In the News
European Commission issues statement of objections in credit default swaps investigation
The European Commission has sent a statement of objections to Bank of America, Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS, as well as the International Swaps and Derivatives Association and data service provider Markit, following a suspected breach of Article 101 TFEU. The Commission alleges that the parties colluded to prevent exchanges from entering the credit derivatives business between 2006 and 2009. Click here.
EU
Mergers
- The European Commission has granted conditional approval to the
acquisition by General Electric Company (GE) of Avio S.p.A,
following a series of commitments given by GE aimed at safeguarding
the competitive position of the Eurojet consortium. Click here. UK
Competition Appeal Tribunal
- The CAT has allowed the withdrawal by Siemens plc of its damages action against National Grid plc, following a confidential settlement between the two parties. Click here.
- The CAT has refused Ofcom's request permission to appeal against the CAT's ruling on Sky's application for costs in the Pay TV case, having concluded that Ofcom's proposed grounds of appeal did not contain a point of law with a real prospect of success, and that there was no other compelling reason why the appeal should be heard. Click here.
- The CAT has ruled on applications by BSkyB and TalkTalk to intervene in the appeal by Verizon UK Limited and Vodafone Limited against Ofcom's decisions following its business connectivity market review. The CAT held that BSkyB and TalkTalk do not have a sufficiently direct interest in the outcome of the appeal to allow intervention. Click here.
- The CAT has published a notice of a claim for damages brought by Teva UK Limited and Norton Healthcare Limited against Reckitt Benckiser Group plc and its UK subsidiary. The damages are sought for losses allegedly resulting from the OFT's finding that Reckitt Benckiser had abused its dominant position in the market for the supply of alginates and antacids by prescription in the UK by withdrawing and de-listing NHS presentation packs of Gaviscon Original Liquid in breach of Chapter II of the Competition Act and Article 102 TFEU. Click here.
Competition Commission
- The CC has decided to extend the period for its inquiry into the completed acquisition by Ryanair Holdings plc of a minority interest in Aer Lingus Group plc, due to the scope and complexity of the inquiry, the need to allow sufficient time to take account of comments received in response to its provisional findings and the need to consider the effectiveness and practicability of the range of possible remedies. Click here.
Office of Fair Trading
- The OFT has approved the local newspaper joint venture involving Daily Mail & General Holdings Ltd, Yattendon Group plc, Trinity Mirror plc and other investors. Click here.
- The OFT has referred the market for payday lending in the UK to the CC for investigation, having identified certain features of the market that it suspects are preventing, restricting or distorting competition. Click here.
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