Welcome to the latest edition of our newsletter which explores recent competition law developments across the UK and EU.

In this December edition we examine two significant CJEU appeal rulings, on different sides of the competition law spectrum. On the one hand: Intel v Commission is the latest in the long-running dispute as to the legality of Intel’s loyalty rebates under Article 102. On the other hand: ThyssenKrupp v Commission confirms the legal standard the European Commission must meet in order to declare a concentration incompatible with the internal market.

From a UK perspective, we assess the role of competition policy in the Labour government’s new industrial strategy, including how the CMA intends to contribute to the Government’s growth agenda. This incorporates a review of the CMA’s recent enforcement activity, including in light of the imminent introduction of its new digital markets powers in January 2025.

We also look at the latest developments in what has turned out to be a busy year for sports and competition law – this time, examining recent rulings of the CJEU and a UK arbitration panel on the regulations that underpin professional football.

Finally, a year on from the implementation of the EU Foreign Subsidies Regulation, we set out the state-of-play and share some practical tips to help firms navigate the FSR’s requirements.

Happy 24th birthday: CJEU’s Intel judgment bursts Commission’s balloon

The CJEU has delivered its highly anticipated judgment in European Commission v Intel, bringing to an end the long-running saga on the lawfulness of Intel’s loyalty-inducing rebates. We examine the proceedings leading up to the CJEU’s latest ruling, the key points from the judgment, and their implications for future enforcement.
Read the article

Game changers? Football’s financial and economic model under the spotlight in two high-profile rulings

The CJEU and a UK arbitration panel recently handed down rulings that may have significant implications for professional football, in particular for the functioning of the international player transfer market and the Premier League’s policing of its Profit and Sustainability Rules.
Read the article

The quest for growth and UK competition policy: where are we heading?

As 2024 draws to a close, the CMA has been in reflective mood, commenting both on the levels of competition that can be observed across the UK economy at a macro level, and the role it plays in driving innovation, productivity and ultimately, economic growth. These pronouncements come at a time when the recently elected Labour government seeks to deliver on its mandate to address the low levels of growth observed across the UK.
Read the article

Iron-clad: CJEU upholds block on ThyssenKrupp-Tata Steel joint venture and affirms Commission's margin of discretion

The CJEU has upheld the European Commission’s decision to prohibit the proposed joint venture between ThyssenKrupp and Tata Steel Europe, confirming the Commission’s margin of discretion in merger control investigations. The ruling reaffirms the Commission’s authority to intervene in mergers that are likely to harm competition without creating or strengthening a dominant position.
Read the article

The Foreign Subsidies Regulation: one year in

Over a year has passed since the Foreign Subsidies Regulation fully entered into force, with the European Commission using its new powers to scrutinise both M&A transactions and public procurement processes for distortive foreign subsidies. We explore the insights and lessons learned from the first year of the regime’s implementation, as well as practical tips to help firms navigate the FSR’s requirements effectively.
Read the article

This edition was edited by Senior Associate, Matthew Redfern. If you have any questions about the articles in this newsletter, do not hesitate to reach out to Matthew, or any of your usual contacts: Cameron Firth, Malcolm Walton, Christophe Humpe, Emma Radcliffe, Tom Usher, Fiona Beattie and Caja Griesenbach.