29 August 2008 - The Competition Authority announced today (29th August 2008) that it has decided to prohibit the proposed acquisition by Kerry Group plc (through Rye Investments Limited) of the entire ordinary issued share capital of Breeo Foods Limited and Breeo Brands Limited on the grounds that such a transaction would substantially lessen competition in the markets for the production, supply and distribution of rashers, non-poultry cooked meats and processed cheese in the State.
The decision was made by the Competition Authority on Thursday 28th August 2008 in accordance with section 22(3)(b) of the Competition Act 2002 and as a result the acquisition may not be put into effect.
The Competition Authority’s determination follows a full investigation by the Authority’s Mergers Division. It is only the third time that the Competition Authority has blocked a proposed merger since the provisions of the Competition Act regarding merger control came into effect in January 2003.
The Competition Authority is required by the Competition Act 2002 to publish the determination within one month. In accordance with this requirement, the Competition Authority will publish its determination on or before 27th September 2008. No further comment will issue from the Authority in the meantime.