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Name | Symbol | Market | Type |
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Municplty 28 | LSE:49EJ | London | Medium Term Loan |
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RNS Number:3323K Dept for Business, Enterprise & Reg 20 December 2007 COMPETITION COMMISSION REPORT PUBLISHED Secretary of State for Business and Enterprise, John Hutton, has today published the Competition Commission's final report into British Sky Broadcasting Group's acquisition of a 17.9% stake in ITV plc. The report follows a detailed investigation by the Competition Commission into: * The effects of the transaction on competition and * Whether the transaction raises public interest issues relating to the plurality of persons with control of media enterprises. The Secretary of State has until 29 January 2008 to consider the report and announce final decisions. If any interested party wishes to make further representations to the Secretary of State on this matter, these should be submitted by 7 January. Mr Hutton is required to accept the Competition Commission's findings on the competition issues but has discretion in making decisions on the effects on media plurality and also on any appropriate remedial measures. Notes to editors 1. On 24 May, the then Secretary of State for Trade and Industry, Alistair Darling, referred the acquisition to the Competition Commission (CC) for investigation under section 45(2) of the Enterprise Act 2002 (the Act). Under its terms of reference the CC was required to decide whether a relevant merger situation had been created; whether that situation would be expected to result in an substantial lessening of competition (SLC) in any market or markets in the UK; and whether, taking into consideration only any SLC and the media public interest consideration specified in the reference, the merger may be expected to operate against the public interest. 2. The public interest provisions of the Act permit the Secretary of State to intervene in mergers where he considers that it is or may be the case that a public interest consideration is relevant to a consideration of the relevant merger. The public interest consideration specified in this case is the one at section 58(2C)(a) of the Act. This is specified as: 'the need, in relation to every different audience in the UK or in a particular area or locality of the UK, for there to be a sufficient plurality of persons with control of the media enterprises serving that audience'. 3. The Secretary of State must now decide in accordance with section 54 of the Act whether to make an adverse public interest finding and, if so, whether to take enforcement action under section 55 of the Act. The Secretary of State's reference followed submissions from both the Office of Fair Trading and Ofcom, which raised concerns about the acquisition on competition and public interest grounds respectively. 4. For a copy of the report please go to http://www.rns-pdf.londonstockexchange.com/rns/3323k_-2007-12-19.pdf This information is provided by RNS The company news service from the London Stock Exchange END MSCBRBDDSXBGGRC
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