Section 54(3)
For the purposes of this Part the Secretary of State makes an adverse public interest finding in relation to a relevant merger situation if, in relation to that situation, he decides— in connection with a reference ... under subsection (2) of section 45, that it is the case as mentioned in paragraphs (a) to (d) of that subsection or subsection (3) of that section; in connection with a reference ... under subsection (3) of that section, that it is the case as mentioned in paragraphs (a) to (d) of that subsection; in connection with a reference ... under subsection (4) of that section, that it is the case as mentioned in paragraphs (a) to (d) of that subsection or subsection (5) of that section; and in connection with a reference ... under subsection (5) of that section, that it is the case as mentioned in paragraphs (a) to (d) of that subsection.
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Source: legislation.gov.uk · retrieved 2026-09-04