#337 What Are the Risks of a Minority Shareholding? The European Commission’s Decision in Delivery Hero/Glovo

Innovation is central to long-term economic welfare and deserves greater emphasis in antitrust policy. But can U.S. antitrust law be reshaped to be more innovation-centric? Professor Richard Gilbert joins hosts Anora Wang and Panos Dimitrellos to examine the relationship between competition and innovation, how agencies and courts have recently treated innovation, and practical tools for assessing innovation effects in mergers and conduct cases. Listen to this episode to learn more about navigating the shift toward an innovation-centric antitrust regime, the empirical methods that can reveal innovation harms, and how to balance short-term price effects against long-term technological progress. With special guest: Richard J. Gilbert, Professor, University of California at Berkeley Related Links: https://direct.mit.edu/books/oa-monograph/4844/Innovation-MattersCompetition-Policy-for-the-High https://www.americanbar.org/content/dam/aba/publications/antitrust/journal/86/issue-3/antitrust-for-innovation.pdf https://eml.berkeley.edu/~gilbert/Selected%20Papers/Gilbert-Melamed%20final%20pre-publication.pdf Hosted by: Panos Dimitrellos, Secretariat Economists LLC and Anora Wang, Arnold & Porter Kaye Scholer LLP

Merger control regulators in the EU and around the world continue to focus on killer acquisitions. But is this concern justified in the digital sector? Professor Nicolas Petit, a leading competition law academic, joins Matthew Hall and Blair Matthews to discuss the Antitrust Law Journal article on the subject he co-authored and killer acquisitions generally. Listen to this episode to learn more about the methodology behind and findings in the paper and why the concerns on this issue may not be justified. With special guest: Professor Nicolas Petit, Professor, European University Institute; Visiting Professor, George Mason University, Scalia School of Law Related Links: Killer Acquisitions: Evidence from European Merger Cases, Antitrust Law Journal, Volume 86, Issue 3, 22 May 2025 (subscribers) Federal Trade Commission press release, FTC Seeks to Block Virtual Reality Giant Meta’s Acquisition of Popular App Creator Within, 27 July 2022 Federal Trade Commission amended complaint against Meta, 7 October 2022 Hosted by: Matthew Hall, McGuireWoods London LLP and Blair West Matthews, Cleary Gottlieb

Merger litigation is fast, high-stakes, and often unpredictable. So what does it take to win—or avoid losing—when the government challenges a deal? In this episode, Puja Patel and James Hunsberger are joined by Kieran Gostin, a partner at Wilkinson Stekloff and a seasoned merger trial lawyer who helped Microsoft defeat the FTC in its challenge to the Activision acquisition. From trial preparation strategy to expert witness credibility, internal documents versus economic modeling, and real-world lessons from Microsoft/Activision, the conversation covers both foundational insights and tactical advice. Listen in to learn what parties, practitioners, and economists need to consider long before a complaint is ever filed—and what really moves the needle in court. With special guest: Kieran Gostin, Partner, Wilkinson Stekloff Hosted by: Puja Patel, Cleary Gottlieb Steen & Hamilton LLP and James Hunsberger, Axinn, Veltrop & Harkrider LLP

Antitrust enforcement can change dramatically between Presidential administrations. What makes the political winds flip between more and less enforcement? In this episode, former Deputy Assistant Attorney General Michael Kades joins hosts Anant Raut and Anna Olson to step back and draw insightful themes from the history of antitrust enforcement across Presidential administrations. With special guest: Michael Kades, Partner, Nachawati Law Group Hosted by: Anant Raut and Anna Olson

Among the recent amendments to Canada's Competition Act are new provisions targeting so-called “greenwashing,” i.e., misleading claims in advertising regarding the environmental benefits of a product. In a related development, the Competition Bureau has issued guidelines concerning its enforcement approach to environmental claims under the new law. What will be the impact of the changes on companies and consumers? In this episode, Alicia Downey and Anora Wang talk to Canadian consumer protection lawyer Candice Kloes about the amendments, the guidelines, and the increased risks and compliance burdens posed by public-facing environmental claims in Canada. With special guest: Candice Kloes, Counsel, Borden Ladner Gervais LLP Related Links: Dionysios Rossi, Denes A. Rothschild, Candice Kloes, Roark Lewis, and Jessica Hennings, “False advertising and greenwashing: Bill C-59 changes to Competition Act” (July 2024) Candice Kloes, Roark Lewis, Denes A. Rothschild, Rick Williams, and Sadie Glickman, Canada's greenwashing crackdown: New guidelines & private right of action (July 2025) Canada’s Zero Plastic Waste Agenda Hosted by: Alicia Downey, Downey Law LLC and Anora Wang, Arnold & Porter Kaye Scholer LLP

In June 2025, the European Commission announced a decision under which it fined two competing online food delivery companies a combined total of €329 million for cartel behaviour that took place while one company held a minority stake in the other company. The infringing behaviour included, among other things, exchanging competitively sensitive information “beyond what was needed for a corporate investor to protect a financial investment decision.” Does the Delivery Hero/Glovo decision suggest that minority shareholdings may be subject to stricter scrutiny going forward? Hosts Matthew Hall and Alicia Downey talk to Brussels-based competition lawyer Peter Camesasca about what the decision means and its practical implications for compliance counseling. With special guest: Peter D. Camesasca, Ph.D., Advokaat BVBA Related Links: Peter Camesasca, Minority Stakes as a Conduit for Cartelization, and No Poach to Boot: The EU Decision in Delivery Hero/Glovo European Commission press release (2 June 2025) Commissioner Ribera remarks (2 June 2025) Hosted by: Matthew Hall, McGuireWoods London LLP and Alicia Downey, Downey Law LLC

There is a growing interest in understanding the economics of serial acquisitions, particularly in the healthcare industries and markets, and whether such corporate strategies lead to changes in prices and quality causing antitrust concerns. What has been found in existing economic studies? Paul Eliason, Assistant Professor of Economics at Brigham Young University and co-author of a leading study on serial acquisitions focusing on the dialysis industry, discusses his observations and insights with Anora Wang and Derek Jackson. Listen to this episode to learn about the knowns and unknowns from the empirical evidence as well as implications for competition policy. With special guest: Dr. Paul Eliason, Assistant Professor of Economics, Brigham Young University Related Links: How Acquisitions Affect Firm Behavior and Performance: Evidence from the Dialysis Industry, Journal of Quarterly Economics Hosted by: Anora Wang, Arnold & Porter Kaye Scholer LLP and Derek Jackson, Cohen & Gresser LLP

The "dawn raid" is one of the rare moments of high drama in the work of many competition lawyers. How can you be prepared when that early-morning phone call or text from a client comes? Ashley Latham, an antitrust and government investigations litigator with Linklaters LLP, joins Matthew Hall and Matt Reynolds for a discussion of current "dawn raid" trends in the U.S. and the European Union. Tune in to learn more about what questions to ask, what issues to raise, and what you can do to help clients prepare for when authorities come knocking. With special guest: Ashley Latham, Managing Associate, Linklaters LLP Related Links: https://competition-policy.ec.europa.eu/about/news/commission-fines-international-flavors-fragrances-eu159-million-deleting-whatsapp-messages-during-2024-06-24_en https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:62023TJ0263 Hosted by: Matthew Hall, McGuireWoods London LLP and Matthew Reynolds, Huth Reynolds LLP

The U.S. Department of Justice has made it clear that some agreements among competing employers regarding workers’ salaries or other terms of compensation--so-called “wage-fixing agreements”--may be subject to criminal prosecution. What kind of conduct falls within the scope of wage-fixing? In this episode, hosts Alicia Downey and Blair Matthews talk to Crowell & Moring partner and former senior DOJ prosecutor Ken Dintzer about the latest developments on the wage-fixing front, including the first criminal conviction for wage-fixing won at trial. Listen and learn what business enterprises and their counsel need to know about how to avoid wage-fixing violations in merger due diligence and integration planning, trade association activities, and salary survey participation. With special guest: Kenneth Dintzer, Partner, Crowell & Moring LLP Hosted by: Alicia Downey, Downey Law LLC and Blair West Matthews, Cleary Gottlieb

What happens when antitrust law meets high fashion? In this episode, experienced fashion and luxury industry counsel Andowah Newton, joins Jeny Maier and Puja Patel to unpack recent antitrust cases in the luxury and fashion industries. From the FTC’s challenge to Tapestry’s acquisition of Capri, to no-poach allegations involving Saks and major fashion houses, to tying claims against Hermès and its coveted Birkin bag, we explore how competition law is colliding with market definition, exclusivity, branding, and status. Listen in for insights on how antitrust enforcers—and the courts—are approaching consolidation, labor practices, and sales tactics in an industry where scarcity sells. With special guest: Andowah Newton Hosted by: Jeny Maier, Axinn, Veltrop & Harkrider LLP and Puja Patel, Cleary Gottlieb Steen & Hamilton LLP