remedies and demonstrating a clear preference for structural remedies. Further, the EC seems more open to considering innovation benefits, as demonstrated by its clearance of Nokia’s acquisition of optical networking company Infinera. China Merger Control Another of the world’s major enforcers, China’s State Administration for Market Regulation (“SAMR”), had a particularly busy year. In 2025, SAMR issued six adverse decisions on deals, imposing conditions on five deals across several industries. The agency also ordered the unwinding of the acquisition of Shangdong Huatai Pharma by Wuhan Yongtong Pharma that it reviewed using its call-in power to review non-notifiable deals. This uptick in activity compares against one adverse decision in 2024. The agency also offered a degree of transparency, publishing analytical summaries of three deals it unconditionally approved, as well as the decisions related to a conditional approval. The new U.S. administration has changed many things about the merger review process. 2025 M&A Annual Review 43
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