The UK Office of Fair Trading concludes that asset acquisition in administration on proceedings does not qualify for merger investigation (Shell UK / Greenergy / Vopak Holding)

On 6 June 2013 the Office of Fair Trading (OFT) published its decision on the completed acquisition of certain assets of Petroplus Refining and Marketing Limited (PRML). The asset sale was conducted in the course of administration proceedings, the underlying business having ceased trading. The OFT concluded that the acquired assets did not constitute an "enterprise" for the purpose of UK merger control. On this basis the asset acquisition did not qualify as a merger situation for OFT investigation. In reaching this conclusion the OFT set out in detail the criteria it will apply to determine whether acquisitions of non-operating assets qualify for UK merger control jurisdiction. Background Prior to being placed into administration in 2012, PRML had owned and operated the Coryton oil

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Authors

  • Herbert Smith Freehills (London)
  • Herbert Smith Freehills (Brussels)

Quotation

James Quinney, Daniel Vowden, The UK Office of Fair Trading concludes that asset acquisition in administration on proceedings does not qualify for merger investigation (Shell UK / Greenergy / Vopak Holding), 6 June 2013, e-Competitions Bulletin Energy & Mergers, Art. N° 57371

Visites 90

All issues

  • Latest News issue 
  • All News issues
  • Latest Special issue 
  • All Special issues