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AI Summary of 18. Obligation to notify certain mergers and acquisitions.
This document stipulates that a proposed merger or acquisition must be notified to the Commission if, in the previous financial year, the aggregate turnover of the involved undertakings exceeds €60,000,000, and at least two of those undertakings have a turnover exceeding €10,000,000. Notifications can occur following specific events, such as a public bid announcement or a demonstration of a good faith intention to agree on a transaction. Turnover excludes VAT and excise duties, and there are particular provisions for undertakings involved as vendors.
If a merger or acquisition is not required to be notified, involved parties can still voluntarily notify the Commission before or after implementation. Failure to notify within the specified time can result in offences and penalties, while notifications may be deemed invalid if they contain false or misleading information. The document also outlines the Commission's authority to request notifications made without prior compliance.
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18. Obligation to notify certain mergers and acquisitions.
(1) Where -
(a) in relation to a proposed merger or acquisition, in the most recent financial year -
(i) the aggregate turnover in the State of the undertakings involved is not less than €60,000,000, and
(ii) the turnover in the State of each of 2 or more of the undertakings involved is not less than €10,000,000, or
(b) a proposed merger or acquisition falls within a class of merger or acquisition specified in an order under subsection (5),
each of the undertakings involved in the merger or acquisition shall notify the Commission in writing, and provide full details, of the proposal to put the merger or acquisition into effect.
(1A) A notification under subsection (1) -
(a) shall be made before the proposed merger or acquisition is put into effect, and
(b) may be made after any of the following applicable events occurs:
(i) one of the undertakings involved has publicly announced an intention to make a public bid or a public bid is made but not yet accepted;