OFT Fast Tracks Travel Agency Joint Venture To The Competition Commission

On 2 March, the OFT announced that it had made a fast-track reference to the Competition Commission ('CC') of the anticipated travel business joint venture between Thomas Cook, the Cooperative Group and the Midlands Co-operative Society.

This is the OFT's first use of its fast track reference procedure, and follows a request from the parties on 14 February 2011 (see Community Week issue 510). The procedure provides merging parties with an opportunity to significantly streamline the first phase of the merger process in those cases which raise complex issues or which clearly meet the threshold test for reference to the CC.

Sheldon Mills, OFT Director of Mergers, said 'Travel services such as package holidays represent a big area of spending for many UK consumers and this proposed joint venture brings together two of the largest high street travel agencies in the country. It is therefore important that the...