In Two Coauthored Articles, Analysis Group Consultants Consider Future of EU Merger Review in Light of Sustainability Mandates

January 27, 2026

As the European Commission (EC) works to revise its Horizontal and Non-Horizontal Merger Guidelines, it faces the challenge of balancing the imperatives of preserving competition, encouraging innovation, and integrating sustainability objectives. How it will do so is unclear, and it may well be a significant milestone in the tenure of Teresa Ribera, the EC’s Executive Vice-President (EVP) for a Clean, Just and Competitive Transition. In two articles, Analysis Group Vice President Joshua White, Associate Claire Paoli and coauthor Jay Modrall of Norton Rose Fulbright consider several issues around how the EC’s task might be accomplished, and the possible consequences.

In “Sustainability Considerations in EU merger control,” an article published in the Journal of Antitrust Enforcement, Mr. White, Ms. Paoli, and Mr. Modrall examine the EC’s decisional practice and economic evidence around integrating sustainability benefits into merger assessments. They discuss how sustainability considerations have emerged as a parameter of competition in market definition and competitive assessments, potentially disadvantaging transactions between parties that advance sustainability objectives. The authors consider whether the current framework for the “efficiency defence” can accommodate sustainability considerations, and how revisions to the Merger Guidelines could enable a more balanced assessment of a transaction’s potential benefits and harms.

In “Will the New EUMR Guidelines Be a Significant Impediment to Sustainability?,” an article published in Concurrences, the authors undertake a practical examination of how the current Merger Guidelines account for sustainability benefits, outlining several considerations for the Commission’s ongoing review. They argue that modernizing the treatment of efficiencies – by broadening the scope of consumer benefits, extending time horizons, and applying consistent evidentiary standards – would better align EU merger control with EVP Ribera’s mandate and the objectives of the Clean Industrial Deal.

Click here to read the Journal of Antitrust Enforcement article (subscription required)
Click here to read the Concurrences article