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Office of Fair Trade Merger Update



  Office of Fair Trade - Merger Update

RNS Number : 6903R
Office of Fair Trading
21 November 2012
 



 

111/12 21 November 2012

 

OFT RELEASES ANGLO AMERICAN FROM CERTAIN UNDERTAKINGS AGREED IN 2000

Today the OFT has varied undertakings Anglo American plc (Anglo American) gave
in 2000 prior to its purchase of Tarmac plc in the same year. 

            Under these undertakings, given to the Secretary of State for
Trade and Industry in lieu of a reference to the Competition Commission (CC),
Anglo American agreed to divest, and not to re-acquire an interest in certain
aggregate, asphalt and readymix concrete assets.  These included two asphalt
plants in Ackworth and Renishaw.

              In May 2012, the CC published its decision regarding the
proposed joint venture between Anglo American and Lafarge S.A. The CC found
that the joint venture, which included the asphalt plants in Ackworth and
Renishaw, would not result in a substantial lessening of competition in the
areas surrounding these plants.

              As a result of the analysis carried out by the CC, the OFT has
concluded that the undertakings given by Anglo American that it should not
hold an interest in these two asphalt plants are now obsolete, and has agreed
to vary the undertakings accordingly. The remaining undertakings still apply.

 

NOTES

 

1.     In March 2000, Anglo American gave undertakings to the Secretary of
State in lieu of a reference to the CC of its proposed acquisition of Tarmac
plc. Amended undertakings were subsequently accepted in September 2000. Both
undertakings documents are available to download from the Anglo American
undertakings page.

 

2.     Anglo American undertook to divest a number of assets, including the
asphalt plants in Ackworth and Renishaw, in order to address the competition
concerns identified at that time. Further, Anglo American gave undertakings
not to re-acquire an interest in those assets in the future to the Secretary
of State.  The OFT has the power to supersede, vary or release the
undertakings by virtue of the Enterprise Act 2002 (Schedule 24, paragraph 16)
and the Enterprise Act 2002 (Enforcement Undertakings) order 2006 (SI 2006
No.354) which came into force on 10 March 2006.

 

3.     Following terms of reference sent by the OFT on 2 September 2011, on 1
May 2012 the CC published its report into the anticipated joint venture
between Anglo American and Lafarge S.A. (the joint venture). The CC's analysis
of the joint venture included the asphalt plants in Ackworth and Renishaw. The
CC did not find that the asphalt plants covered by the undertakings raised
competition concerns.

 

4.     The OFT received an application on 5 October 2012 from Anglo American
for a variation of the 2000 Undertakings. The variation requested was to
release Anglo American from the undertakings that it would not hold any
interest in the Ackworth and Renishaw asphalt plants.

 

 

 

 

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                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MERFEDFFFFESEEF -0- Nov/21/2012 12:00 GMT
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