GovWire

FNZ / GBST merger inquiry

Competition Markets Authority

September 14
10:00 2020

Phase 2

Administrative timetable

Referral date: 8 April 2020

Statutory deadline: 22 September 2020

Contact

FNZ.GBST@cma.gov.uk

Notice of extension of statutory period

Responses to provisional findings and possible remedies

Provisional findings

5 August 2020: The CMA has provisionally found the completed acquisition by FNZ (Australia) Bidco Pty Ltd. of a controlling interest in GBST Holdings in 2019 gives rise to competition concerns.

Response to Issues statement

24 June 2020: FNZ has responded to the CMAs issues statement.

FNZ Initial Phase 2 Submission

Interim order

13 May 2020: The CMA has made an Interim Order under section 81 of the Enterprise Act 2002.

Issues statement

7 May 2020: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

Inquiry group appointed

21 April 2020: Jeremy Newman has been appointed to the Group and has replaced Humphrey Battock as a Group member.

16 April 2020: The CMA has appointed the inquiry group.

Martin Coleman (Chair), Colleen Keck, John Thanassoulis and Humphrey Battock

Disclosure of interests

Terms of reference

8 April 2020: the CMA has referred the completed acquisition by FNZ (Australia) Bidco Pty Ltd of GBST Holdings Limited for an in-depth investigation.

Phase 1

Statutory timetable

Phase 1 Date Action
30 March 2020 Phase 1 decision announced
4 February to 18 February 2020 Invitation to comment
3 February 2020 Launch of merger inquiry
14 November 2019 Initial enforcement order

Reference decision

8 April 2020: The CMA has referred the completed acquisition by FNZ (Australia) Bidco Pty Ltd of GBST Holdings Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger constitutes a relevant merger situation that has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

Reference unless undertakings accepted

30 March 2020: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

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