Brussels Edition: Merger pushback

The EU’s competition chief pushed back on any suggestion that M&A rules will be watered down ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up. As businesses absorb the implications of an upcoming review of European Union merger guidelines, more insight is emerging over how the new regime will work. The European Commission is under pressure to loosen merger rules in a bid to create corporate giants that can compete globally, representing the biggest overhaul of the bloc’s competition regime in two decades. Commission President Ursula von der Leyen has thrown her weight behind reforms that remove barriers to so-called European champions. But in an interview with Bloomberg, the EU’s competition chief, Teresa Ribera, pushed back on any suggestion that the rules governing M&A will be watered down. “It is not necessary to relax them,” she said of the new rules. “If relaxing means tolerating abuses, the answer is obviously no.” Teresa Ribera Photographer: Valerie Plesch/Bloomberg “If anyone thought that this call for the creation of champions was an argument to deregulate, dismantle or reduce safeguards, they are mistaken,” she said in an interview in Barcelona, where she was attending a meeting of progressive political parties. “That cannot be and it makes no sense; we would be killing the goose that lays the golden eggs.” She added: “Having one or two operators in a market where competition enables innovation, leaps forward, price reductions, benefits for consumers—just to give the appearance of having a single European champion… First, it is bad for consumers, but second, it will limit the incentive to keep competing, investing, innovating.” Ribera’s comments hint at divides within the EU’s executive branch about how far Brussels should go in overhauling its merger policy, which has long been one of its most powerful regulatory tools. The Spanish commissioner, who is effectively number two at the European Commission, is one of a handful of left-wing politicians around the table. Von der Leyen hails from the center-right European People’s Party (EPP) and has been keen to listen to the voice of business over the past few years, particularly when it comes to complaints about EU climate policy and over-regulation. The Latest The EU will propose measures as early as next month to “optimize” jet fuel distribution among member states and help source alternative supplies, with energy flows through the Strait of Hormuz still at a standstill, according to a draft document seen by Bloomberg. Hungary’s outgoing government signaled it’s ready to unblock the European Union’s €90 billion ($106 billion) loan to Ukraine as soon as this week amid signs that the Russian oil flows may resume as soon as today on the Druzhba pipeline. UniCredit CEO Andrea Orcel criticized Commerzbank’s current strategy, saying it suffers from “structural weaknesses” that are only “masked by financial tailwinds,” as he steps up the push to acquire the German rival. The EU will run simulations of its mutual-assistance mechanism in case of attack, a clause in the bloc’s governing treaty that has become more relevant amid strains in NATO. Chancellor Friedrich Merz said he plans to convene Germany’s national security council to discuss the global energy crisis, signaling increased concern about its impact on Europe’s biggest economy. Nearly a decade after investigations found that failures in anti-money laundering procedures had contributed to nearly $230 billion of money linked to Russia being illicitly moved through Baltic branches, Nordic banks have turned a page. Seen and Heard on Bloomberg Even as the market wants to try to price in some kind of a near-term solution in the US-Iran conflict, “confusion is really reigning right now,” according to Ole Hansen, commodity strategy head at Saxo Bank. “Even with the setback we saw on Friday, these prices are still too high relative to what potential consumers are prepared to pay,” Hansen told Bloomberg TV. Chart of the Day Belgium was lowered one step by Moody’s, underscoring how the struggle to cut one of the biggest budget deficits in Europe is besmirching the country’s status as a borrower. Moody’s lowered Belgium’s rating to A1, with a stable outlook, due to the struggle to cut one of the biggest budget deficits in Europe. The downgrade means Belgium has lost its double-A rating at two of the three major credit assessors, potentially forcing some funds to sell the country’s bonds. Coming up Press Conference by French President Emmanuel Macron and Poland’s Prime Minister Donald Tusk in Warsaw later today Press Conference at Ad Hoc Committee on Palestine this afternoon Meeting of EU foreign Ministers tomorrow in Luxembourg Final Thought Rumen Radev, former Bulgarian president in Sofia, Bulgaria in April 2026. Photographer: Michaela Vatcheva/Bloomberg Former President Rumen Radev, who opposes sanctions on Russia and military aid for Ukraine, scored Bulgaria’s most overwhelming election victory this century in an election on Sunday. Radev’s Progressive Bulgaria party is heading for an outright majority with 135 seats in the 240-strong chamber, according to a projection by polling firm Myara. With 78% of the vote counted, Radev is at 44%, 30 points ahead of his nearest challenger. It marks the country’s eighth general election since 2021. Like the Brussels Edition? Don’t keep it to yourself. Colleagues and friends can sign up here. 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