European regulators are poised to reshape merger scrutiny. A draft overhaul promises quicker antitrust nods for startup acquisitions. But only if Big Tech stays out. Startups claiming innovation benefits for their deals will likely secure speedy EU antitrust approval. That’s the word from a draft revamp of merger rules, due for announcement in coming weeks. The changes mark the first major update in over two decades. Telecom operators pushed hard for this. They want looser rules to bulk up against U.S. and Chinese giants. At the core sits the ‘innovation shield.’ EU antitrust watchdogs won’t block deals with startups or R&D projects that spur competition. The shield carves out space for fresh ideas to flourish through consolidation. Companies can now trot out arguments on innovation. Sustainability too. Resilience, investment, employment—all fair game. This confirms a February Reuters report . But here’s the catch. No protection if the buyer dominates the market.…