In the field of merger control in Spain, it is often highlighted as a significant fact that the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia – CNMC) has not prohibited any concentration since the entry into force of Act 15/2007, of 3 July, on the Defence of Competition.
Nevertheless, in recent years there has been a noticeable tightening in the scrutiny of notified transactions. This heightened rigour has resulted in an increasing number of concentrations being authorised subject to the fulfilment of commitments—whether structural or behavioural—in order to neutralise potential anti-competitive effects.
Against this backdrop, a particularly noteworthy recent case involved the CNMC closing a Phase II investigation following the withdrawal of the notifying parties. All indications suggest that the withdrawal stemmed from the parties’ inability to reach an acceptable commitments package to remedy the competition concerns identified by the authority.
The attached newsletter analyses the most significant concentrations notified in 2024 and reviews how the CNMC is adjusting its approach in this crucial area of market structure control.
