You say that, but acquisitions and mergers do not fall within the EU's definitions of trade in goods and services because a company is neither, although they may provide such.It absolutely has everything to with being able to review investments and acquisitions. Can't have every national regulator within a trading bloc making independent rulings otherwise you'll see rampant smuggling of 'contraband' within the trading bloc ...
Again, at the risk of being repetitive, buying a company is neither trade in goods nor services.A single member state must NEVER threaten the primacy of the EU commission's authority on the bloc's trading policy as it's a violation of EU law ...
Member states don't have a choice but to follow a unified EU-wide trade policy so there's very little regulatory divergence to be seen ...
There is only unified trade policy as far as trade tariffs, barriers and intra-EU trade go, this is an acquisition by one US firm, acquiring another, along with all of its subsidiaries.
As for the idea that there is an EU-wide trade policy, I guess it depends what you mean by trade policy. It is most definitely not for Brussels to tell individual member states what their trade policy should be nor what they should be allowed to trade. I'll give you an example in which I have some experience, take exports controls of strategic goods.
Such goods fall into two types: dual-use (goods which have both a civil and military use) and military goods (goods specially designed or modified for military use). The EU is the competent authority for dual-use goods in the EU, therefore it sets the decision-making framework (called the Common Position) for assessing exports of dual-use goods but it doesn't for military goods. And whilst the EU sets out the assessment criteria, it is not involved in individual decisions that falls to individual national export control across the EU. So for example, if France decides not to sell nuclear fuel (dual use goods) to Canada, that's up to the French and it makes no iota if somebody in Brussels wants to promote more nuclear trade with Canada or not.
Whilst there is a general expectation of free movement of people and goods in the EU, it's not quite that black and white. Just because the EU gets to set the rules for Member States it doesn't enact them so you will also get member states who just do their own thing. And if you think that is a short list, think again.
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