Blakes Competitive Edge™: July 2026 Update

Welcome to the July issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.

Key Highlights

• Merger review activity in 2026 increases compared to last year, with the Bureau completing 116 merger reviews through the end of June 2026, as compared to 105 merger reviews through June 2025.
• The Bureau reaches a consent agreement with BVD Petroleum Inc. in relation to its acquisition of fueling assets in Niagara Region.
• The Bureau announces an examination into Empire Company Limited’s use of property controls in Canada’s food supply chain.

Competition Act

Merger Monitor

June 1 – June 30, 2026 Highlights

• 14 merger reviews announced, 21 merger reviews completed, with reviews taking 29 calendar days on average
• Primary industries of completed reviews: real estate and rental and leasing (24%); mining, quarrying, and oil and gas extraction (19%); retail trade (14%); finance and insurance (14%); manufacturing (14%)
• 9 transactions received an Advanced Ruling Certificate (43%); 11 transactions received a No Action Letter (52%); one transaction was completed via consent agreement

January – June 30, 2026 Highlights

• 116 merger reviews announced, 116 merger reviews completed, with the reviews taking 44 calendar days on average
• Primary industries of completed reviews: manufacturing (21%); mining, quarrying, and oil and gas extraction (16%); real estate and rental leasing (12%); finance and insurance (9%)
• 43 transactions received an Advanced Ruling Certificate (38%); 64 transactions received a No Action Letter (55%); four transactions were completed via consent agreement; four transactions were resolved through other means; one transaction was abandoned by the parties

Merger Reviews Completed Year to Date Through June 30, 2026, by Primary Industry

Enforcement Activity

Bureau Launches Investigation Into Empire Company Limited’s Use of Property Controls 

• On June 22, 2026, the Bureau published a news release announcing that it had obtained court orders to advance its investigation into Empire Company Limited’s (Empire) use of property controls. The Bureau’s investigation will focus on Empire’s, the parent company of Sobeys, Farm Boy, Safeway, IGA, Foodland and FreshCo, use of commercial real estate to limit how a property can be used by competitors in the Halifax Regional Municipality.

Bureau Reaches Consent Agreement With BVD Petroleum Inc. in Relation to its Acquisition of Fueling Assets

• On June 30, 2026, the Bureau announced that it reached a consent agreement with BVD Petroleum Inc. (BVD) relating to its acquisition of fueling assets from Cenovus Energy Inc. and Husky Canadian Petroleum Marketing Partnership. The Bureau concluded that the transaction would likely result in a substantial lessening of competition in the Niagara Region for retail gasoline. To resolve the Bureau’s concerns, the consent agreement requires BVD to divest a gasoline station located in the Niagara Region.

Non-Enforcement Activity

Bureau Releases Proposed Cartel Enforcement Guidelines

• On July 15, 2026, the Bureau published a news release announcing its proposed Cartel Enforcement Guidelines, which aim to clarify the Bureau’s approach to enforcing the cartel provisions of the Competition Act. The Cartel Enforcement Guidelines will replace the sections of the Competitor Collaboration Guidelines that apply to the cartel provisions of the Competition Act and the Enforcement Guidelines on wage-fixing and no poaching agreements. The Bureau is soliciting public feedback on the proposed Cartel Enforcement Guidelines until September 13, 2026, after which final guidelines will be published.

Bureau Announces Plans to Examine Competition in Canada’s Food Supply Chain

• On June 16, 2026, the Bureau published a news release announcing an examination of competition across the food supply chain in Canada. The Bureau will be conducting an examination into rising grocery prices, looking for potential competition issues in production, processing, transportation, distribution and retail pricing practices. The examination comes on the heels of the Bureau’s 2023 retail grocery market study and seeks to identify what relevant governments can do to foster competition throughout the food supply chain. The Bureau is seeking public feedback and expects to release a final report in the spring of 2027. For more information about the examination, see our June 2026 Blakes Bulletin: Competition Bureau Launches Examination on Competition in Canada’s Food Supply Chain.

Bureau Releases Performance Measurement & Statistics Report for 2025–2026

• On June 23, 2026, the Bureau published Term 2 (October 1, 2025 to March 31, 2026) data of its Performance Measurement & Statistics Report detailing the Bureau’s enforcement and advocacy activities throughout the 2025–2026 fiscal year. The report summarized the following key statistics:

○ The Bureau commenced 243 merger reviews and concluded 236 in 2025–2026, comparable to the 253 reviews commenced and 237 reviews concluded in 2024–2025. Similarly, the number of mergers filed with the Bureau and the number of Supplementary Information Requests (SIRs) issued by the Bureau increased in 2025–2026:

Pre-Merger Notifications and ARC Requests

SIRs

○ 98.5% of the 129 non-complex merger reviews were completed within the Bureau’s 14-day service standard, with the average review period being 10.85 days. For complex merger reviews, 90% (96) of the 107 complex merger reviews were completed within the Bureau’s service standard (45 days or, where a SIR is issued, 30 days after responses are provided), with the average review period being 42.15 days.

Non-Complex Reviews

Complex Reviews

○ The Bureau entered into four merger consent agreements, an increase from three in 2024–2025.

○ With respect to non-merger enforcement activity, the Bureau commenced 88 investigations and 100 closed, whereas in 2024–2025, 81 investigations were commenced and 53 were closed.

○ In 2025–2026, zero non-merger matters were concluded with the registration of a consent agreement with the Competition Tribunal, a decrease from two in 2024-2025.

Investment Canada Act

Foreign Investment Monitor 

Non-Cultural Investments

May 2026 Highlights

• 104 notifications filed (74 filed for acquisitions, 30 for the establishment of a new Canadian business)
• Country of ultimate control: United States (40%); South Korea (11%); United Kingdom (8%); China (6%); France (5%)

January – May 2026 Highlights

• One reviewable investment approval and 513 notifications filed (369 filed for acquisitions, 144 for the establishment of a new Canadian business, and 4 approved net benefit applications)
• Country of ultimate control: United States (54%); France (6%); United Kingdom (6%); China (5%)

Investment Canada Act Non-Cultural Investment Filings and Approvals, April – May 2026

Blakes Notes

• This past month, Blakes Partner Julie Soloway was re-appointed as Co-Chair of the American Bar Association Antitrust Law Section’s Foreign Investment and National Security Committee for the 2026–2027 term.
• On June 16, 2026, Blakes published Competition Law Developments in Canada: Managing Risk in a Changing Enforcement Environment, highlighting five key developments shaping Canada’s competition law landscape. For more information, see the Blakes webinar titled Competition in Unpredictable Times: Managing Risk and Unlocking Opportunities.
• On June 23, 2026, Blakes Associate Micheal Smith moderated the CBA Competition Law and Foreign Investment Review Section’s panel discussion entitled “Draft Anti-Competitive Conduct and Agreements Guidelines: What Corporate Counsel Need to Know.”
• Blakes Partners Kevin MacDonald and Jonathan Bitran shared insights on the latest developments in Canadian competition law in the 11th edition of The Legal Industry Reviews: Canada.
• Browse our thought-leadership insights from the Competition, Antitrust & Foreign Investment group to learn more.

Contact Us

If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.