Competition Act · 2022 Revised Edition · Chapter 4
29. Effect of decision that anticipated merger, if carried into effect, will not infringe section 23 prohibition
Official textFrom Attorney General's Chambers, unchanged
This section applies to an anticipated merger in respect of which the Commission has determined an application under section 26 by making a decision that the anticipated merger, if carried into effect, will not infringe the section 23 prohibition.
anticipated merger
“anticipated merger” means an arrangement that is in progress or contemplation and that, if carried into effect, will result in the occurrence of a merger referred to in section 23(2);
The Commission shall take no further action in relation to the section 23 prohibition with respect to the anticipated merger (including where the anticipated merger is carried into effect, or if the Commission’s decision is valid for a specified period, where the anticipated merger is carried into effect within that period) unless —
it has reasonable grounds for suspecting that any information on which it based its decision (which may include information on the basis of which it accepted a commitment) was incomplete, false or misleading in a material particular; or
it has reasonable grounds for suspecting that a party who provided a commitment has failed to adhere to one or more of the terms of the commitment.
Action that may be taken in respect of the circumstances referred to in subsection (2) may include the revocation of the decision that the anticipated merger, if carried into effect, will not infringe the section 23
prohibition.
No penalty may be imposed under this Part in respect of any infringement of the section 23 prohibition by the anticipated merger to which this section applies, if carried into effect or, where the Commission’s
section 23 prohibition
“section 23 prohibition” means the prohibition referred to in section 23(1);
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decision is valid for a specified period, if carried into effect within that period.
The Commission may remove the immunity given by subsection (4) if —
it takes action under this Part with respect to one of the circumstances referred to in subsection (2);
it considers that it is likely that the anticipated merger, if carried into effect, or the resulting merger will infringe the section 23
prohibition; and
it gives notice in writing to the party on whose application the decision was made that it is removing the immunity as from the date specified in its notice.
If the Commission has reasonable grounds for suspecting that —
any information on which it based its decision (which may include information on the basis of which it accepted a commitment), and which was provided to it by a party to the anticipated merger, was incomplete, false or misleading in a material particular; or
a party who provided a commitment has failed to adhere to one or more of the terms of the commitment, the date specified in a notice under subsection (5)(c) may be earlier than the date on which the notice is given.
Where —
the Commission has made a decision that an anticipated merger, if carried into effect, will not infringe the section 23
prohibition; and
the merger resulting from a purported carrying into effect of the anticipated merger is materially different from the anticipated merger, nothing in this section shall prevent the Commission from taking any action in relation to the section 23 prohibition in respect of the merger.
Competition
Terms defined in s 2
anticipated merger
Defined · s 2“anticipated merger” means an arrangement that is in progress or contemplation and that, if carried into effect, will result in the occurrence of a merger referred to in section 23(2);
section 23 prohibition
Defined · s 2“section 23 prohibition” means the prohibition referred to in section 23(1);
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