S.I. No. 102/1998 - Proposed Merger Or Takeover Prohibition Order, 1998.

S.I. No. 102 of 1998.

PROPOSED MERGER OR TAKEOVER PROHIBITION ORDER, 1998.

I, MARY HARNEY, TD, Tánaiste and Minister for Enterprise, Trade and Employment, having considered the report of the Competition Authority under section 8 (1) of the Mergers, Take-overs and Monopolies (Control) Act, 1978 (No. 17 of 1978), as amended by the Restrictive Practices (Amendment) Act, 1987 (No. 31 of 1987) and the Competition Act, 1991 (No. 24 of 1991), of its investigation of the proposed merger or takeover involving the following enterprises, that is to say Coillte Teoranta and Balcas Limited, being the proposed merger or takeover of which I was notified under section 5 of the first-mentioned Act on the 5th day of January, 1998, having complied with section 9(3) of the said first-mentioned Act, and being of the opinion that the exigencies of the common good so warrant, hereby, in exercise of the powers conferred on me by section 9 of the Mergers, Take-overs and Monopolies (Control) Act, 1978 , as adapted by the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order, 1997 ( S.I. No. 305 of 1997 ), order as follows:

1. This Order may be cited as the Proposed Merger or Takeover Prohibition Order, 1998.

2. In this Order "the takeover" means the proposed merger or takeover involving the following enterprises, that is to say Coillte Teoranta and Balcas Limited, of which the Minister was notified pursuant to section 5 of the Mergers, Take-overs and Monopolies (Control) Act, 1978 (No. 17 of 1978) on the 5th day of January, 1998.

3. The takeover is hereby prohibited.

4. The reasons for making this Order are that the Minister considers that, if the takeover were effected, it would operate against the common good, and that, in particular, competition in the market for roundwood within the State could be restricted so as to operate against the common good.

GIVEN under my Official Seal, this 8th day of April, 1998.

MARY HARNEY

Tanaiste and Minister for Enterprise, Trade and Employment.

EXPLANATORY NOTE.

The effects of this Order is to prohibit the proposal whereby Coillte Teoranta would acquire the majority of the issued share capital of Balcas Limited.

The Order is effective from the date of its signature but may be annulled by a resolution of either House of the Oireachtas within 21 sitting days in either case.