Europe's dealmakers warn that EU merger policy confusion is already complicating corporate consolidation plans. Executives had hoped new guidelines would scale up sectors from telecoms to technology, but mixed messages from Brussels have created uncertainty. Topi Manner, CEO of Elisa, stressed the market needs consistent delivery, not just rhetoric on scale.

The contradiction between EU policymakers is hard to ignore: current rules push for divestitures in tech and AI while calling for more investment. Fabricio Bloisi of Prosus noted Europe needs a framework that gives companies clarity to compete globally. The draft guidelines emphasize corporate scale benefits but leave significant discretion to competition officials on individual cases.

The internal tension between Commission president Ursula von der Leyen and competition chief Teresa Ribera reflects unresolved debate over merger control purposes. With Anthony Whelan newly appointed to lead DG Comp, dealmakers worry about inconsistent enforcement. As one lawyer noted, the ambiguity is already shaping legal advice to clients considering mergers in this uncertain environment.