Dáil Éireann díospóireacht -
Thursday, 13 Nov 2003

Vol. 574 No. 3

Written Answers. - Company Takeovers.

Gerard Murphy

Ceist:

112 Mr. Murphy asked the Tánaiste and Minister for Enterprise, Trade and Employment the reason for the delay regarding the sale of a company (details supplied) in Charleville, County Cork to a company (details supplied) in County Waterford. [26956/03]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

Under the Competition Act 2002 responsibility for regulating mergers and acquisitions was transferred from my Department to the Competition Authority with effect from 1 January 2003. I retained a role in the decision making process but only where the merger or acquisition concerns a media business. Accordingly, I have no regulatory function in relation to the sale of the company referred to by the Deputy.

Under the Competition Act all mergers and acquisitions involving parties with an annual turnover in excess of €40 million must be notified to the Competition Authority for regulatory clearance before the transaction may proceed.

I understand that this transaction was notified to the authority in September and is being examined at present.