The Merger References (Increase in Value of Assets) Order 1994

Statutory Instruments

1994 No. 72

MONOPOLIES AND MERGERS

The Merger References (Increase in Value of Assets) Order 1994

Made

11th January 1994

Laid before Parliament

19th January 1994

Coming into Operation

9th February 1994

The Secretary of State in exercise of his powers under section 64(7) of the Fair Trading Act 1973(1) hereby makes the following Order:

1.  This Order may be cited as the Merger References (Increase in Value of Assets) Order 1994 and shall come into operation on 9th February 1994.

2.  In section 64(1) of the Fair Trading Act 1973 (circumstances in which a merger reference may be made), in paragraph (b) (value of assets taken over), for the sum of £30 million, there is hereby substituted the sum of £70 million:

Provided that this variation shall not have effect in relation to any merger reference which was made to the Monopolies and Mergers Commission before the coming into operation of this Order.

Neil Hamilton

Parliamentary Under Secretary of State

Department of Trade and Industry

11th January 1994

Explanatory Note

(This note is not part of the Order)

This Order increases from £30 million to £70 million the sum specified in section 64(1)(b) of the Fair Trading Act 1973. The Secretary of State may refer a merger to the Monopolies and Mergers Commission where, among other things, the value of the assets taken over exceeds the sum specified. The sum was previously increased, from £15 million, by the Merger References (Increase in Value of Assets) Order 1984 (S. I.1984/932).

(1)

1973 c. 41; section 64(1) was previously amended by the Merger References (Increase in Value of Assets) Order 1984 (S.I.1984/932).