That is my understanding from german cartel law (very similar)as well. However how do you structure a deal to take retroactive actions by regulators into account. I don’t know if there is a set of established best practices there, but I‘m no M&A Attorney so this could well be a solved problem. As much as the Law can bore me at times there frequently are questions such as this that pique my interest again. Saw your recent (6mo ago) ask HN. Did you end up changing careers or stick with the law ? I‘m in a similar situation.