{"id":58724,"date":"2025-12-05T11:49:31","date_gmt":"2025-12-05T10:49:31","guid":{"rendered":"https:\/\/www.accuracy.com\/?p=58724"},"modified":"2025-12-05T15:41:31","modified_gmt":"2025-12-05T14:41:31","slug":"reglementation-des-subventions-etrangeres-deux-cas-de-fusion-fsr-et-les-enseignements-que-peuvent-en-tirer-les-negociateurs","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/fr\/foreign-subsidy-regulation-two-fsr-merger-cases-and-what-dealmakers-can-learn\/","title":{"rendered":"R\u00e9glementation des subventions \u00e9trang\u00e8res : deux cas de fusion FSR et les enseignements que les n\u00e9gociateurs peuvent en tirer"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"58724\" class=\"elementor elementor-58724\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0e657e2 e-flex e-con-boxed e-con e-parent\" data-id=\"0e657e2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8737a4d elementor-widget elementor-widget-text-editor\" data-id=\"8737a4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong><em>Key takeaways:<\/em><\/strong><\/p><p><em>The EU&#8217;s Foreign Subsidies Regulation (FSR) has quietly created a second, economically complex review track for large cross-border M&amp;A. The first two in-depth cases under FSR, e&amp;\/PPF and ADNOC\/Covestro, now set the practical and strategic contours of this new regime. Their outcomes reveal how the Commission interprets \u201cdistortive\u201d state support and what it expects from foreign state-backed buyers.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0e4b9ce e-flex e-con-boxed e-con e-parent\" data-id=\"0e4b9ce\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0c4e56c elementor-widget elementor-widget-text-editor\" data-id=\"0c4e56c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>In recent months, the \u20ac14.7 billion bid by Abu Dhabi National Oil Company (ADNOC) to acquire Covestro (formerly Bayer Material Science) has captured significant attention.<\/strong><a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> Deal size alone was one reason for the spotlight, but another was the in-depth investigation required under the EU\u2019s Foreign Subsidies Regulation (FSR).<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a> <strong>This marks only the second time the European Commission has launched such a review into a merger,<\/strong> the first being e&amp;\u2019s \u20ac2.5 billion acquisition of PPF in 2024.<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a> Both deals involved state-backed buyers and were cleared with remedies.<\/p><p><strong>These cases demonstrate that large deals in the EU now face two parallel regulatory tracks: control under the European Union Merger Regulation (EUMR), for the largest transactions, and control under FSR.<\/strong> The Commission\u2019s handling of the only two FSR merger cases so far highlights contrasts in remedies and reasoning. For example, the e&amp; case imposes functional separation measures from the parent company and the removal of an unlimited guarantee, while the ADNOC case calls for the removal of an unlimited guarantee but also the licensing of sustainability patents. What do these differences reveal about the future of FSR enforcement and how can dealmakers prepare?<\/p><h4>Two parallel tracks: EUMR &amp; FSR<\/h4><p>For years, dealmakers have been familiar with EU merger control under <strong>EUMR, a well-established regime designed to prevent large transactions that significantly impede effective competition<\/strong>. This regulation focuses on market structure, competitive overlaps and industrial organisation economics, such as market shares, unilateral, foreclosure and other conglomerate effects.<\/p><p>However, in July 2023, the EU deal landscape changed.<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a> The FSR was introduced to close a regulatory gap: while EU state aid rules govern subsidies from EU Member States, there was no mechanism to address distortive subsidies granted by non-EU states. <strong>The FSR aims to ensure a level playing field in the EU\u2019s internal market by tackling such foreign subsidies that could distort competition.<\/strong><\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\"><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9d4a949 e-flex e-con-boxed e-con e-parent\" data-id=\"9d4a949\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9a40b53 e-con-full e-grid e-con e-child\" data-id=\"9a40b53\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3c75d50 elementor-widget elementor-widget-text-editor\" data-id=\"3c75d50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<blockquote><p><strong><em>&#8220;A deal that does not trigger merger control can still trigger FSR scrutiny; this is the single biggest practical shift for in-house teams.&#8221;<\/em><\/strong><\/p><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7ffefc0 e-flex e-con-boxed e-con e-parent\" data-id=\"7ffefc0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cd9e23f elementor-widget elementor-widget-text-editor\" data-id=\"cd9e23f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>EUMR notification is required when either one of the two thresholds below is met:<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a><\/p><p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-58757 size-full\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458.png\" alt=\"\" width=\"1452\" height=\"687\" srcset=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458.png 1452w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458-300x142.png 300w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458-1024x484.png 1024w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458-768x363.png 768w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112458-18x9.png 18w\" sizes=\"(max-width: 1452px) 100vw, 1452px\" \/><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4e52c60 e-flex e-con-boxed e-con e-parent\" data-id=\"4e52c60\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9850005 elementor-widget elementor-widget-text-editor\" data-id=\"9850005\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>By contrast, FSR notification is required for mergers when:<\/p>\n<ul>\n<li>at least one party is established in the EU with a turnover higher than \u20ac500 million;<\/li>\n<li>combined foreign financial contributions (\u201cFFCs\u201d) from non-EU states exceed \u20ac50 million in the past 3 years.<a href=\"#_ftn6\">[6]<\/a><\/li>\n<\/ul>\n<p><strong><br>The FSR grants the European Commission three enforcement tools<\/strong>:<a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a><\/p>\n<ul>\n<li><strong>Mandatory notification for large mergers<\/strong><\/li>\n<li><strong>Mandatory notification for large public procurement bids<\/strong><\/li>\n<li><strong>Ex-officio investigations<\/strong>, which do not depend on the size of markets or contracts.<\/li>\n<\/ul>\n<p><br>For dealmakers, this dual-track system means clearing EUMR control alone is no longer sufficient. Alongside traditional competition analysis, firms must also demonstrate that foreign state support does not distort the level playing field in the EU. Since turnover thresholds for FSR notification are much lower than those of the EUMR, mergers that may not have required clearance in the past may now be subject to scrutiny.<\/p>\n<h4>The economics behind FSR and the two merger cases<a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a><\/h4>\n<p><strong>The first step of the FSR substantive assessment lies in determining whether a measure meets the three necessary conditions<\/strong> <strong>to qualify as a foreign subsidy: attributability, benefit and specificity.<\/strong> This step, in addition to the legal assessment of attributability, may require financial analysis to assess whether the foreign state acted as a \u201cstandard\u201d shareholder. In other words, did the foreign state follow the Market Economy Operator Principle (MEOP), or did it pursue other objectives? In order to answer this question, returns requested by and granted to the foreign state are compared with those expected by and granted to private investors. If the returns to the state are lower than what a private investor would expect, the difference in returns may be considered as a foreign subsidy. This is fundamentally a financial analysis that has traditionally been performed in EU State Aid control cases.<\/p>\n<p>The second step requires checking whether the foreign subsidies induce market distortions. To do so, the nature and terms of the subsidies must be assessed, as well as their link to the beneficiary\u2019s activities and their potential impact on market outcomes. This step addresses the issue of potential distortion both in the acquisition process itself (i.e. whether the offered price may have been higher than a competitive price due to the existence of a subsidy) and in the markets in which the target operates (i.e. whether competition in product markets may be affected by the existence of a subsidy after the merger goes through). This is similar to undertaking an economic assessment and analysing counterfactuals in merger control. It takes into account market shares, profitability, innovation and determinants of competition, among many other factors. For example, in a case of favourable financing, the competitive process may be affected if competitors are constrained financially while significant investments are needed and contemplated. In cases of more favourable procurement costs (e.g. from an internal subsidiary based outside of the EU), the subsidy may feed in through lower prices in the EU, undermining competitors\u2019 ability to compete based on an undistorted cost base.<\/p>\n<p><strong>As of November 2025, the Commission has received over 200 FSR merger notifications but so far launched in-depth investigations into only two cases, and both involved state-backed buyers from the UAE:<\/strong><\/p>\n<ul>\n<li><strong>e&amp;\/PPF (\u20ac2.5 billion, 2024)<\/strong> \u2013 UAE telecom operator e&amp; acquired PPF Telecom Group\u2019s assets in Central and Eastern Europe.<\/li>\n<li><strong>ADNOC\/Covestro (\u20ac14.7 billion, 2025)<\/strong> \u2013 Abu Dhabi National Oil Company (ADNOC) bid for German chemical giant Covestro.<\/li>\n<\/ul>\n<p><br>Both in-depth investigations ended with conditional approvals, but the remedies and decision rationale appear noticeably different.<\/p>\n<p><strong>e&amp;\/PPF: functional separation from parent company<\/strong><a href=\"#_ftn9\" name=\"_ftnref9\">[9]<\/a><br><strong><br>The Commission found that e&amp; benefited from foreign subsidies, notably an unlimited state guarantee and other financial support (such as grants, loans and other debt instruments) from the UAE.<\/strong> This finding relied heavily on benchmarking the loan terms obtained from state-backed entities against those obtained or observed for private investors. While these subsidies did not distort the bidding process (e&amp; was the sole bidder), the Commission explained the deleterious impact of the mechanism on competition in the output markets by showing that the subsidies enabled riskier investments in spectrum auctions and infrastructure, where e&amp;\u2019s competitors were more constrained in their financing. <br><strong><br>To neutralise these effects, e&amp; agreed to remove the unlimited guarantee by amending its articles of association and to restrict the parent company\u2019s ability to finance the subsidiary<\/strong>, except in cases of financial distress. The rationale behind the remedy is clear and consistent with the identified potential distortion: cut off the source of distortion to prevent leakage into the common market.<\/p>\n<p><strong>ADNOC\/Covestro: guarantee removal and patent licensing<\/strong><a href=\"#_ftn10\" name=\"_ftnref10\">[10]<\/a><br><strong><br>The Commission identified <\/strong><strong>that ADNOC benefited from foreign <\/strong><strong>subsidies from the UAE, <\/strong><strong>including <\/strong><strong>an unlimited state guarantee to ADNOC, a committed capital increase by ADNOC into Covestro and advantageous tax measures.<\/strong> These subsidies purportedly allowed ADNOC to offer unusually favourable acquisition terms and would grant Covestro the ability to pursue aggressive strategies post-merger.<\/p>\n<p>As a result, <strong>ADNOC proposed the following remedies: (i) adapting its articles of association to <\/strong><strong>remov<\/strong><strong>e<\/strong><strong> the unlimited guarantee<\/strong><strong> and (ii) <\/strong><strong>licensing Covestro\u2019s sustainability patents under transparent terms <\/strong><strong>with certain market participants <\/strong><strong>for 10 years.<\/strong> The first remedy closely resembles the measure imposed in the e&amp; case; however, the second, aimed at spreading innovation benefits, appears to have no clear link with the alleged financing advantages that it is intended to correct. This remedy may deliver positive spillovers for European companies, but its link to the identified distortion is unclear. Ultimately, the decision raises questions about whether FSR enforcement is drifting towards broader policy objectives, such as sustainability, rather than focusing on economic principles.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b9f6840 e-flex e-con-boxed e-con e-parent\" data-id=\"b9f6840\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-d59a368 e-con-full e-grid e-con e-child\" data-id=\"d59a368\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6745bde elementor-widget elementor-widget-text-editor\" data-id=\"6745bde\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<blockquote><p><strong><em>&#8220;Financial and economic analyses proved decisive in the two in-depth merger cases. However, divergences in the overall assessment of these two deals raise the following question: will the FSR evolve into a tool with broader industrial-policy objectives?&#8221;<\/em><\/strong><\/p><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dcb716d e-flex e-con-boxed e-con e-parent\" data-id=\"dcb716d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d31cfd elementor-widget elementor-widget-text-editor\" data-id=\"5d31cfd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h4>Timing and complexity: what the timelines reveal<\/h4><p>Timing is also a strategic variable for dealmakers navigating the dual-track system. <strong>Like EUMR, FSR imposes a standstill obligation, meaning deals cannot close until clearance is granted.<\/strong> In transactions that trigger both regimes, dealmakers face two parallel timelines:<\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-58756 size-full\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540.png\" alt=\"\" width=\"1418\" height=\"708\" srcset=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540.png 1418w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540-300x150.png 300w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540-1024x511.png 1024w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540-768x383.png 768w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112540-18x9.png 18w\" sizes=\"(max-width: 1418px) 100vw, 1418px\" \/><\/p><p>The inability to offer remedies in FSR Phase I is a critical difference. Under EUMR, early commitments can accelerate clearance; under FSR, parties must wait for Phase II to negotiate solutions. In practice, timelines often stretch beyond nominal deadlines due to stop-the-clock requests and the depth of financial and economic analysis required.<\/p><p>The ADNOC\/Covestro case illustrates how the two timelines do not necessarily progress in parallel but rather sequentially. In principle, the two timelines align as shown above. However, that is only the case when both notifications are made on the same day, meaning that the pre-notification periods also align.<\/p><p><img decoding=\"async\" class=\"aligncenter wp-image-58755 size-full\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625.png\" alt=\"\" width=\"1412\" height=\"927\" srcset=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625.png 1412w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625-300x197.png 300w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625-1024x672.png 1024w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625-768x504.png 768w, https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Screenshot-2025-12-05-112625-18x12.png 18w\" sizes=\"(max-width: 1412px) 100vw, 1412px\" \/><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c67b310 e-flex e-con-boxed e-con e-parent\" data-id=\"c67b310\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c685086 elementor-widget elementor-widget-text-editor\" data-id=\"c685086\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h5><em>Note: ADNOC\/Covestro\u2019s transaction triggered a mandatory notification under the EUMR due to its size exceeding the applicable thresholds, while e&amp;\/PPF\u2019s transaction remained below the EUMR thresholds and thus was only subject to FSR assessment.<\/em><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c1562af e-flex e-con-boxed e-con e-parent\" data-id=\"c1562af\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4bdf40b elementor-widget elementor-widget-text-editor\" data-id=\"4bdf40b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>These timelines reflect how FSR investigations can slow down the entire regulatory clearance process for merging parties: in the e&amp; case, the parties had secured multiple regulatory clearances by June 2024, at the time of the launch of the in-depth investigation, yet waited until September 2024 for FSR clearance; as for ADNOC\/Covestro, the parties obtained EUMR clearance within two months of notification, before even notifying the deal under FSR.<\/p><p><strong>FSR reviews are resource-intensive and time consuming<\/strong> before and during investigations for three main reasons.<\/p><ol><li>First, they demand <strong>extensive data collection and submission<\/strong>, requiring parties to map and document three years of foreign financial contributions across multiple jurisdictions, information that is not readily available from a standard ERP system. The Commission has shown a willingness to go up the corporate chain to understand precisely where contributions may be coming from and feeding through.<\/li><li>Second, they may <strong>involve extensive financial and economic analysis<\/strong> to assess whether contributions are subsidies and to determine whether distortions are likely, arising from a \u2018theory of distortion\u2019. Such analysis, besides computing and benchmarking financial returns, can include comparing the likely evolution of market outcomes with their evolution in the absence of the subsidy (i.e. a counterfactual analysis).<\/li><li>Finally, <strong>the stop-the-clock mechanism adds unpredictability<\/strong>: every time the Commission requests missing or clarifying information, the review pauses, potentially stretching timelines well beyond the nominal deadlines.<\/li><\/ol><h4><br \/>Practical implications for dealmakers<\/h4><p>The first two FSR merger in-depth investigations offer important lessons for anyone planning large acquisitions in the EU. They show that FSR is a resource-intensive and strategically complex topic, one that requires a deep dive into three years of foreign financial contributions, their qualifications as foreign subsidies and their potential to distort competition. This is not a box-ticking exercise; it is a multidisciplinary challenge combining law, economics and finance.<\/p><p><strong>For the dealmakers who are active or interested in the EU, what proactive steps can be taken?<\/strong><\/p><ol><li><strong>Plan early and map FFCs:<\/strong> identifying and documenting all foreign financial contributions across multiple jurisdictions is time-consuming. Starting this process well in advance of signing helps avoid delays.<\/li><li><strong>Get insight and leverage from economic analysis:<\/strong> economists quantify the extent of the subsidy by benchmarking financing terms against market standards. They analyse market forces to determine how the subsidies may affect market outcomes in practice. This analysis often determines whether remedies are needed.<\/li><li><strong>Build transparency to avoid delays:<\/strong> incomplete or inconsistent data triggers stop-the-clock pauses and shifts the burden of proof against the notifying parties. Robust internal data systems and proactive disclosure can help accelerate the process and build trust.<\/li><li><strong>Expect remedies, not just clearance:<\/strong> behavioural and quasi-structural commitments, such as financing restrictions, governance safeguards and technology-sharing, are emerging as credible options under FSR. Prohibition remains a last resort, but remedies can reshape deal economics and post-merger strategy.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6de6afc e-flex e-con-boxed e-con e-parent\" data-id=\"6de6afc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-00749eb elementor-widget elementor-widget-text-editor\" data-id=\"00749eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<hr \/><p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> https:\/\/www.covestro.com\/press\/covestro-signs-an-investment-agreement-with-adnoc-and-supports-adnocs-public-takeover-offer-to-all-covestro-shareholders\/\u00a0<\/p><p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_1894<\/p><p><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_24_3166<\/p><p><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a> https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_129<\/p><p><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a> https:\/\/competition-policy.ec.europa.eu\/mergers\/procedures_en<\/p><p><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a> The definition of FFC under FSR is very broad, including direct financial support (such as grants and loans), indirect financial support (such as tax incentives and government contracts) and other forms of support (such as contributions from public entities). It is a complex legal and economic matter and hence is not discussed in detail in this article.<\/p><p><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a> https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_3747<\/p><p><a href=\"#_ftnref8\" name=\"_ftn8\">[8]<\/a> Accuracy has advised clients involved in FSR reviews, yet it has not advised any of the parties involved in these two transactions.<\/p><p><a href=\"#_ftnref9\" name=\"_ftn9\">[9]<\/a> https:\/\/ec.europa.eu\/competition\/foreign_subsidies\/cases\/202540\/FS_100011_1044.pdf. The full public decision is available.<\/p><p><a href=\"#_ftnref10\" name=\"_ftn10\">[10]<\/a> https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_2687. At the time of this article, the full public decision was not available, and the reasoning followed here is only based on information from the press release.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a3ed7a7 e-flex e-con-boxed e-con e-parent\" data-id=\"a3ed7a7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c2002a1 elementor-widget elementor-widget-text-editor\" data-id=\"c2002a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<hr \/><p><strong>Pascale D\u00e9champs, Partner, Accuracy<\/strong><br \/><strong>Jimmy Lam, Manager, Accuracy<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9e80248 e-flex e-con-boxed e-con e-parent\" data-id=\"9e80248\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-724faef elementor-widget elementor-widget-text-editor\" data-id=\"724faef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2025\/12\/Accuracy-Analysis-FSR-mergers.pdf\">Download PDF &gt;<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Key takeaways: The EU&#8217;s Foreign Subsidies Regulation (FSR) has quietly created a second, economically complex review track for large cross-border M&amp;A. The first two in-depth cases under FSR, e&amp;\/PPF and ADNOC\/Covestro, now set the practical and strategic contours of this new regime. Their outcomes reveal how the Commission interprets \u201cdistortive\u201d state support and what it [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":58733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[212],"tags":[],"class_list":["post-58724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreign Subsidies Regulation: two FSR merger cases and what dealmakers can learn - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/fr\/reglementation-des-subventions-etrangeres-deux-cas-de-fusion-fsr-et-les-enseignements-que-peuvent-en-tirer-les-negociateurs\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign Subsidies Regulation: two FSR merger cases and what dealmakers can learn\" \/>\n<meta property=\"og:description\" content=\"Key takeaways: The EU&#8217;s Foreign Subsidies Regulation (FSR) has quietly created a second, economically complex review track for large cross-border M&amp;A. 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