Horten's Merger Control Poster 2025 provides an overview of the turnover thresholds for merger control in Europe and other neighbouring countries. The Merger Control Poster 2025 includes new turnover thresholds for Italy and the UK. In addition, a number of countries have introduced so-called call-in rules for mergers below the applicable turnover thresholds. These countries are also highlighted in the Merger Control Poster 2025.
For acquisitions and other mergers, it must be considered whether the transaction is subject to merger control - either nationally or at EU level. Mergers subject to merger control must be notified and authorized before they are implemented. In many cases, the notification obligation is assessed based on the companies' turnover.
When is it a merger?
Under Danish and EU law, a change of control is the decisive factor in determining whether a merger takes place. This will be the case when there is a direct or indirect change of control in the ownership of a company.
Transfers of minority stakes are also covered if the transfer results in a change of control of the company. In some countries, there is also merger control even if a minority acquisition does not lead to an acquisition of control. In addition, joint ventures may be subject to the merger concept if they fulfil all of a company's functions and are established on a lasting basis. The same principles generally apply in many other national jurisdictions - although the rules may vary.
Turnover thresholds
A merger must generally be notified to the Commission or the national competition authorities when the turnover of the participating companies exceeds the established thresholds.
A company's turnover is the total annual turnover and is generally calculated based on the latest audited financial statements. Focus should be put on the fact that the rules for calculating turnover vary from country to country.
You can find the turnover thresholds for the individual countries in Europe in Horten's Merger Control Poster 2025 .
Call in
Denmark and a number of other EU countries have introduced call in rules. The rules mean that smaller transactions that do not exceed the turnover thresholds can be required to be notified within set deadlines. The national competition authorities can thus order the parties to notify the transaction. In Horten's Merger Control Poster 2025, it is marked which EU countries have introduced call in rules.