Competition – Merger. The Competition and Markets Authority (CMA) had found there to have been a relevant merger situation under s 22(1) of the Enterprise Act 2002 arising from the appellant's acquisition of cross-channel ferries from SeaFrance's liquidator and its employment of the majority of former SeaFrance employees, as a consequence of a statutory indemnity payment to the appellant for employing those redundant workers. The decision was upheld by the Competition Appeals Tribunal. The Court of Appeal, Civil Division, allowed the appeal as the CMA's finding that upon such mass re-employment there had been in reality a transfer, or a transfer 'in effect' by SeaFrance, had been irrationally wrong and one that could not properly have been made.