Competition Expert Pierre Régibeau Discusses EU Merger Control at GCR Event in Brussels

November 5, 2025

Pierre Régibeau, who recently joined Analysis Group as a competition expert, took part in the panel discussion “Merger Control: The New Equilibrium” at the GCR Live: Global Merger Control conference in Brussels. The session was moderated by Nicholas Levy (Cleary Gottlieb) and featured a distinguished lineup of panelists, including Annamaria Mangiaracina (Linklaters) and Alessandro Gropelli (Connect Europe).

Dr. Régibeau shared his insights on key ongoing developments in EU merger control, focusing on two critical themes: the evolution of ecosystem theories of harm and the future role of innovation efficiencies. He highlighted the dynamic and complex nature of ecosystem theories of harm, emphasizing that competition authorities must clearly articulate each step of such theories and substantiate them with evidence at every stage. Failing to do so, he warned, risks slipping into the realm of “efficiency offenses.”

Turning to innovation, Dr. Régibeau underscored the importance of recognizing and rigorously assessing innovation efficiencies in merger evaluations. He suggested that the forthcoming EU Horizontal Merger Guidelines would benefit from a dedicated section on this topic – outlining the sources of innovation efficiencies, the conditions under which they arise, and the types of evidence the European Commission would expect to see. He further advised merging parties to develop a deep understanding of their own innovation processes, including their managerial and governance dimensions. Such insight, he explained, enables companies to make informed strategic choices – whether to pursue acquisitions to enhance innovation capabilities or to seek state aid. Real knowledge of the innovation process, Dr. Régibeau concluded, also helps external advisors craft persuasive, evidence-based arguments before competition authorities.