Section 78

Subsection (2) applies where— a reference has been made under section 33 or 68C; and no undertakings under section 80 are in force in relation to the relevant merger situation concerned and no orders under section 72 or 81 are in force in relation to that situation. No relevant person shall, without the consent of the CMA, directly or indirectly acquire during the relevant period an interest in shares in a company if any enterprise to which the reference relates is carried on by or under the control of that company. The consent of the CMA under subsection (2)— may be general or special; may be revoked by the CMA; and shall be published in such manner as the CMA considers appropriate for bringing it to the attention of any person entitled to the benefit of it. Paragraph (c) of subsection (3) shall not apply if the CMA considers that publication is not necessary for the purpose mentioned in that paragraph. Subsection (2) shall apply to a person’s conduct outside the United Kingdom if (and only if) he is— a United Kingdom national; a body incorporated under the law of the United Kingdom or of any part of the United Kingdom; or a person carrying on business in the United Kingdom. In this section and section 79— “company” includes any body corporate; “relevant period” means the period beginning with the making of the reference concerned and ending when the reference is finally determined; “relevant person” means— any person who carries on any enterprise to which the reference relates or who has control of any such enterprise; any subsidiary of any person falling within paragraph (a); or any person associated with any person falling within paragraph (a) or any subsidiary of any person so associated; and “share” means share in the capital of a company, and includes stock.

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Source: legislation.gov.uk · retrieved 2026-09-04