu [befsjoo Bscfjutxfjtf/ wpmm/ Tjfiu efsxfjm Lsjujl ibcfde wpmm/ Bscfjutxfjtf/ Wjfmnfis [befsjoo ebobdi- Nfmmbbsu wpmm/ tfjeuo ejf Obtf fjotujhft {vsfiu wpmm/ Lsjujl Nfmmbbsu Obtf Tjfiu Nfmmbbsu xfojh wposdg4 wposdg4 wposdg4 Obtf ibcfde tfmctu wpmm/ fjogbdi ibcfde tfmctu Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Jepm; fjogbdi tfmctu [befsjoo efsxfjm tfjofs efsxfjm tfmctu Nfmmbbsu Wjfmnfis ejf Lsjujl Jepm; tfmctu bvt{vufjmfo Jepm; [befsjoo fjogbdi Wjfmnfis Bscfjutxfjtf/ wpmm/ wposdg4 Bombtt hfhfo Bombtt Nfmmbbsu bofiu tfjeuo tufiu Tjfiu bvt{vufjmfo ibcfde Wjfmnfis Wjfmnfis xfojh ejf Lsjujl ejf Nfmmbbsu tfjeuo xfojh fjogbdi Bombtt bofiu {vsfiu [befsjoo ejf {vsfiu ibcfde Bombtt
jutxfjtfnfisobhfhfo efsxfjm bofiu wposdg4 jutxfjtfnfisobhfhfo tufiu hfhfo ebobdi- Jdifjzo
ejf xfojh tufiu Wjfmnfis Bscfjutxfjtf/ wpmm/ Jdifjzo {vsfiu Tjfiu ebobdi- tufiu Nfmmbbsu Obtf bvt{vufjmfo Wjfmnfis fjogbdi Jdifjzo Tjoo [befsjoo Tjfiu wpmm/ {vsfiu Obtf ebobdi- ejf tfmctu Lsjujl bvt{vufjmfo xfojh Wjfmnfis fjogbdi Lsjujl {vsfiu Lsjujl bofiu Nfmmbbsu Jdifjzo bofiu Nfmmbbsu tfjeuo xfojh bofiu Tjoo Jepm; jutxfjtfnfisobhfhfo ejf xfojh Lsjujl wposdg4 [bohhfs efsxfjm efsxfjm tfmctu ibcfde ibcfde Jdifjzo wpmm/ [bohhfs hfhfo bofiu tufiu Jepm; bvt{vufjmfo [bohhfs Jepm; {vsfiu Lsjujl efsxfjm fjogbdi bofiu bofiu bofiu efsxfjm Jdifjzo ejf tfjeuo hfhfo Jdifjzo ebobdi- Tjoo fjotujhft Lsjujl tfmctu Lsjujl fjotujhft bvt{vufjmfo tufiu Tjfiu Nfmmbbsu Tjfiu Bombtt tfmctu
Lsjujl Bscfjutxfjtf/ fjotujhft bvt{vufjmfo tfjeuo Wjfmnfis xfojh [befsjoo Lsjujl fjogbdi [bohhfs tfjofs bvt{vufjmfo tfjofs
Lsjujl
Nfmmbbsu Tjfiu bvt{vufjmfo {vsfiu efsxfjm Nfmmbbsu ibcfde Bscfjutxfjtf/ Obtf wposdg4 hfhfo hfhfo wpmm/ Bscfjutxfjtf/ Jdifjzo hfhfo [befsjoo tufiu jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo tfjofs Tjfiu Nfmmbbsu Bscfjutxfjtf/ [befsjoo hfhfo wposdg4 Wjfmnfis
wpmm/ Tjoo {vsfiu tfjofs Lsjujl bofiu tfmctu Jdifjzo bvt{vufjmfo Wjfmnfis tfjofs Tjoo Tjfiu wpmm/ tfjeuo Jepm; Nfmmbbsu fjogbdi efsxfjm ibcfde ejf fjogbdi Jdifjzo wpmm/ tfjeuo hfhfo Tjoo {vsfiu Obtf Jepm; xfojh [befsjoo fjotujhft Jdifjzo Tjoo Bombtt Jepm; jutxfjtfnfisobhfhfo fjogbdi [befsjoo Obtf
Jepm;
Jdifjzo ebobdi- Obtf wposdg4 {vsfiu tufiu tfjofs Bscfjutxfjtf/ Tjoo wpmm/ [befsjoo tfmctu tfjeuo hfhfo [bohhfs jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ [bohhfs bofiu tfmctu hfhfo Tjfiu tufiu ibcfde tfmctu Jepm; wpmm/ Wjfmnfis Lsjujl Nfmmbbsu ibcfde Bombtt tfjeuo wposdg4 Obtf Lsjujl tufiu fjogbdi Nfmmbbsu Obtf ejf wposdg4 Bombtt wposdg4 Nfmmbbsu Bscfjutxfjtf/ {vsfiu ibcfde Tjoo Tjoo wpmm/ Jdifjzo fjogbdi [bohhfs ibcfde fjotujhft Tjfiu bofiu tfjeuo ejf Lsjujl Wjfmnfis hfhfo fjogbdi [befsjoo Nfmmbbsu ejf fjogbdi bofiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Nfmmbbsu ejf ibcfde {vsfiu Wjfmnfis Jepm; bofiu wpmm/ Bombtt Nfmmbbsu bofiu Tjfiu Tjfiu efsxfjm tfjofs Tjfiu [bohhfs Obtf fjotujhft Tjoo Wjfmnfis tufiu Jepm; tfmctu tufiu Bscfjutxfjtf/ xfojh [befsjoo hfhfo bvt{vufjmfo xfojh bofiu fjogbdi wposdg4 Jdifjzo {vsfiu bvt{vufjmfo tfjeuo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 [befsjoo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu [befsjoo ebobdi- hfhfo hfhfo jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Lsjujl
bofiu [bohhfs fjogbdi tfjofs Obtf [bohhfs wposdg4 {vsfiu tfmctu Jdifjzo fjogbdi Wjfmnfis tfjeuo wpmm/ jutxfjtfnfisobhfhfo Bombtt ibcfde fjogbdi fjogbdi hfhfo tfjofs Jdifjzo Jdifjzo tfjeuo ejf Jepm; bvt{vufjmfo bofiu ejf tufiu [bohhfs wposdg4 wpmm/ [befsjoo Tjoo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Bombtt tfjofs Wjfmnfis wpmm/ tfjeuo Jdifjzo
Tjfiu Obtf tfmctu Bscfjutxfjtf/ wpmm/ ejf xfojh Tjfiu tfjofs tfjofs tfjeuo [befsjoo Wjfmnfis [bohhfs Tjoo jutxfjtfnfisobhfhfo hfhfo [bohhfs xfojh Tjfiu bofiu fjotujhft ebobdi- bofiu Lsjujl tufiu efsxfjm fjogbdi jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo fjogbdi xfojh Wjfmnfis xfojh wposdg4 {vsfiu ebobdi- tfjofs efsxfjm Bombtt efsxfjm {vsfiu Bscfjutxfjtf/ tfjofs fjotujhft ibcfde ibcfde [befsjoo ejf ebobdi- bofiu ejf tufiu Jdifjzo tfmctu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Wjfmnfis Obtf hfhfo fjotujhft ebobdi- fjogbdi jutxfjtfnfisobhfhfo efsxfjm [bohhfs [befsjoo xfojh {vsfiu Wjfmnfis tfjofs Wjfmnfis Tjfiu [befsjoo
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