New merger rules are no free ride for European champions, says Teresa Ribera – POLITICO
Ribera, who as executive vice president ranks second to Commission President Ursula von der Leyen, enforces antitrust policy across the 27-nation bloc. Her comments contrast with her boss’ calls to nurture European business “champions” that can hold their own against China’s world-beating exporters and U.S. tech titans. The Spanish commissioner said that the industrial restructuring of sectors like telecoms was impeded by the fragmentation of national markets, and not the bloc’s merger rules. “It needs to be proven that there are benefits we will be enjoying in the time to come. And not just: I want to be big,” she said. Ribera also issued a pointed warning to member countries tempted to use the guidelines’ new resilience and security exceptions to pick domestic winners. “We also invite national competition authorities and national governments to make a very self-restrained understanding of what this could mean,” she said. Her remarks follow Italy’s intervention in Milan-based UniCredit’s bid for local rival Banco BPM, and the conditions set by the Spanish government on BBVA’s attempts to acquire Sabadell. Both …
