28th Apr 2005 07:00
Competition Commission28 April 2005 30/05 28 April 2005 News Release CC CANCELS FUTURE/HIGHBURY INQUIRY The Competition Commission (CC) has today formally cancelled the referenceconcerning the proposed acquisition by Future PLC of Highbury HouseCommunications PLC. The CC has received assurances from Future PLC that the proposed acquisition hasbeen abandoned. The case was referred to the CC by the Office of Fair Trading (OFT) on 14 April2005. The CC had been asked to consider whether the acquisition may have beenexpected to result in a substantial lessening of competition within the marketfor the supply of special interest consumer magazines relating to computer gamesin the UK. Notes for editors 1. The reference was made by the OFT. It has been cancelled inaccordance with the provisions of section 37(1) of the Enterprise Act 2002. 2. The CC is under a duty under section 37(1) to cancel a reference ifit is satisfied that the parties have abandoned arrangements for an acquisitionof the kind mentioned in the reference. Under paragraph 15(8) of Schedule 7 tothe Competition Act 1998, the Chairman of the CC may exercise the powersconferred by section 37(1) of the Enterprise Act 2002 to cancel a referencewhile an inquiry group is being constituted or before it has held its firstmeeting. 3. The Enterprise Act 2002 empowers the OFT to refer to the CCcompleted or proposed mergers for investigation and report which create orenhance 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. 4. Enquiries should be directed to Francis Royle, Press Officer, tel 020 7271 0242, or Rory Taylor, Press Office, tel 020 7271 0398. Victoria House Southampton Row London WC1B 4AD Press enquiries 020 7271 0242 Facsimile 020 7271 0177 [email protected] www.competition-commission.org.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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