The Bundeskartellamt has published a revised guidance document that clarifies when foreign-to-foreign mergers must be notified in Germany. Under this guidance document, mergers without sufficient domestic effects need not be notified to and reviewed by the Bundeskartellamt. This creates more legal certainty for foreign-to-foreign mergers by allowing companies and their advisors to self-assess whether a proposed transaction will have sufficient effects in Germany to trigger a domestic mandatory notification.

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