Competition watchdog drops Supreme Court appeal against takeover
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The Competition and Consumer Protection Commission (CCPC) has dropped its Supreme Court appeal against the takeover of Breeo Foods by Rye Investments Limited, a subsidiary of Kerry Group PLC.
The court was due to hear an appeal at the end of April against the High Court’s 2009 ruling which overturned the CCPC’s predecessor’s (Competition Authority) 2008 decision to block the acquisition.
The CCPC said it decided not to proceed following the latest review of the case, taking into account “all the circumstances of this case” and in particular the passage of time since the High Court judgment.
It also said it has agreed satisfactory settlement terms with Rye Investments Limited relating to the costs of the High Court and Supreme Court proceedings.
The conclusion of the case marks the first successful appeal of a CCPC prohibition.
The CCPC and its predecessor has blocked just three merger attempts since 2003.
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