Materials archive - The Capitol Forum

Merger Monthly: After Novel Omnicom/Interpublic, HPE/Juniper Remedies, is Everything Settleable?; Outlook for Key Transactions Including Getty/Shutterstock, Mars/Kellanova, and UnitedHealth/Amedisys

In the months after Inauguration Day, the Trump administration’s merger policy appeared to be slowly but surely rounding into form: To wit, meaningful continuity from the Biden administration (retaining the 2023 Merger Guidelines and updated HSR Form), coupled with substantive pull back on the margins (DOJ leadership’s decision not to challenge Capital One’s acquisition of […]

Jul 10, 2025 Read Now >

ADNOC/Covestro: Deal Headed for In-Depth EU Subsidy Probe, Sources Say

ADNOC’s €14.7 billion planned acquisition of chemicals producer Covestro (ETR: 1CO) is likely headed for an in-depth EU foreign subsidies investigation at the end of this month because the European Commission wants the United Arab Emirates oil giant to give up its unlimited state...

Jul 07, 2025 Read Now >
BlackRock/Allete: PE Firm’s Attempted Utility Takeover Generates Opposition in Minnesota

A $6.2 billion deal that would hand BlackRock (BLK) control of Allete’s (ALE) Minnesota Power, the second-largest electric utility in the state, has prompted concerns that the private equity giant’s drive for returns would lead to higher rates, and less reliable and safe...

Jun 16, 2025 Read Now >
ADNOC/Covestro: EU Sets Sights on Deal in Fresh Foreign Subsidy Rules Test

The European Commission is poised to use its only in-depth foreign subsidies case as a blueprint as it weighs potential concessions from UAE oil giant ADNOC, ahead of a €14.7 billion deal filing expected as early as this...

Apr 11, 2025 Read Now >
SAMR Raids DuPont Office, Probe Likely Focuses on Alleged Abuse of Monopoly Power in Tyvek Market

Case handlers at China’s antitrust authority conducted a surprise inspection of the Shanghai office of DuPont (DD) last week amid an investigation of the U.S. chemical giant for alleged anticompetitive conduct, according to sources familiar with the matter. The State Administration for...

Apr 09, 2025 Read Now >
Nippon Steel/U.S. Steel: Impending Proxy Fight at U.S. Steel Threatens a Still-Tenuous Trump-Backed Deal

The Trump administration is unlikely to sign off on any restructured deal between U.S. Steel (NYSE: X) and Japan’s Nippon Steel (Tokyo: 5401) until an activist hedge fund’s high-stakes play to replace the American company’s leadership and board is resolved, a Capitol Forum analysis...

Mar 28, 2025 Read Now >
Trump’s Metal Tariffs Set to Increase Costs for U.S. Producers, Consumers Corporate Customers Say

U.S. businesses that rely on steel and aluminum say the Trump administration’s forthcoming tariffs will raise costs, reduce profitability, curb investment, and ultimately lead to higher consumer...

Mar 11, 2025 Read Now >
GTCR/Surmodics: As FTC Staff Urges Suit, Company Representatives Prepare to Defend Deal in Commissioner Meetings

With FTC staff recommending a suit to block GTCR’s proposed takeover of Surmodics, representatives of the merging parties are scheduled to meet with commissioners this week to defend the $627 million deal, sources familiar with the matter...

Mar 03, 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 >
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 >
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 >
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 >
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 >
Nippon Steel/U.S. Steel: Japanese Bid Draws Opposition, Complicating CFIUS Review; Echoes of DP World Deal

Nippon Steel’s (5401.T) proposed takeover of U.S. Steel (X), once a symbol of American industrial might, is generating serious political opposition that complicates the $14.9 billion deal’s regulatory path. Just days after the Japanese buyer unveiled the transaction on December 18,...

Jan 10, 2024 Read Now >
DuPont/Rogers: Parties Face SAMR Impasse, Unrelenting Industry Concerns, as Initial 180-Day Review Expires

China’s antitrust review of DuPont’s (DD) proposed $5.2 billion acquisition of Rogers Corporation (ROG) has hit an impasse as the companies haven’t yet resolved stiff industry concerns with their deal, sources familiar with the matter said. That’s led to case handlers at the...

Aug 23, 2022 Read Now >
The European Antitrust Agenda: Nvidia Abandons Arm Merger; Google Starts Complying with ‘Privacy Sandbox’ Commitments in UK; EC Opens Kingspan/Trimo Review; Apple Sees Dutch Dating-App Fines Pile Up

Nvidia terminates Arm merger plan. Nvidia (NVDA) last week abandoned its takeover of British chip designer Arm Holdings following regulatory resistance from competition authorities in Europe and the U.S. Though its review remained at an early stage in China, the State Administration for...

Feb 14, 2022 Read Now >
Prince/Ferro: Merger Set to Win Phase I EC Approval

Prince International is poised to win Phase I EC approval for its $2.1 billion acquisition of specialty materials manufacturer Ferro Corporation (FOE) after offering remedies sufficient to address the agency’s overlap concerns, The Capitol Forum has learned. Prince on November 3...

Jan 20, 2022 Read Now >
Bayer/Monsanto: Complex Fix Demonstrates DOJ Commitment to Structural Remedies, but Creates Some Tension With Anti-Regulation Philosophy

In conditionally clearing Bayer’s $66 billion acquisition of agrochemical rival Monsanto, DOJ endorsed a settlement that deviates somewhat from its commitment to accept only straightforward and self-executing structural remedies. But in addressing the proposed deal, antitrust division...

Jun 01, 2018 Read Now >
Bayer/Monsanto: EC Conditional Clearance Set for March 21, Negotiations with DOJ Continue

The European Commission (EC) is on track to conditionally clear the proposed Bayer/Monsanto merger on March 21, according to sources familiar with the matter. The date is sooner than many expected because the EC has until April 5 to decide. But European antitrust enforcers, in...

Mar 09, 2018 Read Now >
Bayer/Monsanto: Bayer, BASF, DOJ Staff in End Stages of Negotiating Divestiture Deal

Bayer, BASF and DOJ staff are nearing the final stages of negotiating an agreement to ensure BASF will emerge as a strong No. 4 competitor in U.S. seeds and crop protection if the department clears the Bayer/Monsanto merger, sources familiar with the matter said. The staff plans to...

Jan 19, 2018 Read Now >
Bayer/Monsanto: DOJ Staff Seeks Statements from Industry Participants Detailing Seed Sector Complaints

DOJ staff reviewing Bayer’s bid for Monsanto are contacting agricultural industry players in search of farmers to testify or give statements about how the seed sector’s lack of competition has harmed their businesses, according to sources familiar with the matter. The Department...

Dec 20, 2017 Read Now >

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Materials | RECENT ARTICLES | EDITOR'S PICKS

Merger Monthly: After Novel Omnicom/Interpublic, HPE/Juniper Remedies, is Everything Settleable?; Outlook for Key Transactions Including Getty/Shutterstock, Mars/Kellanova, and UnitedHealth/Amedisys

ADNOC/Covestro: Deal Headed for In-Depth EU Subsidy Probe, Sources Say

BlackRock/Allete: PE Firm’s Attempted Utility Takeover Generates Opposition in Minnesota

ADNOC/Covestro: EU Sets Sights on Deal in Fresh Foreign Subsidy Rules Test

SAMR Raids DuPont Office, Probe Likely Focuses on Alleged Abuse of Monopoly Power in Tyvek Market

Nippon Steel/U.S. Steel: Impending Proxy Fight at U.S. Steel Threatens a Still-Tenuous Trump-Backed Deal

Trump’s Metal Tariffs Set to Increase Costs for U.S. Producers, Consumers Corporate Customers Say

GTCR/Surmodics: As FTC Staff Urges Suit, Company Representatives Prepare to Defend Deal in Commissioner Meetings

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

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

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

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

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

Nippon Steel/U.S. Steel: Japanese Bid Draws Opposition, Complicating CFIUS Review; Echoes of DP World Deal

DuPont/Rogers: Parties Face SAMR Impasse, Unrelenting Industry Concerns, as Initial 180-Day Review Expires

The European Antitrust Agenda: Nvidia Abandons Arm Merger; Google Starts Complying with ‘Privacy Sandbox’ Commitments in UK; EC Opens Kingspan/Trimo Review; Apple Sees Dutch Dating-App Fines Pile Up

Prince/Ferro: Merger Set to Win Phase I EC Approval

Bayer/Monsanto: Complex Fix Demonstrates DOJ Commitment to Structural Remedies, but Creates Some Tension With Anti-Regulation Philosophy

Bayer/Monsanto: EC Conditional Clearance Set for March 21, Negotiations with DOJ Continue

Bayer/Monsanto: Bayer, BASF, DOJ Staff in End Stages of Negotiating Divestiture Deal

Bayer/Monsanto: DOJ Staff Seeks Statements from Industry Participants Detailing Seed Sector Complaints

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