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Broad risk of M&A call-in remains under EU’s draft subsidy guidance

By Jean Comte and Lewis Crofts ( August 11, 2025, 09:52 GMT | Comment) -- Companies receiving foreign subsidies haven't secured much clarity on when their merger deal or public procurement awards risk being called in for review by the European Commission. The institution's draft guidelines for the Foreign Subsidies Regulation — disclosed last month — make clear that the EU executive "enjoys a margin of discretion" when exercising those powers. The document is still a draft though, and might be tweaked after the public consultation, which is open until Sept. 12.Companies are still facing broad jeopardy around certain kinds of M&A transactions and public tender, after the European Commission set out wide discretion for calling in such deals in draft guidelines published last month....

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