C3C4C1C2Part 3Mergers

Annotations:
Modifications etc. (not altering text)
C1

Pt. 3 applied (with modifications) (29.12.2004) by 1991 c. 56, Sch. 4ZA paras. 1, 2 (as inserted by Enterprise Act 2002 (c. 40), ss. 70(2), 279, Sch. 6); S.I. 2004/3233, art. 2, Sch. (with transitional provisions and savings in arts. 3-5)

Pt. 3 (ss. 22-130) applied (1.10.2005) by 1991 c. 56, s. 17M(4) (as inserted by Water Act 2003 (c. 37), ss. 56, 105(3), Sch. 4 para. 2); S.I. 2005/2714, art. 2(h) (with Sch. para. 5)

Pt. 3 applied (1.10.2005) by 1991 c. 56, s. 17Q(9) (as inserted by Water Act 2003 (c. 37), ss. 56, 105(3), Sch. 4 para. 2); S.I. 2005/2714, art. 2(h) (with Sch. para. 5)

Pt. 3 applied in part (N.I.) (1.4.2007) by The Water and Sewerage Services (Northern Ireland) Order 2006 (S.I. 2006/3336 (N.I. 21)), arts. 1(2)(3), 23(4), 27(9); S.R. 2007/194, art. 2(2), Sch. 1 Pt. 2 (with Sch. 2)

C2

Pt. 3 (ss. 22-130) modified (20.6.2003) by 1998 c. 41, Sch. 7 para. 20(3) (as substituted by Enterprise Act 2002 (c. 40), ss. 185, 279, {Sch. 11 para. 11(2)-(4)(8)}; S.I. 2003/1397, art. 2(1), Sch. (with art. 8)

Pt. 3 modified (E.W.) (29.12.2004) by The Water Mergers (Modification of Enactments) Regulations 2004 (S.I. 2004/3202), regs. 2-35

Chapter 4Enforcement

Interim restrictions and powers

78 Restrictions on certain share dealings: anticipated mergers

1

Subsection (2) applies where—

a

a reference has been made under section 33; and

b

no undertakings under section 80 are in force in relation to the relevant merger situation concerned and no orders under section 81 are in force in relation to that situation.

2

No relevant person shall, without the consent of the Commission, directly or indirectly acquire during the relevant period an interest in shares in a company if any enterprise to which the reference relates is carried on by or under the control of that company.

3

The consent of the Commission under subsection (2)—

a

may be general or special;

b

may be revoked by the Commission; and

c

shall be published in such manner as the Commission considers appropriate for bringing it to the attention of any person entitled to the benefit of it.

4

Paragraph (c) of subsection (3) shall not apply if the Commission considers that publication is not necessary for the purpose mentioned in that paragraph.

5

Subsection (2) shall apply to a person’s conduct outside the United Kingdom if (and only if) he is—

a

a United Kingdom national;

b

a body incorporated under the law of the United Kingdom or of any part of the United Kingdom; or

c

a person carrying on business in the United Kingdom.

6

In this section and section 79—

  • “company” includes any body corporate;

  • “relevant period” means the period beginning with the making of the reference concerned and ending when the reference is finally determined;

  • “relevant person” means—

    1. a

      any person who carries on any enterprise to which the reference relates or who has control of any such enterprise;

    2. b

      any subsidiary of any person falling within paragraph (a); or

    3. c

      any person associated with any person falling within paragraph (a) or any subsidiary of any person so associated; and

  • “share” means share in the capital of a company, and includes stock.