On 29 October 2025, the European Commission released the results of its broad consultation on the Horizontal and Non-Horizontal Merger Guidelines. The message came through unmistakably: The rules need a modern rewrite. From May to September, the responses, drawn from voices across 20 countries and as far afield as the US and India, carried a singular refrain: The world has moved on and so must the rules.
For decades, the guidelines have served as the analytic foundation of EU merger control, a monument to static market analysis and neatly ordered economic models. Yet the relentless advance of innovation, the surge of digitalisation, and the inevitable push toward sustainability have shaken that foundation. Respondents frequently described the guidelines as “out of step.” Across sectors, stakeholders called for greater clarity, more flexible tools, and guidance that more accurately reflects how competition unfolds in today’s interconnected and rapidly evolving markets.
The consultation responses revealed 10 key themes capturing the pulse of this debate:
What Does This Mean for Businesses
The consultation signals a turning point. The European Commission appears ready to move beyond mechanical market share arithmetic and static pricing effects. Tomorrow’s merger analysis will be more forward-looking, recognising innovation, sustainability, and digital transformation as central to competitive dynamics.
For dealmakers, the implications are immediate. Companies should:
* Engage competition counsel early to stress-test transactions based on the new terrain.
* Build data-driven, forward-looking narratives on innovation and sustainability.
* Track evolving European Commission thinking through upcoming workshops and the draft guidelines.
What Lies Ahead
The European Commission has already marked its next milestones: two workshops, on 4 December 2025 and 20 January 2026, to gather stakeholders and refine the blueprint. These workshops will offer businesses and their advisers a final practical opportunity to shape the framework that will guide EU merger control in the coming decade. Thereafter, a draft of the revised guidelines will emerge.
For now, the direction of travel is unmistakable. EU merger control is moving toward a more dynamic, policy-integrated model, better suited to the realities of modern markets. The time to prepare and engage is now.
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