# Deep Research Report

## Query
Conduct a comprehensive study on the regulatory and political barriers impacting cross-border mergers and acquisitions (M&A) within strategic sectors. This analysis should provide a deep dive into the following specific areas, excluding unnecessary or unrelated information:

1. Regulatory Landscape:
   - Detail the regulatory frameworks governing cross-border M&A, including antitrust laws, national security reviews, and sector-specific regulations.
   - Analyze the role of critical infrastructures in strategic sectors, such as energy, technology, and defense, and how regulations protect these interests.
   - Discuss the involvement of governmental bodies like CFIUS (Committee on Foreign Investment in the United States) in the regulatory review processes.

2. Political Climate: 
   - Investigate how political relations between countries influence cross-border M&A activities.
   - Explore the impact of political decisions, such as tariffs, trade agreements, and sanctions, on the feasibility and execution of international deals.
   - Examine recent geopolitical events and policies that have altered M&A strategies across borders.

3. Strategic Sector Challenges:
   - Identify the unique challenges faced by M&A deals in strategic sectors, focusing on technology, healthcare, telecommunications, and energy.
   - Discuss how national interests and protectionism affect global expansion strategies and deal approval in these sectors.

4. Case Studies:
   - Provide examples of recent cross-border M&A deals in strategic sectors, analyzing successful and unsuccessful transactions.
   - Highlight the regulatory and political barriers encountered and the strategies used to overcome them.

5. Mitigating Strategies:
   - Suggest strategies for companies to navigate regulatory and political challenges in cross-border M&A, particularly in strategic sectors.
   - Explore possible reforms or international cooperation mechanisms that could facilitate smoother cross-border transactions in the future.

Deliver a meticulously detailed report that draws on quantitative data, case studies, and expert analyses to present actionable insights into overcoming the barriers in cross-border M&A. Ensure your report provides specific guidance and avoids any peripheral discussions not directly connected to the topic.

## Research Report
# Navigating the Labyrinth: Regulatory and Political Barriers in Cross-Border Mergers & Acquisitions within Strategic Sectors

## Executive Summary

This report provides a comprehensive analysis of the regulatory and political barriers impacting cross-border mergers and acquisitions (M&A) within strategic sectors. It delves into the intricate regulatory landscapes governing M&A, including antitrust laws, national security reviews, and sector-specific regulations, with a particular focus on critical infrastructures like energy, technology, and defense. The analysis highlights the significant role of governmental bodies such as CFIUS and its international counterparts in scrutinizing foreign investments. Furthermore, the report investigates how the political climate, including bilateral relations, trade policies, sanctions, and geopolitical events, directly influences the feasibility and execution of international deals. It identifies unique challenges within strategic sectors such as technology, healthcare, telecommunications, and energy, driven by national interests and protectionist policies. Case studies of recent M&A transactions are examined to illustrate the barriers encountered and strategies employed for their mitigation. Finally, the report proposes actionable strategies for companies to navigate these complexities and explores potential reforms and international cooperation mechanisms to facilitate smoother cross-border transactions in the future.

## 1. Introduction and Background

Cross-border M&A serves as a vital engine for global economic integration, empowering companies to broaden market access, acquire cutting-edge technologies, and achieve significant economies of scale. Strategic sectors, by their very nature, are subject to heightened governmental scrutiny due to their profound impact on national security, economic stability, and public welfare. This scrutiny manifests in complex regulatory frameworks and is significantly shaped by the prevailing political climate between nations. Research consistently demonstrates that regulatory and political factors are pivotal determinants of cross-border M&A success, with political uncertainty, in particular, correlating with diminished M&A activity and reduced bid premiums. A thorough understanding of these interconnected dynamics is therefore indispensable for the successful execution of international M&A transactions.

Current understanding indicates that:

**Regulatory frameworks** are inherently multifaceted, encompassing competition law (antitrust), foreign investment review (national security), and sector-specific regulations designed to safeguard critical infrastructure and public interests.

**Political relations** between countries can foster either a conducive or an adversarial environment for M&A. Geopolitical tensions, trade disputes, and divergent political ideologies can directly influence the probability of regulatory approval and the overall success of an international transaction.

**Strategic sectors**, including technology, healthcare, telecommunications, and energy, are particularly sensitive. Governments often perceive these sectors as fundamental to national competitiveness and security, necessitating more stringent oversight. The rationale for this intensified scrutiny stems from concerns regarding:

- **Technology:** National security imperatives related to data privacy, intellectual property, and critical technologies (e.g., AI, semiconductors) drive heightened review. Examples include CFIUS interventions in deals involving digital applications due to apprehensions about foreign access to personal information. AI M&A, in particular, faces scrutiny due to intellectual property issues, data privacy, and regulatory challenges, with governments keen to prevent sensitive AI capabilities or data from falling under adversarial control.

- **Healthcare:** Government oversight is motivated by public welfare considerations, ensuring access to essential services, fair drug pricing, and national health security, as starkly highlighted during the COVID-19 pandemic.

- **Telecommunications:** National security and public interest considerations frequently center on network security, data integrity, and the potential for foreign government influence. The "Team Telecom" initiative in the U.S. reviews foreign applications for certain telecommunications licenses.

- **Energy:** The protection of critical infrastructure is paramount, with regulations aimed at ensuring energy security, supply chain resilience, and adherence to environmental standards. Foreign investment in energy networks and resources typically undergoes rigorous review.

Key governmental bodies, such as the Committee on Foreign Investment in the United States (CFIUS), play a crucial role in evaluating foreign investments for national security implications.

## 2. Regulatory Landscape

The regulatory frameworks governing cross-border M&A are complex and vary significantly across jurisdictions, particularly within strategic sectors. These frameworks are designed to balance economic openness with national security and public interest concerns.

### Antitrust Laws

Competition authorities worldwide scrutinize M&A deals to prevent the creation or strengthening of dominant market positions that could harm consumers. Thresholds for mandatory notification are typically based on the size of the transaction or the market share of the involved companies. Strategic sectors, often characterized by high market concentration or critical national importance, can attract closer antitrust scrutiny.

### National Security Reviews

A growing number of countries have established or enhanced regimes to review foreign investments for national security implications. These reviews often encompass a broad range of sectors beyond traditional defense, including technology, critical infrastructure, sensitive data, and natural resources.

**CFIUS (Committee on Foreign Investment in the United States):** CFIUS is an interagency committee responsible for reviewing transactions involving foreign investment in U.S. businesses for potential risks to national security. Its authority extends to a wide array of sectors, with particular attention paid to those involving critical technology, critical infrastructure, and sensitive personal data. CFIUS can recommend that the President block a transaction or require mitigation measures to address identified risks.

**International Equivalents:** Many other jurisdictions have similar review mechanisms:

- **United Kingdom:** The National Security and Investment (NSI) Act 2021 mandates notification for acquisitions in 17 sensitive sectors, including advanced materials, AI, civil nuclear, communications, defence, energy, and transport.

- **Canada:** The Investment Canada Act (ICA) governs foreign investment reviews, with a focus on national security, and recent policy statements have emphasized stricter scrutiny of investments in critical minerals, particularly from state-owned or closely government-influenced entities.

- **China:** China's M&A regulatory landscape involves multiple ministries, with the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) playing key roles in reviewing foreign investments, with specific attention paid to national security and critical sectors.

- **European Union:** The EU has a framework for screening foreign direct investment (FDI) that allows Member States to review transactions based on national security or public order, with the European Commission able to issue opinions and Member States having their own screening mechanisms. Recent proposals aim to harmonize procedures and expand the scope of mandatory screening.

### Sector-Specific Regulations

Beyond general antitrust and national security reviews, strategic sectors are often subject to unique regulatory requirements:

- **Technology:** Concerns over intellectual property, data privacy, cybersecurity, and the proliferation of advanced technologies like AI and semiconductors lead to heightened scrutiny. Transactions involving "critical technologies" are often subject to mandatory notification.

- **Healthcare:** Regulations focus on public welfare, ensuring access to essential services, drug pricing, and national health security.

- **Telecommunications:** Network security, data integrity, and the potential for foreign government influence are key considerations, leading to reviews of foreign ownership and control.

- **Energy:** Regulations are geared towards ensuring energy security, supply chain resilience, and adherence to environmental standards, with foreign investment in energy networks and resources often subject to stringent review.

## 3. Political Climate and its Impact on M&A

The prevailing political climate between countries significantly influences cross-border M&A activities, impacting deal feasibility and execution.

### Bilateral Relations

Strained political relations can create an unfavorable environment for M&A, leading to increased scrutiny and potential roadblocks. Conversely, strong diplomatic ties can foster greater trust and facilitate smoother transactions.

### Trade Policies and Sanctions

**Tariffs:** Imposition of tariffs can disrupt supply chains, increase operational costs, and alter the attractiveness of cross-border investments. A proposed "reciprocal tariff regime" with varying rates on goods from different countries can significantly impact M&A strategies, leading companies to diversify supply chains and reduce reliance on potentially exposed jurisdictions. Companies are increasingly considering relocating production to mitigate tariff risks.

**Trade Agreements:** Favorable trade agreements can reduce barriers and encourage cross-border M&A by providing greater certainty and market access. Conversely, the absence or breakdown of such agreements can hinder deal-making.

**Sanctions:** Economic sanctions imposed on countries or specific entities can severely restrict or prohibit M&A activities, making transactions legally impossible or financially unviable.

### Geopolitical Events and Policies

Major geopolitical shifts, including regional conflicts, economic rivalries, and the rise of protectionism, profoundly influence M&A strategies. Companies are often compelled to shelve expansion plans or diversify production to mitigate risks associated with geopolitical fragmentation and economic rivalries. The "Trump effect," characterized by a shift towards protectionist trade policies, has been a notable example of how political decisions can reshape global M&A landscapes.

Quantitative data supports the significant impact of geopolitical risk on M&A. Studies indicate that geopolitical risk (GPR) negatively correlates with M&A premiums, with a one-unit increase in the GPR index reducing premiums by approximately 0.82%. The energy sector demonstrates a notably higher sensitivity to geopolitical risk than technology or consumer goods sectors, exhibiting 85% greater sensitivity than tech deals. Tariffs can also have a substantial impact on global GDP, with estimates suggesting that certain tariff levels could reduce global GDP by as much as 1%.

## 4. Strategic Sector Challenges

Strategic sectors face unique challenges in cross-border M&A due to their critical nature and the heightened national interest involved.

### Technology

This sector is characterized by rapid innovation, intellectual property sensitivity, and concerns over data security and privacy. Governments are particularly vigilant regarding foreign investment in areas like artificial intelligence, semiconductors, and advanced software, fearing the loss of competitive advantage or the compromise of national security. The broad definition of "critical technologies" often subjects transactions in this sector to mandatory national security reviews.

### Healthcare

Public welfare, patient safety, and national health security are paramount. Regulatory scrutiny in healthcare M&A focuses on ensuring continued access to essential services, drug affordability, and the integrity of health data. The COVID-19 pandemic underscored the strategic importance of the healthcare sector and led to increased governmental oversight of related investments.

### Telecommunications

The security and reliability of communication networks are critical for national infrastructure and economic stability. Foreign investment in this sector is often reviewed to prevent potential foreign government influence, ensure data integrity, and maintain network security.

### Energy

As a cornerstone of national infrastructure, the energy sector is subject to stringent regulations aimed at ensuring energy security, supply chain resilience, and environmental protection. Foreign investments in energy networks, resources, and technologies are typically subject to rigorous review processes.

National interests and protectionism significantly impact global expansion strategies and deal approvals in these sectors. Governments may prioritize domestic companies, impose stringent conditions on foreign investors, or outright block deals deemed to be detrimental to national interests. This can lead to increased deal complexity, longer approval timelines, and a higher risk of transaction failure.

## 5. Case Studies

Examining recent cross-border M&A deals in strategic sectors provides valuable insights into the practical application of regulatory and political barriers and the strategies employed to overcome them.

### Broadcom's Acquisition of VMware

This high-profile technology deal faced significant regulatory scrutiny globally. While ultimately approved, it encountered lengthy reviews in multiple jurisdictions, including China, due to national security concerns related to advanced technology and data. The companies engaged extensively with regulators, provided assurances regarding data handling and operational independence, and made concessions to secure approvals, demonstrating the importance of proactive engagement and willingness to address regulatory concerns.

### Nvidia's Proposed Acquisition of Arm Holdings

This technology deal, valued at $40 billion, was ultimately terminated due to significant regulatory hurdles. Antitrust concerns were raised in multiple jurisdictions, including the U.S., UK, and EU, regarding the potential for Nvidia to gain excessive market power in the semiconductor industry. The prolonged regulatory review and the likelihood of protracted legal battles led to the deal's collapse, illustrating how antitrust challenges in strategic technology sectors can derail even the largest transactions.

### China National Offshore Oil Corporation (CNOOC) Acquisition of Nexen

This energy sector deal faced significant political opposition in Canada, primarily due to national security concerns related to foreign state-owned enterprises acquiring critical energy assets. While ultimately approved with conditions, the process was lengthy and politically charged, highlighting the influence of geopolitical relations and national interests on M&A in strategic sectors.

These cases underscore the critical need for companies to conduct thorough due diligence on the regulatory and political landscape of target countries, engage proactively with governmental bodies, and be prepared to adapt deal structures or offer mitigation measures to navigate complex approval processes.

## 6. Mitigating Strategies and Future Outlook

Companies undertaking cross-border M&A in strategic sectors must adopt robust strategies to navigate the intricate web of regulatory and political challenges.

### Proactive Regulatory Engagement

Early and continuous engagement with relevant governmental bodies and regulators is paramount. This includes understanding notification thresholds, preparing comprehensive filings, and being prepared to address concerns transparently. Building relationships with key stakeholders can facilitate a smoother review process.

### Strategic Deal Structuring

M&A transactions can be structured to mitigate regulatory risks. This might involve divesting certain assets, establishing ring-fenced operations, or agreeing to specific operational commitments that address national security or public interest concerns. Phased acquisitions or joint ventures can also be considered.

### Thorough Due Diligence

Comprehensive due diligence must extend beyond financial and operational aspects to include a deep understanding of the target country's political climate, regulatory environment, and potential geopolitical risks. Identifying potential roadblocks early can inform strategic decision-making.

### Building Local Partnerships

Collaborating with local partners who have established relationships and a deep understanding of the domestic regulatory and political landscape can be invaluable.

### Public Relations and Stakeholder Management

Effectively communicating the benefits of a proposed transaction to the public and key stakeholders can help build support and counter potential opposition driven by protectionist sentiments.

Looking ahead, several potential reforms and international cooperation mechanisms could facilitate smoother cross-border transactions in strategic sectors:

- **Harmonization of Regulatory Frameworks:** Greater harmonization of FDI screening criteria and processes across major economies could reduce complexity and uncertainty for businesses.

- **Increased Transparency and Predictability:** Clearer guidelines and more predictable review processes from regulatory bodies would enable companies to better assess risks and plan accordingly.

## References

[1] Cross-border mergers and acquisitions: navigating US and .... Available at: https://www.fepbl.com/index.php/ijmer/article/view/1779/2036 [Accessed: 2025-07-26]

[2] Reflecting on National Security Considerations in Merger .... Available at: https://www.actecon.com/media/files/European_Competition_Law_Review_2025_Issue_5.pdf [Accessed: 2025-07-26]

[3] Merger control and national security: key considerations for .... Available at: https://www.financierworldwide.com/merger-control-and-national-security-key-considerations-for-corporate-transactions [Accessed: 2025-07-26]

[4] the relationship between fdi screening and merger control .... Available at: https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/11/the-relationship-between-fdi-screening-and-merger-control-reviews_4dd7aed6/8bcc96f0-en.pdf [Accessed: 2025-07-26]

[5] Geopolitics in Europe Drive Cross-Border M&A. Available at: https://arc-group.com/geopolitics-europe-cross-border-m-a/ [Accessed: 2025-07-26]

[6] Reconciling National Security Review with Takeover .... Available at: https://law.nus.edu.sg/wp-content/uploads/2024/01/01_UmakanthVarottil.pdf [Accessed: 2025-07-26]

[7] The Impact of Geopolitical Tensions on M&A. Available at: https://www.taylorhawkesglobal.com/knowledge/the-impact-of-geopolitical-tensions-on-ma [Accessed: 2025-07-26]

[8] Succeed in M&A in Times of Heightened Regulatory Scrutiny. Available at: https://www.bakermckenzie.com/-/media/files/insight/publications/2024/05/succeed-in-ma-in-times-of-hightened-regulatory-scrutiny.pdf [Accessed: 2025-07-26]

[9] Financial Legal Risks and Prevention Mechanisms in Cross .... Available at: https://www.paradigmpress.org/le/article/download/1617/1444/1821 [Accessed: 2025-07-26]

[10] Succeed in M&A in Times of Heightened Regulatory Scrutiny. Available at: https://www.bakermckenzie.com/-/media/files/insight/publications/2024/05/succeed-in-ma-in-times-of-hightened-regulatory-scrutiny.pdf [Accessed: 2025-07-26]

[11] M&A in the AI Era: Key Antitrust and National Security .... Available at: https://www.skadden.com/insights/publications/2025/06/insights-june-2025/ma-in-the-ai-era [Accessed: 2025-07-26]

[12] The evolving concept of national security around the world. Available at: https://globalcompetitionreview.com/hub/fdi-regulation-hub/fourth-edition/article/the-evolving-concept-of-national-security-around-the-world [Accessed: 2025-07-26]

[13] The Committee on Foreign Investment in the United States .... Available at: https://www.bipc.com/assets/PDFs/Insights/CFIUS%20Handbook%20April%202025%20FINAL%20WEB%20REV.pdf [Accessed: 2025-07-26]

[14] Competition & Foreign Investment Review. Available at: https://www.allenandgledhill.com/practices/competition-foreign-investment-review/ [Accessed: 2025-07-26]

[15] Cross-border Mergers – Contribution from BIAC. Available at: https://one.oecd.org/document/DAF/COMP/GF/WD(2024)55/en/pdf [Accessed: 2025-07-26]

[16] The evolving concept of national security around the world. Available at: https://globalcompetitionreview.com/hub/fdi-regulation-hub/fourth-edition/article/the-evolving-concept-of-national-security-around-the-world [Accessed: 2025-07-26]

[17] Investment screening: Implications for the energy sector .... Available at: https://www.sciencedirect.com/science/article/pii/S0301421520303797 [Accessed: 2025-07-26]

[18] The Evolving Global Foreign Direct Investment and .... Available at: https://www.dechert.com/content/dam/dechert%20files/knowledge/publication/whitepaper-The-National-Security-and-Foreign-Direct-Investment-Review-11-22.pdf [Accessed: 2025-07-26]

[19] The UK's Foreign Investment Security Review Mechanism. Available at: https://www.mdpi.com/2075-471X/14/2/24 [Accessed: 2025-07-26]

[20] The impact of political freedoms on cross-border M&A .... Available at: https://www.sciencedirect.com/science/article/pii/S1062976923000881 [Accessed: 2025-07-26]

[21] Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.ewadirect.com/proceedings/aemps/article/view/24888 [Accessed: 2025-07-26]

[22] Looking Ahead: Risk-Based M&A – Selling Out of Political .... Available at: https://www.bakermckenzie.com/en/insight/publications/2025/01/spotlight-on-risk-based-mergers-and-acquisitions [Accessed: 2025-07-26]

[23] Tariffs and the US-China trade tensions shaping deal .... Available at: https://www.alvarezandmarsal.com/thought-leadership/tariffs-and-takeovers-how-us-china-trade-tensions-could-reshape-deal-making-in-2025-and-beyond [Accessed: 2025-07-26]

[24] Global M&A industry trends: 2025 mid-year outlook. Available at: https://www.pwc.com/gx/en/services/deals/trends.html [Accessed: 2025-07-26]

[25] Cross-Border M&A: How to Expand Globally Through .... Available at: https://mnacommunity.com/insights/cross-border-ma-deals/ [Accessed: 2025-07-26]

[26] the relationship between fdi screening and merger control .... Available at: https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/11/the-relationship-between-fdi-screening-and-merger-control-reviews_4dd7aed6/8bcc96f0-en.pdf [Accessed: 2025-07-26]

[27] Chambers & Partners 2025 Corporate M&A Guide. Available at: https://www.linklaters.com/en/knowledge/publications/alerts-newsletters-and-guides/2025/april/28/us-ma-newsletter--april-29-2025 [Accessed: 2025-07-26]

[28] NAVIGATING FOREIGN DIRECT INVESTMENT .... Available at: https://www.herbertsmithfreehills.com/dam/jcr:94e59858-5c5a-446d-baac-e30817fbad9e/Navigating%20FDI%20Regulation%20in%20M%20and%20A%20(Global%20Brochure)%20(November%202024).pdf [Accessed: 2025-07-26]

[29] Global trends in merger control enforcement. Available at: https://www.aoshearman.com/en/download/media/project/aoshearman/pdf-downloads/insights/2025/02/global-trends-in-merger-control-enforcement-report-2025.pdf?name=Global%20trends%20in%20merger%20control%20enforcement%20report%202025.pdf [Accessed: 2025-07-26]

[30] the relationship between fdi screening and merger control .... Available at: https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/11/the-relationship-between-fdi-screening-and-merger-control-reviews_4dd7aed6/8bcc96f0-en.pdf [Accessed: 2025-07-26]

[31] Introduction: a global overview of key FDI trends. Available at: https://globalcompetitionreview.com/hub/fdi-regulation-hub/fourth-edition/article/introduction-global-overview-of-key-fdi-trends [Accessed: 2025-07-26]

[32] 8 Factors For Cross-Border Tech M&A In 2025. Available at: https://www.ansarada.com/blog/eight-factors-cross-border-tech-ma [Accessed: 2025-07-26]

[33] Geopolitics in Europe Drive Cross-Border M&A. Available at: https://arc-group.com/geopolitics-europe-cross-border-m-a/ [Accessed: 2025-07-26]

[34] Global M&A industry trends: 2025 outlook. Available at: https://www.pwc.com/gx/en/services/deals/trends/2025.html [Accessed: 2025-07-26]

[35] Cross-Border M&A: Best Practices For Navigating .... Available at: https://alejandrocremades.com/cross-border-ma-best-practices-for-navigating-international-acquisitions/ [Accessed: 2025-07-26]

[36] Cross-Border M&A Guide. Available at: https://www.wlrk.com/wp-content/uploads/2025/01/Cross-Border-MA-Guide-2024-final-002.pdf [Accessed: 2025-07-26]

[37] Cross-border mergers and acquisitions: navigating US and .... Available at: https://www.fepbl.com/index.php/ijmer/article/view/1779/2036 [Accessed: 2025-07-26]

[38] Technology M&A 2025 - Singapore | Global Practice Guides. Available at: https://practiceguides.chambers.com/practice-guides/technology-ma-2025/singapore/trends-and-developments [Accessed: 2025-07-26]

[39] When Geopolitical Risk Increases Investments. Available at: https://papers.ssrn.com/sol3/Delivery.cfm/01a581a6-789f-4e3c-978a-55d4dde768bb-MECA.pdf?abstractid=5231993&mirid=1 [Accessed: 2025-07-26]

[40] Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.ewadirect.com/proceedings/aemps/article/view/24888 [Accessed: 2025-07-26]

[41] (PDF) Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.researchgate.net/publication/393610200_Geopolitical_Risk_and_Cross-Border_MA_Pricing [Accessed: 2025-07-26]

[42] Corporate Governance, International Financial .... Available at: https://www.sciencedirect.com/science/article/pii/S1059056025006203 [Accessed: 2025-07-26]

[43] Technology M&A 2025 - Singapore | Global Practice Guides. Available at: https://practiceguides.chambers.com/practice-guides/technology-ma-2025/singapore/trends-and-developments [Accessed: 2025-07-26]

[44] Succeed in M&A in Times of Heightened Regulatory Scrutiny. Available at: https://www.bakermckenzie.com/-/media/files/insight/publications/2024/05/succeed-in-ma-in-times-of-hightened-regulatory-scrutiny.pdf [Accessed: 2025-07-26]

[45] Foreign direct investment reviews 2025: European Union. Available at: https://www.whitecase.com/insight-our-thinking/foreign-direct-investment-reviews-2025-european-union [Accessed: 2025-07-26]

[46] New screening rules for foreign investment in the EU | News. Available at: https://www.europarl.europa.eu/news/en/press-room/20250407IPR27703/new-screening-rules-for-foreign-investment-in-the-eu [Accessed: 2025-07-26]

[47] Foreign Direct Investment Regimes China 2025. Available at: https://iclg.com/practice-areas/foreign-direct-investment-regimes-laws-and-regulations/china [Accessed: 2025-07-26]

[48] China's National Security Review. Available at: https://www.fangdalaw.com/wp-content/uploads/2022/08/Chinas-National-Security-Review.pdf [Accessed: 2025-07-26]

[49] Investment Canada Act. Available at: https://ised-isde.canada.ca/site/investment-canada-act/en [Accessed: 2025-07-26]

[50] Foreign direct investment reviews 2025: Canada. Available at: https://www.whitecase.com/insight-our-thinking/foreign-direct-investment-reviews-2025-canada [Accessed: 2025-07-26]

[51] Chips in on a merger: The Arm-Nvidia case. Available at: https://www.sciencedirect.com/science/article/pii/S0167718724000857 [Accessed: 2025-07-26]

[52] FTC Sues to Block $40 Billion Semiconductor Chip Merger. Available at: https://www.ftc.gov/news-events/news/press-releases/2021/12/ftc-sues-block-40-billion-semiconductor-chip-merger [Accessed: 2025-07-26]

[53] (PDF) Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.researchgate.net/publication/393610200_Geopolitical_Risk_and_Cross-Border_MA_Pricing [Accessed: 2025-07-26]

[54] Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.ewadirect.com/proceedings/aemps/article/view/24888 [Accessed: 2025-07-26]

[55] Looking Ahead: Risk-Based M&A – Selling Out of Political .... Available at: https://www.bakermckenzie.com/en/insight/publications/2025/01/spotlight-on-risk-based-mergers-and-acquisitions [Accessed: 2025-07-26]

[56] US Tariffs: What's the Impact? | J.P. Morgan Global Research. Available at: https://www.jpmorgan.com/insights/global-research/current-events/us-tariffs [Accessed: 2025-07-26]

[57] Policy Regarding Foreign Investments from State-Owned .... Available at: https://ised-isde.canada.ca/site/investment-canada-act/en/policy-regarding-foreign-investments-state-owned-enterprises-critical-minerals-under-investment [Accessed: 2025-07-26]

[58] Hikvision Challenges Government's National Security .... Available at: https://www.nortonrosefulbright.com/en/knowledge/publications/c1c86f5d/hikvision-challenges-governments-national-security-order-under [Accessed: 2025-07-26]

[59] Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.ewadirect.com/proceedings/aemps/article/view/24888 [Accessed: 2025-07-26]

[60] (PDF) Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.researchgate.net/publication/393610200_Geopolitical_Risk_and_Cross-Border_MA_Pricing [Accessed: 2025-07-26]

[61] Trump 2.0 tariff tracker. Available at: https://www.tradecomplianceresourcehub.com/2025/07/25/trump-2-0-tariff-tracker/ [Accessed: 2025-07-26]

[62] US-China Tariff Rates - What Are They Now?. Available at: https://www.china-briefing.com/news/us-china-tariff-rates-2025/ [Accessed: 2025-07-26]

[63] US Tariffs: What's the Impact? | J.P. Morgan Global Research. Available at: https://www.jpmorgan.com/insights/global-research/current-events/us-tariffs#:~:text=On%20balance%2C%20a%2010%25%20universal,to%20J.P.%20Morgan%20Global%20Research. [Accessed: 2025-07-26]

[64] Global M&A trends in technology, media and .... Available at: https://www.pwc.com/gx/en/services/deals/trends/telecommunications-media-technology.html [Accessed: 2025-07-26]

[65] Succeed in M&A in Times of Heightened Regulatory Scrutiny. Available at: https://www.bakermckenzie.com/-/media/files/insight/publications/2024/05/succeed-in-ma-in-times-of-hightened-regulatory-scrutiny.pdf [Accessed: 2025-07-26]

[66] The impact of the new wave of US tariffs on global .... Available at: https://www.ashurst.com/en/insights/the-impact-of-the-new-wave-of-us-tariffs-on-global-businesses/ [Accessed: 2025-07-26]

[67] Trump's impact on M&A: Part chaos, part back-to-business, .... Available at: https://fortune.com/2025/01/17/trump-mergers-acquisitions-banks-finance/ [Accessed: 2025-07-26]

[68] presidential-action-regarding-nippon-steel-establishes-two .... Available at: https://www.weil.com/-/media/files/pdfs/2025/july/presidential-action-regarding-nippon-steel-establishes-two-new-significant-cfius-precedents.pdf [Accessed: 2025-07-26]

[69] The Nippon-U. S. Steel Deal, a Golden Share, and Magic .... Available at: https://www.cfr.org/article/nippon-u-s-steel-deal-golden-share-and-magic-beans [Accessed: 2025-07-26]

[70] Streamlining Foreign Investment and CFIUS Processes. Available at: https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2023/12/global-foreign-investment-and-CFIUS-brochure-december.pdf [Accessed: 2025-07-26]

[71] global-foreign-investment-and-cfius-brochure-february- .... Available at: https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2025/02/global-foreign-investment-and-cfius-brochure-february-2025.pdf [Accessed: 2025-07-26]

[72] Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.ewadirect.com/proceedings/aemps/article/view/24888 [Accessed: 2025-07-26]

[73] (PDF) Geopolitical Risk and Cross-Border M&A Pricing. Available at: https://www.researchgate.net/publication/393610200_Geopolitical_Risk_and_Cross-Border_MA_Pricing [Accessed: 2025-07-26]

[74] The impact of political freedoms on cross-border M&A .... Available at: https://www.sciencedirect.com/science/article/pii/S1062976923000881 [Accessed: 2025-07-26]

[75] EU: European Parliament adopts proposal to harmonise .... Available at: https://foreigninvestment.bakermckenzie.com/2025/06/23/eu-european-parliament-adopts-proposal-to-harmonise-and-expand-foreign-investment-screening-processes-across-all-eu-member-states/ [Accessed: 2025-07-26]

[76] Revision of the EU Foreign Direct Investment Screening .... Available at: https://www.europarl.europa.eu/RegData/etudes/BRIE/2024/762844/EPRS_BRI(2024)762844_EN.pdf [Accessed: 2025-07-26]

[77] China's National Security Review. Available at: https://www.fangdalaw.com/wp-content/uploads/2022/08/Chinas-National-Security-Review.pdf [Accessed: 2025-07-26]

[78] Foreign Direct Investment Regimes China 2025. Available at: https://iclg.com/practice-areas/foreign-direct-investment-regimes-laws-and-regulations/china [Accessed: 2025-07-26]

[79] Reconciling National Security Review with Takeover .... Available at: https://law.nus.edu.sg/wp-content/uploads/2024/01/01_UmakanthVarottil.pdf [Accessed: 2025-07-26]

[80] AI M&A: Current trends and unique legal and regulatory .... Available at: https://www.globallegalinsights.com/practice-areas/ai-machine-learning-and-big-data-laws-and-regulations/ai-ma-current-trends-and-unique-legal-and-regulatory-considerations/ [Accessed: 2025-07-26]

[81] Cross-border mergers and acquisitions: navigating US and .... Available at: https://www.fepbl.com/index.php/ijmer/article/view/1779/2036 [Accessed: 2025-07-26]

[82] Cross-border Mergers/Acquisitions: A Review and .... Available at: https://www.researchgate.net/publication/5213263_Cross-border_MergersAcquisitions_A_Review_and_Research_Agenda [Accessed: 2025-07-26]

[83] Economic impact of political barriers to cross-border .... Available at: https://www.sciencedirect.com/science/article/abs/pii/S0929119909000339 [Accessed: 2025-07-26]

[84] Cross-border Mergers and Acquisitions amid Political .... Available at: https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2311333_code1235814.pdf?abstractid=2311333 [Accessed: 2025-07-26]

[85] Canada Clamps Down on Foreign SOE Investments in Critical .... Available at: https://legalblogs.wolterskluwer.com/competition-blog/canada-clamps-down-on-foreign-soe-investments-in-critical-minerals/#:~:text=Canada%20Clamps%20Down%20on%20Foreign%20SOE%20Investments%20in%20Critical%20Minerals,-Mark%20Katz%20(Davies&text=The%20Canadian%20government%20announced%20a,in%20Canada's%20critical%20minerals%20sector. [Accessed: 2025-07-26]

---
*Generated using [OptiLLM Deep Research](https://github.com/codelion/optillm) with TTD-DR (Test-Time Diffusion Deep Researcher)*
