The Federal Economic Competition Commission (Cofece) of Mexico approved the merger between Gemini Holdings and Tate & Lyle PLC.
The notified operation consists of the acquisition by Gemini of a certain percentage of the issued and outstanding capital stock of a limited liability company that would be incorporated in accordance with the laws of Delaware, United States of America.
As a consequence of the operation, Gemini will acquire indirect participation in the subsidiaries that will be transferred to an entity after its incorporation, among which are the following Mexican companies: Almidones Mexicanos (Almex); Promoter of Mexican Products and Markets (Promoter); Coatzacoalcos Transfer Station; and Tultepec Transfer Station (Tultepec Station, and together with Almex, Promotora and Coatzacoalcos Station, the NewCo Mexican Subsidiaries).
In particular, Cofece informed the Notifiers that, in the event that the operation is carried out with economic agents other than them, they must prove that they belong, directly or indirectly, 100% to the Notifiers.
Otherwise, the operation carried out will be considered different from the operation notified in the file in which it is acted.
Tate & Lyle
At the beginning of the process, both companies notified Cofece of their intention to carry out a concentration on September 9, 2021, in accordance with the provisions of article 90 of the Federal Economic Competition Law.
Later, on December 8, 2021, the Notifiers submitted, through SITEC, a document by which they indicated that they will make a modification to the contract format that will be executed at the closing of the notified operation, in order to modify the timing of the clause of non-competition initially agreed by the Notifiers.
Cofece is an autonomous constitutional body established to guarantee free competition and concurrence, as well as to prevent, investigate and combat monopolies, monopolistic practices, illicit concentrations and other restrictions on the efficient functioning of the markets, in the terms established by the Constitution, treaties and laws.