2(1)Section 23 (relevant merger situations) is amended as follows.U.K.
(2)For subsections (1) and (2) substitute—
“(1)For the purposes of this Part, a relevant merger situation has been created if—
(a)two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and
(b)the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million.
(2)For the purposes of this Part, a relevant merger situation has also been created if—
(a)two or more enterprises have ceased to be distinct enterprises at a time or in circumstances falling within section 24; and
(b)as a result, one or both of the conditions mentioned in subsections (3) and (4) below prevails or prevails to a greater extent.”
(3)Omit subsections (2A), (4A) and (4B).
(4)In subsection (5), for “(3), (4), (4A) or (4B)” substitute “ (3) or (4) ”.
(5)In subsection (6), for “(3), (4), (4A) and (4B)” substitute “ (3) and (4) ”.
(6)Omit subsection (10).
Commencement Information
I1Sch. 2 para. 2 in force at 4.1.2022 by S.I. 2021/1465, regs. 2, 3 (with regs. 4, 5)