This Chapter examines the European Commission’s early implementation of the Foreign Subsidies Regulation (FSR) in the field of concentrations. It outlines the FSR’s legal framework enshrined in its chapter ‘Balancing’, in particular the notification thresholds, and review procedures and highlights its parallel role alongside merger and foreign investment control. Drawing on the first months of enforcement and the landmark decision in the e&/PPF Telecom case, the chapter analyses how the Commission identifies and addresses foreign subsidies that may distort competition in the internal market. It assesses procedural developments, notification and reporting obligations for foreign financial contributions, and the Commission’s evolving guidance. The Chapter concludes that while the FSR has added a layer of complexity to M&A practice, it can be expected to have an emerging role in promoting fair competition in the EU.