Prosafe SE / Floatel International Limited merger inquiry

The CMA investigated the anticipated acquisition by Prosafe SE of Floatel International Limited.

From:
Competition and Markets Authority
Published
27 June 2019
Last updated
14 February 2020 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Distribution and service industries
Outcome:
Mergers - phase 2 cancellation
Closed:
24 February 2020

Phase 2

Administrative timetable

Date of referral: 17 September 2019

Statutory deadline: 23 March 2020

Contact

general.enquiries@cma.gov.uk

Merger abandoned

13 February 2020: Prosafe has abandoned its anticipated takeover of Floatel after an in-depth CMA merger probe highlighted competition concerns.

Provisional findings

30 January 2020: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Prosafe SE of Floatel International Limited.

Response to issues statement

Disclosure of interests

Response to phase 1 decision

Issues statement

29 October 2019: 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.

Notice of extension to statutory period

Inquiry group appointed

The CMA appointed the inquiry group on 17 September 2019.

Kirstin Baker, Paul Hughes and Shrin Honap.

Terms of reference

17 September 2019: The CMA has referred the anticipated acquisition by Prosafe SE of Floatel International Limited for an in-depth investigation.

Phase 1

Statutory timetable

Phase 1 date Action
28 September 2019 Decision published
5 September 2019 Decision announced
10 July 2019 Launch of merger inquiry
27 June to 10 July 2019 Invitation to comment

Reference decision

17 September 2019: The CMA has referred the anticipated acquisition by Prosafe SE of Floatel International Limited for an in-depth investigation.

Reference unless undertakings accepted

5 September 2019: 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.

Launch of merger inquiry

10 July 2019: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment: now closed

27 June 2019: 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 or public interest concerns to:

general.enquires@cma.gov.uk

Please note that, due to the ongoing COVID-19 outbreak, the CMA’s offices across the UK are closed until further notice. We are no longer able to accept delivery of any documents or correspondence by post or courier to any of our offices.

Published 27 June 2019
Last updated 14 February 2020 + show all updates

  1. Notice of cancellation of merger reference published.

  2. Abandonment of merger announced.

  3. Provisional findings report, appendices and glossary published.

  4. Summary of provisional findings, notice of possible remedies and notice of provisional findings published.

  5. Parties' response to Issues Statement published.

  6. Disclosure of interest published.

  7. Parties’ response to the phase 1 decision published.

  8. Issues statement published.

  9. Full text of phase 1 decision published.

  10. Administrative timetable published.

  11. Notice of extension to statutory period published and inquiry group appointed.

  12. Decision to refer the merger to phase 2 and terms of reference published.

  13. Phase 1 decision announced: merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

  14. Commencement of initial period notice published.

  15. First published.

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