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OFT looks at Inchcape/EMH deal

The Office of Fair Trading is to investigate whether Inchcape’s acquisition of European Motor Holdings is anti-competitive.

In a statement today the OFT said it would be focussing on whether the deal will see a ‘substantial lessening of competition within any market or markets in the United Kingdom for goods or services that warrants reference to the Competition Commission for investigation and report’.

Inchcape has received 93.67% of acceptances from EMH shareholders for its cash offer of £262.9 million cash offer for the entire share capital of the company.

This means the company can automatically acquire the remaining 6.33% of EMH shares under the Companies Act 2006. However, Inchcape has extended its deadline for acceptances for a third time until February 6. After this date, Inchcape will own the entire share capital of EMH.

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