Antitrust

On October 2, 2025, Occidental, an international energy company, and Berkshire Hathaway announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all‑cash transaction for $9.7 billion, subject to customary purchase price adjustments. Cravath is representing Occidental in connection with the transaction.

On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

On August 28, 2025, a jury in the U.S. District Court for the Eastern District of New York unanimously concluded that Cravath clients American Express Company and American Express Travel Related Services Company, Inc., (together, “Amex”) are not liable for antitrust claims in a class action suit, brought by a class of debit card users and non‑rewards credit card users from eight states and Washington, D.C., alleging that the company’s non‑discrimination provisions are anticompetitive.

On August 29, 2025, PepsiCo, Inc. (“PepsiCo”) and Celsius Holdings, Inc. (“Celsius Holdings”) announced an agreement to strengthen their long-term strategic partnership. As part of the agreement, (i) Celsius Holdings’ Alani Nu brand will move to the PepsiCo distribution system in the U.S. and Canada, (ii) PepsiCo has acquired $585 million in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and (iii) Celsius Holdings has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo. PepsiCo will continue to own the Rockstar brand internationally. Celsius Holdings will become the strategic energy lead in the U.S., managing the Celsius, Alani Nu and Rockstar Energy brands, while PepsiCo will lead distribution for the Celsius Holdings portfolio in the U.S. and Canada. Cravath is representing PepsiCo in connection with the transaction.

On July 31, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed a jury verdict won by Cravath client Epic against Google in the U.S. District Court for the Northern District of California that Google has engaged in illegal anticompetitive behavior in the distribution of mobile apps and in the handling of in‑app payments. The Ninth Circuit also unanimously affirmed the district court’s permanent injunction against Google. The district court’s injunction prohibits Google from providing benefits to phone manufacturers, app developers and others in exchange for favoring the Google Play Store, prohibits Google from requiring the use of its own payment solution and also requires Google to take steps to restore competition, such as carrying other app stores on the Google Play Store.

On September 19, 2025, Cravath partner Noah Joshua Phillips participated in Fordham Competition Law Institute’s 52nd Annual Conference on International Antitrust Law and Policy and Antitrust Economics Workshop, held in New York. The conference convened leading figures in the industry to discuss recent developments in competition law and policy. Noah interviewed Daniel Guarnera, Director of the Federal Trade Commission’s Bureau of Competition, in a keynote Q&A session during the event.

On September 18, 2025, Cravath published the fifth edition of its Cravath Data Privacy and Security Review newsletter. The Review provides an overview of recent U.S. state and federal legislative and regulatory developments, alongside U.S. and global enforcement trends and takeaways, in data privacy and cybersecurity for the first six months of 2025. It first presents an update on emerging and existing privacy and security legislation at the federal level, including amendments to the Children’s Online Privacy Protection Rule, then highlights notable legislative developments at the state level across the country. This edition also explores the heightened focus on cybersecurity- and privacy‑related enforcement at federal agencies, including the Federal Trade Commission, Securities and Exchange Commission and Department of Justice, and provides global enforcement updates from the European Union and China.

Cravath partner Margaret T. Segall authored a chapter entitled “United States: Government Investigations.” for Global Competition Review’s “Americas Antitrust Review 2026,” published on August 11, 2025. The chapter reviews recent DOJ and FTC enforcement activity, including merger challenges, settlements and non‑merger actions.

On September 13, 2025, Cravath partner Margaret T. Segall participated in the International Bar Association’s 29th Annual Competition Conference, which was held from September 12‑13 in Florence, Italy. The event brought together international practitioners, including law firms, government officials and academics, to discuss antitrust law developments. Maggie spoke on a panel entitled “A New Era for Merger Control: Industrial Policy, Competitiveness and Innovation,” which reviewed how Europe’s Draghi report, the Competition and Markets Authority’s “political reset,” the new U.S. administration and other international developments are playing out in merger enforcement.

On September 9, 2025, Cravath partner Margaret T. Segall participated in “Hot Topics for In‑House Counsel 2025,” a program presented by the Practising Law Institute in New York. Maggie spoke on a panel entitled “Global Antitrust Issues for In‑House Counsel,” in which panelists discussed developments in the international and domestic antitrust landscape affecting in‑house counsel, including trends in global antitrust law, the evolution of the U.S. antitrust landscape, coordination among agencies and practical tips and strategies.