Deals caught by lapsed order
Businesses that agreed mergers or takeovers in recent weeks may face investigation by competition regulators as a result of a Government mistake. The problem emerged on 17 October, when it was confirmed that a ministerial order raising merger notification thresholds had ceased to have effect.
Minister for Enterprise, Tourism and Employment, Peter Burke, increased the financial values at which mergers must be notified to the Competition and Consumer Protection Commission (CCPC) in July. However, his department has confirmed that Burke’s order lapsed on September 30th, when it emerged that the Oireachtas had not approved it on time.
The result is that deals agreed or completed since that date are again judged against the previous, lower thresholds. The CCPC is advising businesses involved in transactions either agreed or completed since September 30th to consider if they meet the old threshold and whether they should notify it of the deal.
The Irish Times
- Recent mergers may face investigation following Government error
Businesses that agreed mergers or takeovers in recent weeks may face investigation by competition regulators as a result of a Government mistake, it has emerged.