The EU Commission plans to create new instruments to address possible distortions in the internal market caused by operators subsidised by third countries. This concerns not only, but in particular, the M&A market. The Commission summarises its considerations in a White Paper on Levelling the Playing Field as Regards Foreign Subsidies and invited the public to comment. The deadline for comments on the White Paper has now expired. Dr. Nikolaus von Jacobs and Dr. Germar Enders provide an overview of what market participants can expect.