In 2025, at the global level, M&A blocked by competition authorities declined significantly.
Analysis and insights from the experts at AURIS Finance, a financial advisory firm specializing in mergers and acquisitions.
Sixteen. That is the number of mega-deals blocked by competition authorities worldwide in 2025. A figure to be compared with the 37 M&A transactions rejected in 2024.
Fewer prohibitions
According to the annual report by law firm A&O Shearman, in 2025 authorities prohibited eight merger transactions, compared with 13 in 2024 and 20 in 2023. While the trend shows a decline in prohibitions, vigilance remains necessary.
A shift in approach
In 2025, competition authorities approved 95 transactions subject to conditions, representing a 30% year-on-year increase. While deals are not necessarily blocked, they are increasingly accompanied by commitments intended to preserve competition in the relevant markets.
This evolution reflects a shift in regulators’ approach. Rather than directly blocking certain transactions, authorities increasingly favor structural remedies that maintain competitive dynamics.
Thus, in 2025, 40% of conditional approvals included obligations related to pricing commitments, or even the prohibition of certain commercial practices.
Further reference on competition policy.
Targeted sectors
Certain sectors are particularly under the scrutiny of authorities. This is especially the case for sectors considered sensitive, such as healthcare or defense, but also B2C sectors such as energy, transport, and retail.
Interventions by competition authorities in transactions involving retail or food companies accounted for 24% of actions taken in 2025, four points higher than the sector’s share of M&A transactions during the year (21% of global deals).
Transactions involving technology companies represented 14% of interventions, reflecting increased regulatory vigilance over digital markets and innovation-related issues.
Large-scale retail under scrutiny
In 2025, several transactions involving French companies illustrated these tensions between industrial strategy and competition regulation. Here are a few examples of approvals granted with conditions in the retail sector.
In November 2025, the competition authority imposed sanctions totaling €7.6 million on the Parfait group for failing to comply with commitments made during the acquisition of the Géant Casino hypermarket and the La Batelière shopping center (Martinique).
During Carrefour’s acquisition of the Match and Cora retail chains, the competition authority issued a favorable opinion, subject to the divestment of stores in certain catchment areas in order to avoid situations of local quasi-monopoly.
The need for preparation
While some transactions fail or are significantly reshaped following regulatory intervention, competition authorities are not solely responsible for deal failures. Very often, companies themselves decide to abandon a transaction due to regulatory uncertainties or the concessions required by authorities.
In 2024, several transactions were abandoned even before the regulators’ final decision, as the parties were unable to propose remedies deemed sufficient.
Our experts by your side
In any merger and acquisition transaction, it is essential to anticipate competition-related issues well in advance. Competitive analysis is an integral part of deal strategy.
In an environment where antitrust controls remain demanding, the experts at AURIS Finance support you. Specialized by sector, our professionals are able to analyze the risks affecting your transaction.
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