Tracking Alpha
What it is
The steps of the EU, UK and Chinese merger reviews: an initial review, then an in-depth one if the regulator opens it.
On the site asPre-notificationPhase 1Phase 2Cleared with remedies
- Pre-notification
- Phase 1 review
- Phase 2 review
- Cleared
- Cleared with remedies
How to read it
- Pre-notification
- The parties are talking to the regulator and haven't formally notified the deal yet.
- Phase 1
- Formally notified, in the initial review.
- Phase 2
- The regulator opened an in-depth investigation.
- Cleared
- Cleared without conditions.
- Cleared with remedies
- Cleared on commitments, such as selling a business.
The regulatory card draws these reviews as four dots, pre-notification, phase 1, phase 2 and cleared, with the stage in words beside them, such as Phase 1 review; cleared with remedies reaches the last dot. The deal sheet's three dots put pre-notification before the first, either phase at the second and cleared at the third. On the list, a phase 2 review counts as an in-depth review.
- Pre-notification
- Phase 1 review
- Phase 2 review
- Cleared
- Cleared with remedies
Related terms
- European CommissionThe EU's merger review, carried out by the European Commission under the EU Merger Regulation for deals above its size thresholds.
- UK CMAThe merger review of the UK's Competition and Markets Authority.
- China SAMRThe merger review of China's State Administration for Market Regulation, for deals above its thresholds.
