Irish businesses have been asked to delay notification of planned mergers until further notice, if at all possible. The request comes from the Competition and Consumer Protection Commission (CCPC).
The Commission has issued the updated advice on the merger notification process, because of the difficulties caused by COVID-19. It’s understood that a large number of their staff are currently working remotely, following government guidance.
Notification of a merger to the CCPC, is mandatory if, in the most recent financial year:
- the aggregate turnover in the State of the undertakings involved is not less than €60,000,000, and
- the turnover in the State of each of two or more of the undertakings involved is not less than €10,000,000
Delay Of Merger Notifications Requested
If you meet the conditions above, you are obliged to notify the CCPC of your merger or acquisition. The CCPC then normally review it by collecting and assessing information from various parties. These include, but are not limited to, customers, competitors, and suppliers.
However, the CCPC has advised that the effective collection of this information is likely to be very difficult over the coming weeks. This is due to the disruptions caused by COVID-19, such as staff working remotely..
So, the CCPC is encouraging notifying parties where possible to delay filing planned merger notifications until further notice.
Where it is not possible to delay notifications, the CCPC has made the following requests:
- That notification forms required by the CCPC should be submitted in electronic format by email to email@example.com.
- That all supporting documents (i.e. material contained in annexes and appendices to the notification form) required by the CCPC should also be submitted in electronic format by email to firstname.lastname@example.org.
The CCPC say that filings of hard copies are still possible. However, they advise that these will become increasingly difficult in the coming weeks. This is due to the reduced presence of staff at the CCPC premises, because of the coronavirus crisis and restrictions.
You can read the full details of the CCPC notice here.
If you have any queries in relation to the above or in relation to Mergers and Acquisitions, please contact us on 00353 1 637 6200 or email Claire.email@example.com.