Stagecoach / First Devon merger inquiry formally cancelled
17 Jul 2012
The Competition Commission (CC) has formally cancelled its inquiry into Stagecoach Group PLC’s (Stagecoach) anticipated acquisition of the North Devon business and assets of First Devon and Cornwall Limited.
The CC has received assurances from Stagecoach that the proposed acquisition has been abandoned.
The case was referred to the CC by the Office of Fair Trading (OFT) on 10 July 2012 and Stagecoach notified the London Stock Exchange of its intention to pull out of the deal on the same day.
Notes for editors
1. The CC is an independent public body, which carries out investigations into mergers, markets and the regulated industries.
2. The reference has been cancelled in accordance with the provisions of section 37(1) of the Enterprise Act 2002.
3. The CC is under a duty under section 37(1) to cancel a reference if it is satisfied that the parties have abandoned arrangements for an acquisition of the kind mentioned in the reference.
4. The Enterprise Act 2002 empowers the OFT to refer to the CC completed or proposed mergers for investigation and report which create or enhance a 25 per cent share of supply in the UK (or a substantial part thereof) or where the UK turnover associated with the enterprise being acquired is over £70 million.
5. Enquiries should be directed to Rory Taylor or Siobhan Allen or by ringing 020 7271 0242.
