Public interest intervention notice issued over proposed acquisition of The Perpetuus Group by Taurus International Ltd and others
A notice was issued today relating to the proposed acquisition of The Perpetuus Group by Taurus International Ltd and others.
On 5 September, acting on official advice, the Secretary of State for Business, Energy and Industrial Strategy, Kwasi Kwarteng, has issued a public interest intervention notice to intervene in the proposed acquisition of The Perpetuus Group by Taurus International Ltd and others on national security grounds.
The Perpetuus Group and Taurus International Ltd and others are understood to be considering a merger.
Under the Enterprise Act 2002, the Secretary of State for Business, Energy and Industrial Strategy has the power to intervene in mergers on public interest grounds relating to national security. This responsibility is discharged in a quasi-judicial capacity, which means that the Secretary of State must act, and be seen to act, in a scrupulously fair and impartial manner.
The Competition and Markets Authority (CMA) will now prepare a report on the proposed transaction. The CMA has until midnight at the end of 7 February 2022 to complete and submit this report to the Secretary of State.