Press Release: Mergers: European Commission approves the acquisition of joint control of Arnotts by Anglo Irish Bank and RBS

The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).

Arnotts runs a small number of retail outlets, including one of Ireland's oldest department stores in the Dublin city centre. Anglo Irish Bank and RBS offer financial services. The Commission's examination of the proposed transaction showed that it would not significantly impede effective competition in the European Economic Area ("EEA") or any substantial part of it.