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Post Holdings, Inc.; In the Matter of

The Federal Trade Commission authorized an action to block Post Holdings, Inc.’s proposed acquisition of the private label ready-to-eat ("RTE") cereal business of TreeHouse Foods, Inc.  In an administrative complaint issued on December 19, 2019, the Commission alleges that the proposed acquisition would harm retailers and end consumers by eliminating head-to-head competition between the Respondents in the United States market for private label RTE cereal. The Commission vote to issue the administrative complaint and to authorize staff to seek a temporary restraining order and preliminary injunction was 5-0. The administrative trial is scheduled to begin on May 27, 2020. The parties announced they had abandoned the transaction on Jan. 13, 2020.

Type of Action
Administrative
Last Updated
FTC Matter/File Number
191 0128
Docket Number
9388
Case Status
Closed

Evonik Industries AG, et al.

The Federal Trade Commission authorized an action to block Evonik Industries AG’s proposed $625 million acquisition of PeroxyChem Holding Company, alleging the merger of the chemical companies would substantially reduce competition in the Pacific Northwest and the Southern and Central United States for the production and sale of hydrogen peroxide, a commodity chemical used for oxidation, disinfection, and bleaching.

Type of Action
Federal
Last Updated
FTC Matter/File Number
191 0029

Third Point LLC

Investment advisor Third Point LLC and three funds that it controls have agreed to settle Federal Trade Commission charges that the funds violated the premerger notification and waiting period requirements of the Hart-Scott-Rodino Act, or HSR Act, after they acquired the voting securities of DowDuPont Inc. According to the complaint, on Aug. 31, 2017, the shares of Dow Inc. held by the three Third Point funds – Third Point Partners Qualified L.P., Third Point Ultra, Ltd., and Third Point Offshore Fund Ltd. – converted to shares of the newly formed DowDuPont Inc. following the merger of Dow Inc. and E.I. du Pont de Nemours & Company. The three funds have agreed to collectively pay $609,810 in civil penalties, and they, together with Third Point LLC, will be barred from committing future violations of the HSR Act in connection with corporate consolidations.

Type of Action
Federal
Last Updated
FTC Matter/File Number
181 0087