欧洲航天企业 Airbus、Leonardo 和 Thales 在 10 月宣布合并空间业务，以应对 SpaceX 与 Starlink 的竞争，但是否获批仍取决于欧盟委员会的新并购规则。若以往经验看，欧盟曾在 2019 年阻止了 Alstom 与西门子铁路部门交易，但美国监管更趋宽松；2025 年全球 45 起金额达 100 亿美元以上并购较 2024 年的 28 起明显上升，收购方为美国的有 25 起、欧洲的仅 8 起。
在 40 个行业的集中度审视中，欧盟出现更高集中度的行业更多：最大四家公司销售额占比超过 75% 的有 22 个行业，而美国为 16 个，前两大企业占比超过 75% 的行业在欧洲有 9 个、美国有 6 个。美国金融与通信行业集中度更高：美国前四大银行资产占比 54%，欧盟对应为 38%；美国前四大电信商占 94%，而欧盟要到前 17 家才达到同等份额。
分析人士认为，许多欧盟核心企业已具备盈利能力，委员会经济学家指出主要电信商利润高于资本成本，因此不应以“提高利润率”为由被放任并购；再加上成员国监管层持续介入，UniCredit 在德国和意大利市场均受阻。若同业并购受限，企业可能转向跨界整合，如意大利 Poste Italiane 于 3 月 22 日出价收购 Telecom Italia，但此类“杂交式”扩张的规模效应与成团逻辑仍不确定，欧洲是否能重建全球性巨头取决于更深层竞争力重塑。
Europe's Airbus, Leonardo and Thales proposed in October to merge their space divisions to counter SpaceX and Starlink, but approval hinges on the EU Commission’s new merger rules. Past EU behavior was stricter than the current U.S. trend; in 2019 Brussels blocked Alstom and Siemens Rail, while the 2025 global market saw 45 deals above $10bn versus 28 in 2024, with U.S. acquirers in 25 deals (22 with U.S. targets) and European acquirers in only 8 (3 with European targets).
A concentration scan across 40 listed industries found stronger dominance in more EU sectors: the top four firms captured over 75% of sales in 22 sectors, versus 16 in the U.S., and the top two exceeded 75% in 9 sectors, versus 6 in the U.S. In banking and telecoms, U.S. concentration is higher, with the top four banks holding 54% of assets versus 38% in the EU, and the top four telecom operators holding 94% versus the top 17 needed to match that share in the EU.
The Commission’s economist report argues big EU telecom players already earn profits above cost of capital, weakening the case for margin-driven mergers, while national regulators remain powerful blockers. UniCredit’s Commerzbank push is contested by Germany and was earlier derailed in Italy, and Brussels-style “call-in powers” let states review deals with weak local sales; if horizontal combinations stall, firms may pivot to adjacent sectors, such as Poste Italiane’s March 22 bid for Telecom Italia, where conglomerate-style scale gains remain uncertain.
Source: Will the EU’s new merger rules unleash a wave of dealmaking?
Subtitle: Don’t hold your breath
Dateline: 3月 26, 2026 04:46 上午 | BRUSSELS