The EU has published guidelines for the biggest overhaul of rules governing mergers since 2004. However, commentators are warning that loosening the M&A code may create new risks and still not deliver the โ€œmega companiesโ€ that proponents seek. And EU officials appear divided. Where does this leave compliance teams?

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...