UK government probes Liberty takeover of F1

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The UK government’s Competition and Markets Authority have announced on their website that it is investigating the anticipated acquisition by Liberty Media of Formula One Group.

CMA announced:

Anticipated acquisition by Liberty Media of Formula One Group

Notice under section 96(2A) of the Enterprise Act 2002 (the Act) published pursuant to section 107(1)(i) of the Act

The Competition and Markets Authority (CMA) hereby gives notice pursuant to section 96(2A) of the Act that the merger notice provided by Liberty Media in relation to the anticipated acquisition by Liberty Media of Formula One Group (the Merger) meets the requirements of section 96(2) of the Act.

The initial period defined in section 34ZA(3) of the Act in relation to the Merger will therefore commence on the first working day after the date of this notice, ie on 8 November 2016. The deadline for the CMA to announce its decision whether to refer the Merger for a Phase 2 investigation is therefore 5 January 2017.

CMA is the British government’s watchdog over mergers and acquisitions which ensures corporate fairplay and guards against improper deals