Trump antitrust team rolls back Biden merger policies

In the United States, significant changes in merger and acquisition (M&A) enforcement have occurred under the Trump administration's leadership. In 2023, new leaders at the Federal Trade Commission (FTC) and the Department of Justice (DOJ) made strides to expedite merger reviews and restore traditional policies previously rejected by the Biden administration. This reversal aims to foster innovation, economic growth, and corporate wealth while addressing potentially monopolistic concerns in the market. A notable change included the quick clearance of Mars's acquisition of Terranova, signaling a new, more favorable environment for M&A activity. Internal friction within the Trump administration’s antitrust division has been reported, particularly concerning staff support for Gail Slater, who heads antitrust lawsuits against major players like Capital One and Google. Critics within the administration have expressed concerns regarding her independence and the effectiveness of merger resolutions. Notably, a recent DOJ lawsuit against Hewlett Packard Enterprise's planned acquisition of Juniper Networks underscored tensions and conflicting approaches to merger reviews, with some administration members advocating for a more allied effort among agencies to streamline the process. The FTC and DOJ have also indicated intentions to update the 2023 Merger Guidelines, reflecting a shift in emphasis toward efficiency and innovation in proposed mergers, in contrast to the previous administration's focus on scrutinizing possible anticompetitive outcomes. The newly designated officials have prioritized collaboration and timely resolutions of merger investigations, distancing themselves from the prolonged procedures favored by the Biden administration. This change has already resulted in numerous investigations being closed in a timelier manner and a sizable number of mergers proceeding without the extensive delays characteristic of the prior enforcement approach. The evolving landscape surrounding M&A in the U.S. has prompted business leaders to engage with White House officials to alleviate their concerns regarding the handling of merger proposals. Slater's approach, which is not entirely consistent with the Biden administration's position of blocking mergers, has stirred debates about whether her policy orientation aligns with President Trump’s priorities. This friction indicates a deeper rift in the administration, vis-à-vis the parameters of effective competition enforcement, and brings forth questions about the future trajectory of antitrust policies in the U.S. as it moves forward.