Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

I would like to put on the record what the position is because many people have raised concerns with me about this issue. The relevant Oireachtas committee has referred the matter to the Competition Authority for examination.

Mergers and acquisitions of businesses within the State are subject to a process of examination to ensure consumers or other businesses do not suffer, or that the merger or acquisition does not lead to a reduction in competition.

I understand that, depending on the turnover of organisations involved in an acquisition or merger, either the Competition and Consumer Protection Commission or the EU Commission will conduct an examination to determine whether there will be any “substantial lessening of competition”. That is the term used.

As part of this process the examination of the proposed takeover will involve either a one or two-stage investigation by the relevant authorities, at the end of which the authorities may unconditionally clear the merger, approve the merger subject to remedies, or prohibit the merger if no adequate remedies to the competition concerns have been proposed by the merging parties. I am satisfied that this process will ensure a thorough and independent assessment of the impact of the proposed takeover on the Irish beef industry.

Concerns have been expressed and there is a system to deal with those concerns. There is an Oireachtas committee and many other people looking at it to see what is the outcome. My view is to let the system work. If there are no competition issues as a result of this, it will proceed. If there are competition issues, however, they will either have to be addressed or else they will not be able to go ahead.

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