Linklaters has advised Novo Holdings and co-advised Novozymes on the proposed merger between Novozymes A/S (‘Novozymes‘) and Christian Hansen A/S (‘Chr. Hansen‘), the largest merger between two Danish firms to date, which successfully obtained Phase I merger control clearance from the European Commission (‘Commission‘) on 12 December 2023.

The Commission’s investigation covered a large product portfolio, including a detailed review and benchmarking exercise into potential implications for innovation competition. The firm is pleased that the Commission cleared the vast majority of the merger unconditionally, subject to the requirement for a divestment remedy relating to the manufacture of one specific enzyme: lactase, using genetic modification technology.

With this decision, the Commission joins multiple merger control and FDI authorities globally who have already cleared the merger, including: China’s SAMR, Brazil’s CADE and the US FTC. The review by South Korea’s KFTC is ongoing.

The Linklaters team led the global merger and foreign investment filings, working alongside the Danish law firm, Plesner, who advised on Corporate matters and is co-counsel to Novozymes for the merger notification to the European Commission.

The Linklaters team was led by the firm’s Global Head of Antitrust & Foreign Investment, Nicole Kar, Partner in the Washington Office, Antonia Sherman, Partner Xi Liao in Shanghai Zhao Sheng, and Counsel Mark Daniel and Managing Associate Emily Burke in London.