Overview
- The draft, published April 30, 2026, combines the EU’s horizontal and non‑horizontal merger reviews into one framework that guides how deals are judged.
- The new “innovation shield” signals that takeovers of small startups are unlikely to raise concerns when overlaps are limited, innovation shares stay below set bands, and the buyer is not a Digital Markets Act gatekeeper or the largest player.
- The text adds dynamic theories of harm that focus on risks to R&D and future rivalry, including ending or slowing overlapping pipelines, dampening industry‑wide innovation, and removing planned expansion, plus a standalone concern over entrenching a dominant position in digital ecosystems.
- Market power remains the anchor, with reference market‑share bands from low (under 10%) to very high (50% or more), and the Commission elevates efficiencies through a “theory of benefit” that rewards early, verifiable evidence of consumer gains.
- The scope now speaks directly to data‑driven platforms, sustainability benefits, labor‑market effects, and narrow Member State public‑interest measures, with final guidelines targeted for late 2026 and formal adoption planned by December 1, 2027.