Antitrust Code by Concurrences

Concurrences

”Antitrust Code” is a podcast series that aims to decode antitrust law and policy. Concurrences guests discuss the latest news and topical issues in competition law and economics around the world.

  1. 6월 10일

    Merger Control with Charles Beller (U.S. Department of Justice) and Ricardo Zimbron (Cleary Gottlieb Steen & Hamilton)

    In this new episode Charles Beller (U.S. Department of Justice) and Ricardo Zimbron (Cleary Gottlieb Steen & Hamilton) closed the International Merger Conference that occurred in London on the 4th of June 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. DOCUMENTATION  US Department of Justice Antitrust Division, The US DoJ requires a cement company and its subsidiary to divest 3 ready-mix concrete plants to proceed with a $712M acquisition, subject to divestiture to a local building materials operator (Taiheiyo Cement / CalPortland / Vulcan Materials), 21 May 2026, e-Competitions May 2026 - IV, Art. N° 134996 US Federal Trade Commission, The US FTC conditionally clears an $848M acquisition between the 2 largest micromarket kiosk providers, requiring divestiture of a competing business and imposing non-discrimination interoperability obligations (365 Retail Markets / Cantaloupe), 1 May 2026, e-Competitions May 2026, Art. N° 134587 US Federal Trade Commission, The US FTC reaches a preliminary settlement with a Texan services provider to restore competition following a decade-long roll-up acquisition scheme (US Anesthesia Partners), 23 April 2026, e-Competitions April 2026, Art. N° 134382 US Federal Trade Commission, The US FTC opens a public consultation on a request to set aside a 2018 merger consent order in the solid rocket motor sector citing market changes and defence priorities (Northrop Grumman / Orbital ATK), 2 April 2026, e-Competitions April 2026, Art. N° 133970 Key takeaways of Charles Beller (U.S. Department of Justice) and Ricardo Zimbron  (Cleary Gottlieb Steen & Hamilton) speech "Merger Control Policy Shifts and the Role of Efficiencies in the US Framework": Merger enforcement in the US is driven primarily by competitive effects analysis rather than formal efficiency offsets. Efficiencies are still considered, but they do not operate as a standalone legal defence against anticompetitive harm. The 2023 Merger Guidelines aim to align enforcement practice more closely with established case law and judicial precedent. Courts ultimately decide cases, meaning agencies must prove harm before a neutral fact-finder rather than rely solely on guidelines. Efficiencies may still matter as part of rebutting a prima facie case, but they rarely determine outcomes alone. The US system prioritises litigation strategy and evidentiary burden over guideline-driven decision-making. Enforcement remains focused on dynamic competitive effects, including entrenchment and barriers to entry in evolving markets. Recent policy shifts reflect continuity in analytical tools, but differences in how they are applied depending on the Administration.

    2분
  2. 6월 9일

    Rethinking merger guidelines in a changing global competitive landscape with Annemiek Wilpshaar (DG COMP), Joel Bamford (UK CMA) and Jackie Holland (Cleary Gottlieb)

    In this new episode, Annemiek Wilpshaar (DG COMP), Joel Bamford (UK CMA) and Jackie Holland (Cleary Gottlieb) opened the International Merger Conference that occurred in London on the 4th of June 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. DOCUMENTATION Peter Alexiadis, Konstantinos Lampropoulos, EU competition policy through an industrial policy lens: Adapting to the post-Draghi world, 1 January 2026, Concurrences N° 1-2026, Art. N° 130944 Olivier Guersent, More competitiveness with less competition… seriously?, 1 June 2026, Concurrences N° 6-2026, Art. N° 135190 Peter Alexiadis, Konstantinos Lampropoulos, EU competition policy through an industrial policy lens: Adapting to the post-Draghi world, 1 January 2026, Concurrences N° 1-2026, Art. N° 130944   Key takeaways of Joel Bamford (UK CMA) and Jackie Holland (Cleary Gottlieb) speech "CMA Merger Guidance Update – Efficiency, Innovation, and Convergence with EU Approach": -* The update is part of a broader 18-month programme focused on clarity, predictability, and pace, covering process, remedies, and now efficiencies. -* The core legal test is unchanged: efficiencies must be merger-specific, timely, likely, and sufficient to offset anti-competitive effects, supported by verifiable evidence. -* The guidance provides more detail on how efficiencies are assessed in practice, with more examples and earlier engagement encouraged from pre-notification onwards. -* Dynamic efficiencies fit within the existing framework, but with explicit recognition that benefits may materialise later, calibrated to innovation cycles. -* Merger specificity is assessed against what is commercially rational, not merely theoretically possible. -*  Firms feared that raising efficiencies would cause harm or risk an efficiency offence; the guidance normalises early engagement and confirms that such offence cases are rare. -* Entrenchment, portfolio effects, and ecosystem theories are familiar concepts reframed, with outcomes driven by case-specific evidence. -* The CMA reviewed Booking/eTraveler on similar theories to the EC but reached a different outcome, showing that a shared framework does not guarantee identical results. -* The CMA uses Relevant Customer Benefits to consider wider sustainability and resilience outcomes, but stresses that firm, market, and supply chain resilience are distinct concepts. -* The UK's public interest intervention test provides a separate route for non-competition considerations, applied in banking and during the COVID pandemic. -* The CMA maintains close working relationships with the EC, DOJ, FTC, and other global agencies, with regular bilateral engagement well beyond major conferences.    Key takeaways of Annemiek Wilpshaar (DG COMP) speech "RETHINKING MERGER GUIDELINES IN A CHANGING GLOBAL COMPETITIVE LANDSCAPE":   EU Merger Guidelines – Modernisation, Efficiency, and New Theories of Harm -* The update reflects 20+ years of case practice and responds to the Draghi/Letta reports on Europe's competitiveness and productivity gap. -* The core objective is to help European companies scale up and compete in global markets, not just to update enforcement rules. -* New guidelines shift from a static, category-based approach to a more dynamic, forward-looking framework centred on market power and rival reactions. -* For the first time, the Commission explicitly signals that "big is not bad" and that mergers can generate pro-competitive benefits. -* A new "theory of benefits" concept requires parties to substantiate efficiency claims with concrete economic mechanisms rather than general statements. -* Direct efficiencies (immediate cost savings, quality gains) are distinguished from dynamic efficiencies (longer-term innovation benefits), with more flexibility on timing and quantification for the latter. -* Entrenchment concerns apply only to dominant firms in markets with network effects or customer inertia, where the acquired asset is closely related to the dominant firm’s product and important to effectively compete and unique.  -* Portfolio effects now cover brand loyalty, customer overlap, and cross-product negotiation behaviour (Mars/Kellanova). -* Access to commercially sensitive data is confirmed as a standalone theory of harm (UMG/Downtown). -* Early engagement is strongly encouraged, particularly on innovation-related claims, as the underlying evidence typically sits with the merging parties. -* International coordination with agencies such as the ICN and OECD is routine, especially on global markets, remedies, and purchaser alignment.

    56분
  3. 4월 7일

    Private Enforcement with Bernardus Smulders (Court of Justice of the European Union) and Jérôme Philippe (Freshfields)

    In this new episode, Bernardus Smulders (Court of Justice of the European Union) and Jérôme Philippe (Freshfields) opened the Private Enforcement in the EU Conference that occurred in Paris on the 2nd of April 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. Key takeaways of Bernardus Smulders (Court of Justice of the European Union) speech "Recent CJEU Case Law on Private Enforcement: Structure, Limits and Emerging Trends": - The Court’s case law structures private enforcement around four key areas: third-party funding, limitation periods, jurisdiction and applicable law, and access to evidence. - On third-party litigators, the Court holds that national rules cannot block claim assignments where no effective alternative exists and individual actions are excessively difficult. - On limitation periods, the Court requires that time limits do not start before the infringement has ended and before the victim can reasonably know the key elements of the claim. - In Nissan, the Court clarifies that the limitation period starts only once the national authority’s decision becomes final, since only then does it bind national courts.- On jurisdiction, the Court adapts traditional rules to collective and digital cases by allowing courts to rely on the affected market as a whole. - In multi-defendant cases, jurisdiction can be centralized if claims are closely connected in order to avoid inconsistent judgments. - On access to evidence, the Court introduces a flexible plausibility test that requires a credible claim while preventing abusive disclosure requests. - Overall, the case law shows a consistent reliance on the principle of effectiveness and a growing role of the Court in clarifying gaps in EU legislation.

    20분
  4. 2월 20일

    Keynote speech by Mark R. Meador (U.S Federal Trade Commission)

    In this new episode, Mark R. Meador (U.S Federal Trade Commission) gave a keynote speech during the Tech Antitrust Conference that occurred in Palo Alto on the 15th of January 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. Key takeaways of Mark Meador speech Innovation and Antitrust: Bridging the Silicon Valley–Washington Divide - Both DC and Silicon Valley operate within their own “bubbles,” which creates mutual misunderstanding and leads each side to see the other as either obstructionist or naïve. - The debate is often reduced to a false binary of regulation versus innovation, instead of evaluating each case on its merits. - Not all regulation is harmful and not all innovation is beneficial, so the focus should be on distinguishing wise innovations from harmful ones. - Technology’s promise has not always translated into societal benefit, as the internet democratized knowledge but much of its use has become passive consumption (e.g., short-form video). - AI represents a pivotal inflection point, with the potential to drive breakthroughs in medicine, science, and defense or to deepen social harm and mistrust if left unchecked. - Antitrust enforcement is crucial because competitive markets drive better innovation and prevent the concentration of power that undermines consumer welfare. - Acqui-hire practices pose a real competitive threat, as large firms may acquire startups primarily to commandeer talent and reduce competition, creating “buy and kill” dynamics. - Antitrust law is not outdated—its principles remain applicable, but the challenge is applying them effectively in real-time with modern market data and economic insights. - Enforcement must follow “regular order,” with predictable, fair, and transparent processes to avoid politicized or arbitrary enforcement. - The shared mission is serving the American public, and both regulators and tech companies must build trust and show how their actions benefit ordinary people, not just elites. DOCUMENTATION Daniel Gilman, The US District Court for the District of Columbia rejects monopolization claims in the personal social networking sector (Meta), 2 December 2025, e-Competitions December 2025, Art. N° 130444 Ethan Wham, The US DoJ begins the remedies phase in the monopolization case regarding a tech firm’s digital advertising services (Google Ad Tech), 19 September 2025 Ben Rudofsky, Raiber Y. Muhiddin, Meredith Stonitsch, The US Court of Appeals for the Ninth Circuit affirms prohibitory and affirmative remedies to address monopolisation by an app store in a private enforcement action (Epic Games / Google), 31 July 2025 Daniel Gilman, The US FTC pursues a monopolization case over historic acquisitions in the social networking market (Meta), 14 April 2025 Daniel Gilman, Jonathan Barnett, Walid Chaiehloudj, Kai-Uwe Kühn, Miroslava Marinova, Geoffrey Manne, Bilal Sayyed, Ioannis Stefatos, Gregory Werden, Courtney Radsch, Karina Montoya, The Google Search decision: The merits, fate, and potential impact of the U.S. District Court’s decision on the question of liability, January 2025 Jody Boudreault, Hugh Hollman, The US District Court for the District of Columbia rules in favor of a Big Tech, rejecting FTC claims of social media monopoly through acquisitions (Meta), 18th November 2025, e-Competitions November 2025, Art. N° 130122 Daniel Gilman, Jonathan Barnett, Walid Chaiehloudj, Kai-Uwe Kühn, Miroslava Marinova, Geoffrey Manne, Bilal Sayyed, Ioannis Stefatos, Gregory Werden, Courtney Radsch, Karina Montoya, The Google Search decision: The merits, fate, and potential impact of the U.S. District Court’s decision on the question of liability, January 2025 Bradley Weber, Taylor Levesque, Cloud and Competition Policy: Part VIII - Cloud service-AI partnerships: The FTC’s Section  6(b) Report and its antitrust implications in the Trump  2.0 administration, August 2025 Justin P. Murphy, Trump 2.0 : What to expect in antitrust enforcement, 4 February 2025

    13분
  5. 1월 27일

    Interview of Daniel Guarnera (U.S. Federal Trade Commission) by Peter Mucchetti & Timothy Lyons (Clifford Chance)

    In this new episode, Peter Mucchetti & Timothy Lyons (Clifford Chance) interview Daniel Guarnera (U.S. Federal Trade Commission) during the Tech Antitrust Conference that occurred in Palo Alto on the 15th of January 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. DOCUMENTATION Daniel Gilman, The US District Court for the District of Columbia rejects monopolization claims in the personal social networking sector (Meta), 2 December 2025, e-Competitions December 2025, Art. N° 130444 Ethan Wham, The US DoJ begins the remedies phase in the monopolization case regarding a tech firm’s digital advertising services (Google Ad Tech), 19 September 2025 Ben Rudofsky, Raiber Y. Muhiddin, Meredith Stonitsch, The US Court of Appeals for the Ninth Circuit affirms prohibitory and affirmative remedies to address monopolisation by an app store in a private enforcement action (Epic Games / Google), 31 July 2025 Daniel Gilman, The US FTC pursues a monopolization case over historic acquisitions in the social networking market (Meta), 14 April 2025 Daniel Gilman, Jonathan Barnett, Walid Chaiehloudj, Kai-Uwe Kühn, Miroslava Marinova, Geoffrey Manne, Bilal Sayyed, Ioannis Stefatos, Gregory Werden, Courtney Radsch, Karina Montoya, The Google Search decision: The merits, fate, and potential impact of the U.S. District Court’s decision on the question of liability, January 2025 Jody Boudreault, Hugh Hollman, The US District Court for the District of Columbia rules in favor of a Big Tech, rejecting FTC claims of social media monopoly through acquisitions (Meta), 18th November 2025, e-Competitions November 2025, Art. N° 130122 Daniel Gilman, Jonathan Barnett, Walid Chaiehloudj, Kai-Uwe Kühn, Miroslava Marinova, Geoffrey Manne, Bilal Sayyed, Ioannis Stefatos, Gregory Werden, Courtney Radsch, Karina Montoya, The Google Search decision: The merits, fate, and potential impact of the U.S. District Court’s decision on the question of liability, January 2025 Bradley Weber, Taylor Levesque, Cloud and Competition Policy: Part VIII - Cloud service-AI partnerships: The FTC’s Section  6(b) Report and its antitrust implications in the Trump  2.0 administration, August 2025 Justin P. Murphy, Trump 2.0 : What to expect in antitrust enforcement, 4 February 2025

    22분
  6. 1월 21일

    Interview of Gustavo Augusto Freitas de Lima (CADE) by Stavroula Vryna (Clifford Chance)

    In this new episode, Stavroula Vryna (Clifford Chance) interviews Gustavo Augusto Freitas de Lima (CADE) before the Tech Antitrust Conference that occured in Palo Alto on the 15th of January 2026. Follow us on Linkedin to receive updates on our next podcast episodes. You can explore our database and try our Concurrences Ai tool free of charge for one week by registering on this page. DOCUMENTATION Italian Competition Authority, The Italian Competition Authority orders a Big Tech company to suspend the terms excluding competing AI Chatbots from WhatsApp (Meta), 24th December 2025, e-Competitions January 2026 - I, Art. N° 130696 Daniel Gilman, The US District Court for the District of Columbia rejects monopolization claims in the personal social networking sector (Meta), 2 December 2025, e-Competitions December 2025, Art. N° 130444 Jéssica Nemeth, Sara Routsi, Beyond traditional M&A : Antitrust perspectives on acqui-hires, contracts, and minority stakes in tech and pharma, 1st December 2025, Concurrences N° 12-2025 , Art. N° 130135 David Parker, Kotryna Drasutyte, Robert Scherf, Dante Quaglione, Edmond Lee, Bethany Kirkpatrick, Big Tech & Dominance: An overview of EU and national case law, 5 September 2025 Stavros Makris, Filip Lubinski, Antitrust and complex democracy: Reclaiming markets from technofeudalism, July 2025 Volodymyr Bilotkach, Mergers & Joint Ventures: An overview of EU and national case law, 10 January 2025

    18분
  7. 2025. 11. 14.

    Interview of Cani Fernández Vicién (Spanish Competition Authority) by Aleksander Tombiński (Clifford Chance) and Elena Zoido (Compass Lexecon)

    In this new episode, Aleksander Tombiński (Clifford Chance) and Elena Zoido (Compass Lexecon) Interview Cani Fernández Vicién (Spanish Competition Authority) before the Antitrust Horizon: Meet the Enforcers workshop. Follow us on Linkedin to receive updates on our next podcast episodes. If you would like to read about this topic, you can access the following Concurrences documents. If you do not have access, please inquire for Subscription. 1. David Parker, Kotryna Drasutyte, Robert Scherf, Dante Quaglione, Edmond Lee, Bethany Kirkpatrick, Big Tech & Dominance: An overview of EU and national case law, 5 September 2025, e-Competitions Big Tech & Dominance, Art. N° 126896 2. Amelia Mora, Martin Seegers, The EU Court of Justice rules that the limitation periods for cartel damages claims start only after the final decisions of national competition authorities (Nissan Iberia), 4 septembre 2025, e-Competitions September 2025 - II, Art. N° 128629 3. Scott Eisman, Mary Helen Wimberly, The US Court of Appeals for the DC Circuit denies the Government’s motion for a stay and orders the reinstatement of a Democratic FTC Commissioner in a dispute over President Trump’s removal without cause (Slaughter / Trump), 2 September 2025, e-Competitions September 2025 - II, Art. N° 128606 4. Stephen Calkins, Politicization of antitrust: Part II - Politics and communication by antitrust enforcers, July 2025, Concurrences N° 7-2025, Art. N° 126302 5. Oliver Latham, Sam Marden, Politicization of antitrust: Part III - The politician and the judge: Implications for competition policy , July 2025, Concurrences N° 7-2025, Art. N° 126331 6. Stavros Makris, Filip Lubinski, Antitrust and complex democracy: Reclaiming markets from technofeudalism, July 2025, Concurrences N° 7-2025, Art. N° 126683 7. Andreas Heinemann, Interoperability as a catalyst for competition and innovation, July 2025, Concurrences N° 7-2025, Art. N° 126292

    40분

소개

”Antitrust Code” is a podcast series that aims to decode antitrust law and policy. Concurrences guests discuss the latest news and topical issues in competition law and economics around the world.

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