Britain's antitrust regulator proposes revamp of remedies procedure

It attracted corporate interest globally earlier this year when it blocked that deal, to the fury of the two U.S. companies, but then tore up its won rule book to reopen and then approve the case after Microsoft came back with changes. "As part of the package of proposals we are announcing today, we have included a revamped remedies procedure," Cardell said in a speech at the CMA's London headquarters.

Britain's antitrust regulator is proposing a revamp of its remedies procedure, its chief executive Sarah Cardell said on Monday, aiming to help merging entities find solutions while also addressing competition concerns.

The Competition and Markets Authority moved into the top tier of global regulators when Britain left the European Union in 2020, giving it a bigger say over mega-mergers such as Microsoft's $69 billion acquisition of 'Game of Duty' maker Activision Blizzard. It attracted corporate interest globally earlier this year when it blocked that deal, to the fury of the two U.S. companies, but then tore up its won rule book to reopen and then approve the case after Microsoft came back with changes.

"As part of the package of proposals we are announcing today, we have included a revamped remedies procedure," Cardell said in a speech at the CMA's London headquarters. Britain reviews mergers and acquisitions in two stages: an initial phase to decide if a deal could reduce competition, and a longer second phase to examine possible remedies, including an outright block or divestments.

Cardell, who was appointed the permanent head of the regulator nearly a year ago, highlighted the perceived barriers to using the opportunities that are currently available to merging parties to find solutions. "We've included a revamped remedy procedure that seeks to remove these barriers. By introducing a number of prompts for merging parties to consider without prejudice," she said.

She said that the agency's strong preference for structural remedies remained and added that changes would only succeed if merging parties engaged in good faith.