We are pleased to present this report on the role of cross-border mergers and acquisitions (M&A) and increased market concentration, commissioned by the Nordic Council of Ministers. The report represents a significant effort to increase our understanding of the current landscape and role of cross-border mergers and acquisitions in Europe and the Nordics.
The report underscores that increasing competition and lowering barriers to entry into concentrated markets should continue to be the central priority of competition policy in both the Nordics and the EU. While we document evidence of rising market concentration, we also show that mergers and acquisitions account for only a limited share of this development. Against this backdrop, we argue that a small number of targeted adjustments to the EU’s merger review guidelines could deliver significant value, and that these changes can be implemented within the existing framework through administrative measures.
Finally, although the Nordic countries perform well on a range of economic indicators, further efforts beyond the scope of competition policy are needed to stimulate investment and productivity if the region is to narrow the productivity gap with the United States.
To ensure a thorough and well-rounded analysis, we employed a variety of research techniques. Our methodology included an extensive review of the existing literature, in-depth interviews with experts from each of the Nordic countries, and a detailed examination of the rules and guidelines for merger reviews, with a particular focus on the EU level. This multi-faceted approach has allowed us to gather perspectives and insights, ensuring that our findings are both robust and relevant.
We would like to extend our gratitude to all the experts and stakeholders who contributed their time and knowledge to this project. Their insights have been invaluable in shaping the content and conclusions of this report. A special thanks goes to Professor Philipp Schröder from Aarhus University, who served as an external reviewer throughout the project. Professor Schröder is a recognized expert and researcher in the field of competition policy, and his guidance has been instrumental in refining both the analysis presented, and the recommendations put forward in this report.
We hope that this report will serve as a valuable resource for policymakers and industry professionals and that it will contribute to the ongoing dialogue and development in this important area.
HBS Economics,
Copenhagen, 2025