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Statutory timetable

Phase 1

Case closure

15 November 2022: The Parties have complied with the undertakings in lieu of reference. This brings the merger investigation to an end.

Undertakings in lieu of reference accepted

27 September 2022: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Bouygues S.A. of Equans S.A.S..

• Full text decision (6.10.22)
• Final undertakings (27.9.22)

Directions to appoint a monitoring trustee

10 August 2022: Pursuant to an initial enforcement order dated 2 August 2022, the CMA directed Bouygues S.A. and Equans S.A.S. to appoint a monitoring trustee.

• Directions to appoint a monitoring trustee (PDF, 157KB) (19.10.22)

Undertakings in lieu of reference consultation: closed

30 August 2022: We are consulting on proposed undertakings in lieu of reference for the anticipated acquisition by Bouygues S.A. of Equans S.A.S.

• Notice of consultation (30.8.22)
• Proposed undertakings (30.8.22)

Initial enforcement order

2 August 2022: The CMA has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the anticipated acquisition of?Equans S.A.S. by Bouygues S.A.

• Initial enforcement order (8.8.22)

Amendments / consents granted

• Variation 8 August 2022 (8.8.22)

CMA to consider undertakings offered

2 August 2022: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Bouygues S.A. and Equans S.A.S, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

• Decisions that undertakings might be accepted (30.8.22)

Reference unless undertakings accepted

19 July 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger 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.

• Full text decision (30.8.22)
• Summary of phase 1 decision (19.7.22)
• Press release: HS2 bidder merger raises competition concerns (19.7.22)

Launch of merger inquiry

20 May 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (20.5.22)

Invitation to comment: closed

20 May 2022: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Please send written representations about any competition issues to general.enquiries@cma.gov.uk.