Phase I and Phase II
The two stages of European Commission merger review.
The European Commission reviews notified mergers in two stages. Phase I lasts 25 working days and ends either in clearance under Article 6(1)(b), possibly with commitments, or in a decision to open Phase II. Most cases end here.
Phase II is a full investigation lasting up to 90 further working days, extendable, and ends in an Article 8 decision that clears, clears with conditions or prohibits the transaction. Outright prohibitions are rare; deals that would face one are usually abandoned or fixed with remedies first.