European control of business concentrations to the test of Digital Economy[Le contrôle européen des concentrations à l’épreuve de l’Economie numérique]

The European regulation on the control of business concentrations has created a framework structuring the Single European Market and has ensured the legal security of merger and acquisition operations. As companies are obliged to notify transactions that exceed the European turnover thresholds, they have adapted their acquisition strategies by anticipating the application of the regulation in an ongoing dialogue with the Commission, both before and after notification. The increasing number of acquisitions - outside the scope of the regulation - of technology start-ups by powerful companies has led the Commission to review the rules of the game, upsetting the subtle balance of relations between companies and the regulatory authorities.