AKZO – What a Carry On…. Extra-territoriality, corporate veils and SLC
On 21 June 2013, the CAT confirmed that the UK’s Competition Commission had the power to prohibit a foreign merger transaction between two companies based outside the UK. It upheld the bar to the acquisition by a Dutch company (Akzo) of the remaining shares in an Italian metal packaging coatings company (Metlac) on the basis that the merger would lead to a substantial lessening of competition in the UK. The CC was the only competition authority, out of a total of nine world-wide, to veto the transaction.