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Matthew Readings

Partner

Matthew advises on UK and EU competition law, both transactional and behavioural/contentious, and on UK and international foreign investment control.

Matthew advises clients across a broad range of sectors on strategic international merger control and foreign investment approval issues, represents clients before the CMA and European Commission, oversees multi-jurisdictional merger reviews in countries throughout the world and handles complex CMA and European Commission cases, including Phase II investigations and remedy cases, as well as sensitive foreign investment screenings.

Matthew advises on European Commission and UK cartel investigations and market studies and investigations by the CMA and sector regulators including the FCA. He is experienced in private enforcement of antitrust rights in the UK courts.

Experience

Representative matters

Areva in the cartel damages action brought by National Grid in the English High Court against Areva and a number of other defendants.

Credit Suisse on a settlement with the European Commission in the CHF LIBOR cartel case.

Dover Corporation on its acquisition of the business of FW Murphy Production Controls.

ICE on the CMA Phase II investigation of its acquisition of Trayport, and subsequent court appeals.

Raytheon on the European Commission and international merger control and foreign investment approvals for its $120 billion defence merger with United Technologies, obtained with remedies. 

Merger Control and FDI Cases

Aditya Birla on its European Commission clearance for its acquisition of Columbian Chemicals following an Article 22 referral by the German, UK and Spanish competition authorities.

ADNOC Distribution on its acquisition of a 50% stake in Total Egypt.

ADNOC on its acquisition of a minority stake in the Masdar renewable energy business resulting in a joint venture with TAQA and Mubadala, as well as the formation of a green hydrogen joint venture between the same parties.

ADNOC on its acquisition of Mubadala’s 24.9% stake in OMV.

ADNOC on the acquisition of Mubadala’s 25% stake in Borealis.

ADNOC on the establishment of a strategic partnership with OCI for the production of nitrogen fertilizers.

ADNOC on the formation of a joint venture between its TA’ZIZ investment platform (with ADQ), Reliance Industries and Shaheen Chem Holdings Investment LLC for the development of a $900 million Chlor-Alkali (CA) and Ethylene di Chloride (EDC) facility in Ruwais.

ADNOC on the formation of a joint venture with BP comprising BP’s upstream gas assets in Egypt.

ADNOC on the formation of an ammonia joint venture in Ruwais between its TA’ZIZ investment platform (with ADQ), Fertiglobe, Mitsui and GS Energy.

Barry Callebaut on its acquisition of Burton’s Biscuit Company’s chocolate manufacturing assets.

Barry Callebaut on its acquisition of the Cocoa Ingredients Division of Petra Foods Limited.

Chevron on its acquisition of Renewable Energy Group.

Fairfax on the sale of its Crum & Forster Pet Insurance Group and Pethealth Inc. to JAB Holding Company for $1.4 billion. 

Fenway Sports Group (FSG) on a significant investment from RedBird Capital Partners into FSG.

General Healthcare Group on its acquisition of Nuffield hospitals, cleared by the UK OFT based on a “fix it first” divestment (the first time the OFT accepted a “fix-it-first” remedy).

Glatfelter on its acquisition from Georgia-Pacific of its European nonwoven business.

Glatfelter on its acquisitions of Jacob Holm and Georgia-Pacific’s European nonwoven business.

Hitachi on its $9.5 billion acquisition of GlobalLogic Inc. 

ICE on its $8.2 billion acquisition of NYSE Euronext.

ICE on its joint venture with ADNOC to develop and operate a new Recognized Investment Exchange in the Abu Dhabi Global Market.

ICE on its UK clearance for acquiring a majority stake in APEX-Endex.

ICIG on the acquisition of international group sodium metal specialist MSSA from Nippon Soda.

Lanxess on its $1.075 billion acquisition of Emerald Kalama Chemical.

Macquarie Infrastructure on the disposal of its 36% stake in Brussels Airport to a consortium of pension funds.

Nokia on its acquisition of Navteq, cleared unconditionally by the European Commission after a Phase II investigation.

SAP on the disposal of Digital Interconnect to Sinch AB.

SAP on the sale of Qualtrics to Silver Lake Management and the Canada Pension Plan Investment Board for an equity value of approximately $12.5 billion.

Sino Biopharmaceutical and its British subsidiary, invoX Pharma, on their acquisition of F-star Therapeutics.

Société Générale on the creation of a joint venture with AllianceBernstein, through the combination of their respective cash equity and equity research businesses.

Strategic Sports Group (SSG) in a partnership with the PGA Tour to launch PGA TOUR Enterprises.

A third-party complainant in the European Commission’s review (and prohibition) of Deutsche Börse’s proposed acquisition of the London Stock Exchange Group.

A third-party complainant in the European Commission’s review (and prohibition) of Deutsche Börse’s proposed acquisition of NYSE Euronext.

A third party on the European Commission’s review (and prohibition) of BHP’s proposed acquisition of Rio Tinto.

Behavioural and Contentious Cases

A financial institution on the European Commission cartel investigation into alleged collusion in FX spot trading.

A financial institution on the European Commission cartel investigation into alleged collusion in SSA Bonds.

A company on the ongoing FCA competition market study into wholesale data markets.

A financial institution on the FCA’s competition market study into wholesale and investment banking.

A company on the European Commission’s investigation into Credit Default Swaps.

A company on the European Commission’s pharma sector inquiry.

Cargolux in the cartel damages action brought in the UK based on the European Commission’s air freight cartel decision.

Pro bono

  • Pro-bono advocate in The Bavarian Lager Company v European Commission C-28/08 before the Grand Chamber of the European Court of Justice. This case was the first and seminal exploration of the relationship between data protection and transparency rights in the context of corporate lobbying of the European Commission.

Speaking Engagements

  • Panelist, “Global Co-operation”, GCR Live Law Leaders Asia Pacific, August 2023
  • Guest speaker, “Populist Antitrust – The Buck Stops Where?”, American Bar Association Antitrust Law Spring Meeting, April 2022
  • Panelist, “EU and Germany, France, Netherlands, Italy”, GCR Live: Foreign Investment & Protectionism, December 2021
Recognition
Matthew Readings can be trusted to provide clear and pragmatic advice. His extensive international merger control experience shines through.
Chambers UK, 2023
He is solution-oriented, extremely responsive and pays attention to important details.
Chambers UK, 2023

Awards

  • Ranked for 18 years in Chambers UK, 2006 - 2024
  • Ranked for 11 years in Chambers Europe and Chambers Global, 2013 - 2024
  • Ranked as a Leading Individual, Legal 500 UK, 2022 - 2024
  • Recognised in Who’s Who Legal, 2024
  • Shortlisted for Concurrence Antitrust Writing Awards, 2023

Qualifications

Admissions

Law Society of England & Wales, 1996

Practising Certificate (England & Wales), 2007

Academic

L.L.M, Nottingham University, 1992

Nottingham Law School, Nottingham Trent University, 1993

Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.