EU to ease merger rules in bid to take on US, Chinese rivals

AFP | Brussels

Email: mail@newsofbahrain.com

The European Union announced plans yesterday to overhaul the bloc's rulebook on company mergers as Brussels seeks to forge European champions to compete with American and Chinese rivals.

The biggest shake-up in two decades of the rules comes as the EU worries it will fall further behind the world's biggest economies if it does not do more to boost European industry.

"Europe needs bold, innovative companies that can compete on the global stage. We have the talent. Now we must build the environment for Europe's next champions," EU chief Ursula von der Leyen said in a statement.

In its merger decisions, the EU has focused on prioritising the consumer, opting to block deals if they risked higher prices for citizens and unfair competition.