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Merger review outcomes: how competition authorities clear, condition or block deals

Last checked 25 October 2026 · 5 sources

Short answer

Most notified mergers are cleared without conditions. The European Commission received 10,102 notifications from 21 September 1990 to 31 July 2026. It cleared 9,081 in Phase 1 without commitments and adopted 33 prohibition decisions 2. The UK Competition and Markets Authority considered 881 mergers in 2025, investigated 39 at Phase 1 and blocked 1 5. In the US, 2,031 transactions were reported in fiscal year 2024 and Second Requests were issued in 59, or 3.0% of the adjusted total 4.
EU notifications, 21 September 1990 to 31 July 2026
10,102 2
EU prohibition decisions, same period
33 2
EU notifications, 2025
384 2
UK mergers considered, 2025
881, with 39 at Phase 1 and 4 referred to Phase 2 5
US transactions reported, fiscal year 2024
2,031 4
US Second Requests, fiscal year 2024
59, 3.0% of 1,973 adjusted transactions 4

The stages of a merger review

Each authority uses its own names for the stages. The list gives the terms used in the official sources 3,45.

  • EU notification: mandatory for all concentrations with a Community dimension. The deal must not be implemented before notification or until it has been declared compatible 3.
  • EU Phase I: the Commission has 25 working days to analyse the deal. It can clear it, clear it subject to remedies, or open Phase II 3.
  • EU Phase II: the Commission has 90 working days from opening to make a final decision. Extensions of 15 or 20 working days can be granted 3.
  • US waiting period: the parties typically must wait 30 days, or 15 days for a cash tender offer or bankruptcy sale 4.
  • US Second Request: issued by the FTC or the DOJ in a small share of reported deals. It extends the waiting period by 30 days after substantial compliance, or 10 days for cash tender offers and bankruptcy sales 4.
  • UK Phase 1 and Phase 2: the CMA reports how many mergers it considered, investigated at Phase 1 and referred to Phase 2 each calendar year 5.

European Union: Commission decisions

The Commission's merger statistics run from 21 September 1990 to 31 July 2026. The page carrying them shows the date 4 August 2026 1,2. In Phase II the Commission can clear the deal, approve it subject to remedies, or prohibit it where no adequate remedies have been proposed 3. Remedies are known as commitments and can be offered in either phase 3.

Measure1990 to July 202620242025
Notifications 210,102 2392 2384 2
Phase 1 clearances, Article 6(1)(b) 29,081 2390 2359 2
Phase 1 clearances with commitments 2370 25 29 2
Phase 2 proceedings opened, Article 6(1)(c) 2310 23 24 2
Phase 2 unconditional clearances, Article 8(1) 267 20 22 2
Phase 2 clearances with commitments, Article 8(2) 2152 23 20 2
Prohibitions, Article 8(3) 233 20 20 2
Withdrawn in Phase 2 256 22 20 2

United Kingdom: the CMA

The CMA publishes annual merger investigation outcomes by calendar year. The page was first published on 13 January 2025 and last updated on 12 October 2026 5. The count of mergers considered includes mergers the CMA was told about and mergers it found itself 5.

Measure20252024
Mergers considered 5881 51,037 5
Investigated at Phase 1 539 538 5
Referred to Phase 2 54 55 5
Phase 2: cleared unconditionally 52 52 5
Phase 2: remedies accepted 51 52 5
Phase 2: blocked 51 5None listed 5
Phase 2: cancelled or abandoned by the parties 5None listed 51 5
Blocked or abandoned, share of mergers considered 50.1% 50.1% 5

United States: HSR filings and enforcement

The Hart-Scott-Rodino Annual Report for fiscal year 2024 covers 1 October 2023 to 30 September 2024. It counts 2,031 transactions reported, against 1,805 in fiscal year 2023 4. For the Second Request rate the report uses an adjusted base of 1,973. The Federal Trade Commission issued 30 Second Requests and the Department of Justice 29, a total of 59, or 3.0% 4.

Early termination was requested 858 times in fiscal year 2024 and granted 3 times 4. The size-of-transaction threshold rose from US$111.4 million to US$119.5 million on 6 March 2024 4.

The two agencies count enforcement actions differently. The report body cites 18 FTC actions: 6 where the Commission started litigation and 12 deals abandoned or restructured. The letters to Congress in the same report cite 20, adding two consent orders 4. The report counts 14 DOJ actions, with 12 deals abandoned and 2 restructured 4.

Reading a merger headline

  • A Phase 2 or Second Request is a deeper review. It is not a decision to block. In the EU, 310 Phase 2 proceedings were opened from 1990 to July 2026 and 33 ended in prohibition 2.
  • Abandoned deals do not appear as prohibitions. The Commission counts 56 deals withdrawn in Phase 2 2. The CMA reports blocked and abandoned deals together as a share of mergers considered 5.
  • Approval with remedies is a clearance with conditions, such as selling off assets 5.
  • EU merger decisions can be reviewed by the General Court and in the end by the Court of Justice 3.

Common questions

How many mergers has the European Commission blocked?

The Commission's statistics show 33 prohibition decisions under Article 8(3) from 21 September 1990 to 31 July 2026, out of 10,102 notifications 2.

What is a Phase 2 merger investigation?

In the EU, Phase II is an in-depth review. The Commission has 90 working days from its opening to make a final decision, with possible extensions of 15 or 20 working days 3.

What is an HSR Second Request?

It is a step in a US review, issued by the FTC or the DOJ. It extends the waiting period, by 30 days after substantial compliance in most deals 4. Second Requests were issued in 59 transactions in fiscal year 2024 4.

How many mergers did the CMA block in 2025?

The CMA reports one merger blocked in 2025, out of 881 mergers considered and 4 referred to Phase 2 5.

Can a merger decision be appealed in the EU?

Yes. The Commission says all its decisions and procedural conduct are subject to review by the General Court and in the end by the Court of Justice 3.

Rules and charges change. Check the official source linked on this page before you pay or travel. Spotted an error? Email hello@enforcementoutcomes.com.

Sources

  1. European Commission: Statistics on Mergers cases (4 August 2026)
  2. European Commission: Mergers cases statistics, 21 September 1990 to 31 July 2026 (undated)
  3. European Commission: Procedures, Mergers (undated)
  4. Federal Trade Commission and Department of Justice: Hart-Scott-Rodino Annual Report Fiscal Year 2024 (undated)
  5. Competition and Markets Authority: Annual merger investigation outcomes (13 January 2025, updated 12 October 2026)

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