Shanghai Kington Technology Limited and others / Perpetuus merger inquiry
Anticipated acquisition by Shanghai Kington Technology Limited and others of The Perpetuus Group (including Perpetuus Energy Limited, Perpetuus Advanced Materials plc and Perpetuus Carbon Technologies Limited).
Phase 2
Administrative timetable
Date of referral: 11 May 2022
Statutory deadline: 25 October 2022
Merger reference cancelled
27 May 2022: The CMA has cancelled its merger inquiry into the anticipated acquisition by Shanghai Kington Technology Limited and others of The Perpetuus Group.
- (27.5.22)
Contact
Inquiry group appointed
13 May 2022: The CMA has appointed the inquiry group:
Kirstin Baker (Chair), Robin Foster and Stephen Rose.
Terms of reference
11 May 2022: The Secretary of State for Business, Energy and Industrial Strategy (BEIS) has referred the anticipated acquisition of the Perpetuus Group (including Perpetuus Energy Limited, Perpetuus Advanced Materials plc and Perpetuus Carbon Technologies Limited) by Shanghai Kington Technology Limited and others to the CMA for a phase 2 in-depth investigation on the grounds of national security concerns
- Phase 1 report and Phase 2 reference under Section 45(5) of the Enterprise Act 2002 (12.5.22)
- (12.5.22)
Statutory timetable
| Phase 1 | Action |
|---|---|
| 7 February 2022 | Deadline to report to the Secretary of State for BEIS |
| 7 February 2022 | CMA report delivered to the Secretary of State for BEIS |
| 6 September 2021 to 4 October 2021 | Invitation to comment |
| 5 September 2021 | Secretary of State for Business, Energy & Industrial Strategy (BEIS) issued a public interest intervention notice |
Phase 1
Report delivered to Secretary of State
7 February 2022: The CMA has delivered its report to the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The report includes:
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an assessment of whether the CMA believes that it is (or may be) the case that this transaction (if carried into effect) would result in the creation of a relevant merger situation under the provisions of the Enterprise Act 2002,
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the CMA’s competitive assessment including its assessment of whether undertakings-in-lieu of reference would be appropriate, and;
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a summary of any representations on national security matters received from third parties.
The report also contains advice or recommendations on the public interest consideration under section 44(6) of the Act.
Any decision on whether the transaction operates, or may be expected to operate, against the public interest is taken by the Secretary of State for BEIS.
Public interest intervention notice and invitation to comment
6 September 2021: On 5 September 2021, the Secretary of State for Business, Energy & Industrial Strategy issued a public interest intervention notice (PIIN) on the public interest ground of national security in accordance with sections 42(2), 58(1) and 58(2) of the Enterprise Act 2002 (the Act) in relation to the anticipated acquisition of all or part of the ‘Perpetuus Group’ (which, for the purpose of the Notice includes Perpetuus Energy Limited, Perpetuus Advanced Materials PLC, and Perpetuus Carbon Technologies Limited) by Taurus INTERNATIONAL LTD (‘the company’), Dr Zhongfu Zhou or any enterprise associated with him or the company, or any subsidiary or any affiliates of either. This means that the Secretary of State will make the final decision on whether this transaction operates, or may be expected to operate, against the public interest and should be referred to a phase 2 assessment, taking into account both competition and public interest issues.
The Competition and Markets Authority (CMA) is required to submit a report to the Secretary of State in accordance with section 44 of the Enterprise Act 2002 by 7 February 2022.
The report will include the CMA’s assessment of whether it believes that it is, or may be, the case that this transaction, if carried into effect, would result in the creation of a relevant merger situation under the merger provisions of the Act and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market(s) in the United Kingdom for goods or services.
It will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the PIIN, namely national security, and which are or may be relevant to the Secretary of State’s decision.
To assist with this assessment, the CMA invites comments on the impact of the transaction from any interested party with responses due by 4 October 2021.
Contact
Please send written representations about any competition or public interest to:
Last updated 27 May 2022 + show all updates
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Notice of cancellation published.
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Inquiry group appointed.
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Decision by Secretary of State for Business, Energy and Industrial Strategy to refer to phase 2 published.
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Report delivered to Secretary of State.
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First published.