Announcement of referral see DTI Press Notice P/2001/100
Lloyds TSB / Abbey National Merger Inquiry
proposed acquisition
Terms of Reference
Whereas it appears to the Secretary of State that it is or may be the
fact that arrangements are in progress or in contemplation which, if carried
into effect, will result in the creation of a merger situation qualifying
for investigation, as defined in section 64(8) of the Fair Trading Act
1973 ("the Act"), in that:
- enterprises carried on by or under the control of Lloyds TSB
Bank PLC (one at least of which is carried on in the United Kingdom)
will cease to be distinct from enterprises carried on by or under
the control of Abbey National PLC; and
- the value of the assets to be taken over exceeds 70 million.
Now, therefore, the Secretary of State, in exercise of his powers under
sections 64, 69(2) and 75 of the Act, hereby refers to the Competition
Commission ("the Commission"), for investigation and report
within a period ending on 12 June 2001, the following questions:
- whether arrangements are in progress, or in contemplation as
described in paragraph (a) above, which, if carried into effect, will
result in the creation of a merger situation qualifying for investigation;
- if events so require, whether the actual results of those arrangements
are the creation of such a situation; and
- if so, in either case, whether the creation of that situation
may be expected to operate or (if events so require) operates against
the public interest.
In relation to the questions in paragraphs (i) and (ii) above the Commission
shall exclude from consideration one of paragraphs (a) and (b) of section
64(1) of the Act if they find the other satisfied.
23 February 2001
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