Mergers and Acquisitions - The Capitol Forum

Capital One/Discover Financial: DOJ Staff Finds Deal Would Be Anticompetitive in Subprime Sector

DOJ staff has determined that Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS) would harm competition in the subprime sector, sources familiar with the matter...

Mar 17, 2025 Read Now >

The Asia Antitrust Agenda: SAMR Head Outlines Increased Platform Regulation; Hong Kong Regulator Announces a First in Its Criminal Convictions; Australia Issues Guidance on Merger Reform Transition; Taiwan, U.S. to Scrutinize ASMedia/Techpoint

The Asia Antitrust Agenda is a biweekly column showcasing key regulatory developments in the region. This week, The Capitol Forum looks at comments from head of SAMR Luo Wen on plans to increase oversight of digital platforms this year, guidance published by the Australian Competition and...

Mar 10, 2025 Read Now >

Labor Thursday: Litigation Tracker Updates; Labor Board Member Finds Receptive Judge in Termination Case Against Trump, Teeing Up Appeal

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This...

Mar 06, 2025 Read Now >

EU Set to Order Apple to Open iOS or Face Billions in Fines – Sources

The European Commission is set to order Apple to open up its iOS system or risk hefty penalties as high as 10% of its global turnover, two people with direct knowledge of the cases told The Capitol...

Mar 05, 2025 Read Now >

The Asia Antitrust Agenda: KTFC Balances Big Tech Concerns Against Pressures to Uphold U.S. Relationship; China Eases FDI Rules; Taiwan Issues Environmental Guidelines; Australia Releases Airline Competition Report

This is the inaugural edition of The Asia Antitrust Agenda, a biweekly column showcasing key regulatory developments in the region. KFTC juggles platform regulations, potential U.S. trade conflict. The Korea Fair Trade Commission (KFTC) will closely engage with the U.S. government over...

Feb 24, 2025 Read Now >

Some EU Member States Weigh Urging Retaliatory Measures Against U.S. Tariffs, Raising Risks for American M&As on Continent

Some European Union member states are considering whether to urge the European Commission to invoke a powerful new trade tool in response to U.S. President Donald Trump’s reinstatement this month of 25% tariffs on steel and aluminum imports, sources familiar with the matter said. The...

Feb 24, 2025 Read Now >

EC’s Broadcom Probe Stalls amid Industry Concerns Over Geopolitical Hesitations

The European Commission is signaling reluctance to launch a formal investigation of Broadcom’s (AVGO) contentious pricing and contract changes for its software unit VMware, prompting concerns among industry groups that geopolitical considerations are influencing enforcement...

Feb 20, 2025 Read Now >

Johnson & Johnson/Intra-Cellular: Depression Overlap Poised to Draw FTC Questions, but Clinical Differentiation, Other Factors, Point to Abbreviated Review

Johnson & Johnson’s proposed $14.6 billion acquisition of Intra-Cellular Therapies is poised to draw FTC questions over whether the tie-up might affect competition in markets for drugs used to treat major depressive disorder (MDD), according to a Capitol Forum...

Feb 19, 2025 Read Now >

Disney/Fubo: DOJ Staff Asks Industry Players About Post-Merger Incentives to Boost Programming Rates

DOJ staff attorneys are asking media industry players if Disney’s (DIS) plan to combine its Hulu + Live TV business with rival sports streaming service Fubo (FUBO) would lead to the entertainment giant raising pay-TV distributors’ costs for programming such as ESPN, sources familiar...

Feb 19, 2025 Read Now >

Capital One/Discover Financial: New York, California AGs Lead State Group Considering Suit to Block Deal

A multi-state coalition including New York and California is considering an antitrust suit to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), sources familiar with the matter said. Enforcers at both the federal and state levels are wrapping up...

Feb 12, 2025 Read Now >

Skydance/Paramount: Conservative Group Criticized Deal After Learning David, Not Larry, Ellison Would Lead Combined Firm

After they agreed to merge in July, Skydance Media and Paramount Global (PARA) told regulators that Larry Ellison, the Oracle (ORCL) chairman and conservative political megadonor, would lead the combined...

Jan 30, 2025 Read Now >

China Appears to Reverse Course and Champion AI

Lenovo/Infinidat: Bid for Data Storage Firm Provides Test for CFIUS Under New Administration

Lenovo Group’s (HKSE: 992) proposed acquisition of Israeli-American data storage company Infinidat is shaping up as a critical litmus test for the Committee on Foreign Investment in the United States (CFIUS) under the Trump administration, according to a Capitol Forum...

Jan 29, 2025 Read Now >

Hewlett Packard Enterprise/Juniper Networks: DOJ Leans Toward Suit, Schedules Meeting With Companies’ Representatives Tomorrow

Hewlett Packard Enterprise’s (HPE) proposed Juniper Networks (JNPR) acquisition enters a perilous phase as DOJ is scheduled to meet with the companies’ representatives tomorrow to discuss that it’s leaning toward suing to block the $14 billion deal, according to sources familiar...

Jan 27, 2025 Read Now >

Schlumberger/ChampionX: Norwegian Regulator Prepares to Review Deal

Schlumberger’s (SLB) proposed $7.8 billion acquisition of rival ChampionX (CHX) will be reviewed in Norway, a spokesperson for country’s competition enforcer told The Capitol Forum. European scrutiny of the deal, which combines two U.S. oil field service providers, is expected to home...

Jan 24, 2025 Read Now >

Capital One/Discover Financial: Acquirer Shortchanges Rescue Fund, FDIC Finds; OCC Backs Bank

Capital One is shortchanging a bank rescue fund meant to protect taxpayers from having to pay for a future Wall Street bailout, officials at the Federal Deposit Insurance Corporation have found, according to sources familiar with the...

Jan 24, 2025 Read Now >

Capital One/Discover Financial: New York AG May Confront Legal Headwinds With Suit to Block Deal if Federal Officials Approve It

New York Attorney General Letitia James would encounter legal barriers if she decides to sue to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), according to industry and consumer advocate...

Jan 15, 2025 Read Now >

Synopsys/Ansys: Deal Enters Phase 2 SAMR Review, but Could Face Complications from U.S.-China Trade Tensions

Synopsys’ (SNPS) proposed $35 billion buyout of Ansys (ANSS) last week entered an in-depth phase 2 merger review in China, as regulators start to ask market participants about the tie-up of the two chip-design software makers, sources familiar with the matter...

Jan 10, 2025 Read Now >

Labor Thursday: FTC Continues No-Hire Crackdown, Boosting Workers’ Union Campaign at Planned Companies; Commission Tees Up Vote on Expanding Clayton Act Labor Exemption to Independent Contractors; UnitedHealth Moves to Dismiss DOJ Case

FTC finds building services contractors’ no-hire agreement unlawful. The commissioners voted unanimously on Monday to order Planned Companies to cease its policies prohibiting building owners from hiring workers employed by Planned. The contractor’s no-hire rules are a violation of...

Jan 09, 2025 Read Now >

Merger Monthly: Scramble Over AI Companies Calls to Mind Past Tech Battles—And Enforcers’ Response to Them

For those not around for the decades-long string of events that led to Big Tech becoming the target of antitrust enforcers, you’re in luck. Companies’ current fights for dominance in artificial intelligence should give you an idea of what you missed in the development of Internet...

Jan 07, 2025 Read Now >

Nippon Steel/U.S. Steel: Legal Challenge to Biden Ban Faces Tough Odds

Nippon Steel faces a tough task in overturning President Joe Biden’s decision to block its proposed $14.9 billion acquisition of U.S. Steel, according to a Capitol Forum...

Jan 07, 2025 Read Now >

IBM/HashiCorp: Companies’ Optimism Increases as Early 2025 FTC Decision Approaches

The merging parties’ optimism of closing IBM’s attempted $6.4 billion takeover of HashiCorp is growing as the FTC approaches a decision early next year, sources familiar with the matter...

Dec 18, 2024 Read Now >

Labor Thursday: Judge in Kroger/Albertsons Case Doesn’t Rule on FTC’s Worker Argument But Provides Guidance for Future Challenges; Manchin, Sinema Block NLRB Chair’s Renomination

The FTC’s federal court victory Tuesday in blocking Kroger’s (KR) attempted $24.6 billion acquisition of rival Albertsons (ACI) didn’t advance labor-related antitrust law as far as advocates had hoped. But U.S. District Judge Adrienne Nelson’s opinion did provide some guidance on...

Dec 12, 2024 Read Now >

Novo/Catalent: Buyer Negotiating Contract Extensions with Complaining Drugmakers

Novo Holdings is negotiating contract extensions with drugmakers complaining to antitrust enforcers about its proposed $16.5 billion acquisition of pharmaceutical contract manufacturer Catalent (CTLT), sources familiar with the matter...

Dec 03, 2024 Read Now >

Rio Tinto/Arcadium Lithium: Spokesperson for House Panel Monitoring China’s Rise Raises Concerns About Deal

Rio Tinto’s (RIO) attempted takeover of Arcadium Lithium (ALTM) is sparking concern on a U.S. House committee focused on limiting China’s power over key technologies and raw...

Dec 02, 2024 Read Now >

Verizon/Frontier: Service Problems Would Be Buyer’s Mess to Clean Up, State Regulators Indicate as Their Deal Reviews Begin

West Virginia officials probing repeated outages on Frontier Communications’ (FYBR) network found dead batteries, bad copper cable and lines lying on the...

Nov 27, 2024 Read Now >

ADNOC/Covestro: EC Foreign Subsidies Review Likely to Home in on UAE State Support for Bidder in Case That Could Test Novel Issues

Abu Dhabi National Oil Company’s (ADNOC) 14.7 billion euro ($16.3 billion) bid for German plastic materials maker Covestro (XETR: 1COV) could face close European Commission scrutiny over the support it receives from the emirate, according to a Capitol Forum...

Nov 26, 2024 Read Now >

Hewlett Packard Enterprise/Juniper Networks: DOJ Likely to Either Sue or Clear Unconditionally, With No Proposed Remedy on Table; Review Could Extend Past This Week

DOJ will likely either clear unconditionally or sue to block Hewlett Packard Enterprise’s proposed acquisition of rival Juniper Networks and isn’t assessing a proposed remedy to address any concerns with the $14 billion deal, sources familiar with the matter...

Nov 19, 2024 Read Now >

Merger Monthly: Tapestry/Capri Decision Encouraging for Enforcers Seeking to Build Cases With Documents

U.S. District Judge Jennifer Rochon last month in her Tapestry/Capri decision ever so slightly nudged documents toward the top of the evidence pile. Her reliance on company slide deck presentations, strategy papers and executives’ emails not only resulted in a victory for the FTC but...

Nov 12, 2024 Read Now >

Siemens/Altair: Parties’ Deep Chinese Ties, Industry Consolidation Could Trigger SAMR Review; Company Spokesperson Says Deal Should Obtain Clearances

Siemens’s $10.6 billion bid for Altair Engineering could trigger a review by the Chinese antitrust authority due to both companies’ deep business ties to the Asian country and ongoing consolidation in the design simulation software sector, China-based lawyers and industry analysts...

Nov 11, 2024 Read Now >

UnitedHealth/Amedisys: DOJ Leans Toward Suing to Block Deal as Early as This Week

DOJ is leaning toward suing to block UnitedHealth Group’s (UHG) proposed $3.3 billion acquisition of home health care rival Amedisys (AMED) as soon as this week, sources familiar with the matter...

Nov 11, 2024 Read Now >

Rio Tinto/Arcadium Lithium: Proposed Acquisition of Critical U.S. Lithium Producer Likely to Face Intense National Security Review

Anglo-Australian mining giant Rio Tinto’s (RIO) proposed $6.7 billion acquisition of Arcadium Lithium (ALTM), which produces a key component of the rechargeable batteries used in electric vehicles, energy and military technologies, and mobile devices, likely will face intense scrutiny...

Oct 25, 2024 Read Now >

IBM/HashiCorp: FTC Asks Industry Players About Potential Foundation Remedy to Ensure Open-Source Access to Terraform, Vault

The FTC has asked software industry participants whether their concerns with IBM’s proposed $6.4 billion acquisition of HashiCorp would be addressed by placing the target firm’s cloud management software within a foundation that would guarantee open-source access to the products,...

Oct 14, 2024 Read Now >

T-Mobile/UScellular: DOJ Asks Industry Players About Fate of Spectrum Not Part of Deal, Rural Service Overlaps

DOJ staff attorneys reviewing T-Mobile US’s (TMUS) proposal to buy most of regional telecommunications operator United States Cellular (USM) are asking industry participants not only about the competitive impact of the $4.4 billion transaction but also who could buy the spectrum...

Oct 07, 2024 Read Now >

Tapestry/Capri: In Closing Arguments, FTC Points to Paper Trail Showing Intense Head-to-Head Competition While Defense Attacks Agency’s Economic Analysis

On the final day of arguments in the FTC’s effort to block the acquisition of American fashion house operator Capri (CPRI) by rival Tapestry (TPR), agency attorneys emphasized how the $8.5 billion deal could harm working- and middle-class women who buy so-called accessible-luxury...

Sep 30, 2024 Read Now >

Illumina/Grail: Court Ruling Marks a Setback, Not a Death Knell, for EU Merger Referrals, Experts Say

Illumina’s (ILMN) resounding court victory last week over a European Commission decision to block its $8 billion takeover of Grail (GRAL) marks a serious blow to the regulator’s attempt to scrutinize sensitive deals that fly under its merger-revenue thresholds. But the EU enforcer has...

Sep 09, 2024 Read Now >

Harris’s Record, Statements Draw Praise, Concern From Those Seeking Continued Aggressive Antitrust Enforcement

Kamala Harris, newly elected as California attorney general, grinned and murmured “cha-ching” as she discussed with her staff a price-fixing case that would bring in more than $1 billion in...

Aug 28, 2024 Read Now >

Kroger/Albertsons: FTC Uses Supermarket Agreements to Try to Show Stores’ Competition for Unionized Workers

For a transcript of the most recent available proceeding please click here, and our library of additional transcripts and exhibits can be found under the “Source Documents” heading here. The FTC today in the trial on the agency and states’ suit to block Kroger’s (KR) $24.6...

Aug 28, 2024 Read Now >

Alaska/Hawaiian: DOT, States Seek Remedies as Department Considers Merger Application

The Department of Transportation and some states are seeking remedies from Alaska Airlines (ALK) in its bid for Hawaiian Airlines (HA) as the carriers submit to DOT’s review of their $1.9 billion deal, sources familiar with the matter...

Aug 28, 2024 Read Now >

JIC/Shinko: SAMR Review Could Delay Tender Offer for Computer Chip Components and Packaging Maker

A review by China’s antitrust regulator could delay the government-backed Japan Investment Corporation’s (JIC) anticipated $4.7 billion tender offer for computer chip packaging and components maker Shinko Electric Industries (TSE: 6967), sources familiar with the matter...

Aug 20, 2024 Read Now >

T-Mobile/Metronet: German-Owned Company’s Pattern of Telecom Acquisitions Will Likely Concern CFIUS, Experts Say

Telecommunications giant T-Mobile US’s (TMUS) ambitious 50/50 joint venture with private equity giant Kohlberg Kravis Roberts (KKR) to acquire U.S. fiber Internet provider Metronet raises concerns that could lead to an extended U.S. national security review, experts...

Aug 16, 2024 Read Now >

Trump, Harris Likely to Pursue Different CFIUS Approaches to Achieve Common Goal: Confronting China

Regardless of who wins the U.S. presidential race in November, foreign investors attempting to purchase American assets can expect more government scrutiny than ever before—especially if the buyers are from...

Aug 02, 2024 Read Now >

SAMR, In Proposed Guidance, Stresses Horizontal Deals’ Likely Impact On Chinese Economy

China’s antitrust authority last week stressed in its proposed new guidance on horizontal merger reviews that it will consider a deal’s impact on the country’s economy, indicating the importance industrial policy and political interests increasingly are playing in the...

Jun 24, 2024 Read Now >

Uber/Foodpanda: Taiwanese Regulator Meets With Restaurant Operators, Drivers Amid Concerns About Worse Service, Lower Pay

In examining Uber Technologies’ (UBER) proposed acquisition of Delivery Hero’s (DHER) Foodpanda business, Taiwan’s competition regulator met this week with industry participants such as restaurant chain operators and drivers, who have complained about the $950 million deal leading...

Jun 21, 2024 Read Now >

Six Flags/Cedar Fair: DOJ Leaning Toward Clearing Amusement Park Merger Unconditionally

DOJ is leaning toward clearing unconditionally Six Flags Entertainment (SIX) and Cedar Fair’s (FUN) proposed $8 billion merger of equals, according to sources familiar with the...

Jun 21, 2024 Read Now >

IBM/HashiCorp: FTC Staff Probing Potential for Reduced Competition, Innovation in Cloud Software, Encryption Tools

FTC staff investigating IBM’s (IBM) proposed acquisition of HashiCorp (HCP) is asking industry participants whether customers of HashiCorp’s multi-cloud and encryption management software could switch to viable alternatives after the merger if they so desired, and whether the $6.4...

Jun 20, 2024 Read Now >

FDJ/Kindred Group: Gambling Companies Urge French Competition Enforcer to Order Divestiture

French lottery operator Française des Jeux’s (EUF: FDJ) proposed buyout of online gaming company Kindred Group (STO: KIND) for 27.95 billion Swedish kronor ($2.65 billion) is being challenged by multiple gambling operators, who are urging the French competition regulator to reject the...

Jun 14, 2024 Read Now >

Novo/Catalent: Supply-Chain Questions Likely to Prompt CFIUS Investigation of Danish Pharma Giant’s Deal, Experts Say

Danish pharmaceutical giant Novo Holdings’ proposed buyout of contract manufacturer Catalent (CTLT) is likely to trigger a U.S. national security investigation based on government questions about whether the $16.5 billion deal would endanger the nation’s drug supplies, experts...

Jun 06, 2024 Read Now >

Novo/Catalent: Deal to Increase Weight-Loss Blockbuster Wegovy’s Supply May Raise Questions in Europe About Manufacturing Restrictions

Novo Holdings’ proposed $16.5 billion acquisition of Catalent (CTLT) is likely to trigger European Commission questions over rival drugmakers’ access to critical manufacturing facilities and may require at the very least supply guarantees to quell concerns, according to a Capitol...

May 15, 2024 Read Now >

The Antitrust Agenda: Bipartisan Push in the House to Designate $10 Million of FTC Budget for Enforcement of Robinson-Patman; New FTC Commissioner Andrew Ferguson’s Staff Revealed; Lina Khan Promises Uber/Lyft Drivers That Rideshare Companies Won’t ‘Get Away’ With ‘Deception’; Senator Warren Calls for Breakup of ‘UnitedHealth Monopoly’; Judge Refuses to Toss Washington State Case Against Kroger/Albertsons

In bipartisan letter, lawmakers request $10 million of FTC budget be set aside to put teeth into Robinson-Patman enforcement. Representatives Zoe Lofgren (D-CA), Tom Tiffany (R-WI) and nine of their congressional colleagues have asked the House Appropriations Committee “to designate $10...

May 06, 2024 Read Now >

Ascendent/Hollysys: Proposed $1.66 Billion Rail Transportation Buyout May Face Beijing’s Antitrust and National Security Scrutiny

Hong Kong-based private equity firm Ascendent Capital Partners’ planned $1.66 billion buyout of Hollysys Automation Technologies (HOLI) is likely to face scrutiny from China’s antitrust regulator and the country’s opaque national security review agency, sources familiar with the...

Apr 30, 2024 Read Now >

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