Anticipated acquisition of the Perpetuus Group by Shanghai Kington Technology Ltd and others: terms of reference
Published 12 May 2022
© Crown copyright 2022
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/anticipated-acquisition-of-perpetuus-group-by-shanghai-kington-technology-limited-and-others/anticipated-acquisition-of-the-perpetuus-group-by-shanghai-kington-technology-ltd-and-others-terms-of-reference
Reference made under Section 45(5) of the Enterprise Act 2002
On 5 September 2021, the Secretary of State for Business, Energy and Industrial Strategy (“the Secretary of State”) issued a public interest intervention notice under section 42 of the Enterprise Act 2002 (“the Act”) in relation to a relevant merger situation. On 7 February 2022, the Secretary of State received a report from the Competition and Markets Authority (“CMA”) under section 44 of the Act in relation to the matter.
Having considered the report of the CMA the Secretary of State believes that, as a result of the anticipated acquisition of the Perpetuus Group (including Perpetuus Energy Limited, Perpetuus Advanced Materials pie and Perpetuus Carbon Technologies Limited) by Shanghai Kington Technology Limited and others, it is or may be the case that:
a. arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation as defined in section 23 of the Act;
b. the interests of national security, being a public interest consideration specified in section 58(1) of the Act, are relevant to a consideration of that situation; and
c. taking account only of the relevant public interest consideration concerned, the creation of the relevant merger situation may be expected to operate against the public interest.
The Secretary of State, in exercise of his powers under section 45(5) of the Act, hereby makes a reference to the chair of the CMA for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013 in order that the group may investigate and report on the questions it is required to answer by virtue of section 47 of the Act within the period set down in section 51 of the Act.
[Name redacted]
Director of National Security and International
An official in the Department for Business, Energy and Industrial Strategy
11 May 2022