GovWire

Statutory timetable

Phase 1

Undertakings accepted by the Secretary of State

19 July 2022: The Secretary of State for Business, Energy and Industrial Strategy announced that he accepted statutory undertakings from the parties involved in the proposed acquisition of Meggitt plc by Parker-Hannifin Corporation and the acquisition will not therefore be referred to the CMA for a further assessment. A copy of the decision notice and signed undertakings can be found below.

• Decision notice (19.7.22)

Undertakings being considered by the Secretary of State

28 June 2022: The Secretary of State for Business, Energy and Industrial Strategy announced that he will consult on undertakings offered by the Parties involved in the anticipated acquisition of Meggitt Plc by Parker-Hannifin Corporation.

• BEIS consultation on draft competition undertakings (28.6.22)

CMA report published by the Secretary of State

28 June 2022: The Department for Business, Energy and Industrial Strategy has published the CMAs report on the anticipated acquisition of Meggitt Plc by Parker-Hannifin Corporation.

• CMA report (28.6.22)

Report delivered to Secretary of State

18 March 2022: The CMA has delivered its report to the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The report includes:

• an assessment of whether the CMA believes that it is (or may be) the case that this transaction (if carried into effect) would result in the creation of a relevant merger situation under the provisions of the Enterprise Act 2002
• the CMAs competitive assessment including its assessment of whether undertakings-in-lieu of reference would be appropriate
• a summary of any representations on national security matters received from third parties

Any decision on whether the transaction operates, or may be expected to operate, against the public interest is taken by the Secretary of State for BEIS.

Public interest intervention notice and invitation to comment

19 October 2021: On 18 October 2021, the Secretary of State for Business, Energy and Industrial Strategy issued a public interest intervention notice (PIIN) on the public interest ground of national security in accordance with sections 42(2), 58(1) and 58(2) of the Enterprise Act 2002 (the Act) in relation to the anticipated acquisition of Meggitt Plc by Parker-Hannifin Corporation. This means that the Secretary of State will make the final decision on whether this transaction operates, or may be expected to operate, against the public interest and should be referred to a phase 2 assessment, taking into account both competition and public interest issues.

The Competition and Markets Authority (CMA) is required to submit a report to the Secretary of State in accordance with section 44 of the Enterprise Act 2002 by 18 March 2022.

The report will include the CMAs assessment of whether it believes that it is, or may be, the case that this transaction, if carried into effect, would result in the creation of a relevant merger situation under the merger provisions of the Act and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market(s) in the United Kingdom for goods or services.

It will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the PIIN, namely national security, and which are or may be relevant to the Secretary of States decision.

To assist with this assessment, the CMA invites comments on the impact of the transaction from any interested party with responses due by 19 November 2021.

Contact

Please send written representations about any competition or public interest to:

jack.jeffries@cma.gov.uk