European Commission Approves Merger Between Credit Suisse and UBS
The
The Commission's investigation
Based on its market investigation, the Commission found that the merger would not significantly reduce competition in the markets where their activities overlap within the EEA.
In particular, the Commission found that the combined entity will continue facing significant competitive pressure from a wide range of competitors in all of those markets, including several major global banks as well as specialist providers and strong local players.
The Commission therefore concluded that the proposed merger would not raise competition concerns on any of the markets examined in the EEA and cleared the transaction unconditionally.
Companies and products
Merger control rules and procedures
The transaction was notified to the Commission on
Pending the Commission's review of the merger, in light of the financial difficulties faced by Credit Suisse and the consequent risk of financial instability, the parties requested a derogation from the standstill obligation in order to allow
The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation [https://competition-policy.ec.europa.eu/mergers_en]) and to prevent concentrations that would significantly impede effective competition in the EEA or any substantial part of it.
The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has a total of 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).
A non-confidential version of today's decision will be available on the Commission's competition website (https://competition-policy.ec.europa.eu/index_en), in the public case register (http://ec.europa.eu/competition/elojade/isef/index.cfm) under the case number M.11111 (https://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=2_M_11111).
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Original text here: https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2889
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