The Italian Antitrust Authority said
Tuesday that it has authorized Italgas Spa's acquisition of 2i
Rete Gas for a merger of Italy's two largest gas distributors
"subject to conditions".
"The transaction... may well have led to competitive concerns
with respect to future area-based tenders for the identification
of gas distribution concession holders in 65 Italian minimum
territorial areas (so-called ATEMs)," the competition watchdog
said.
"The Authority authorised the transaction subject to compliance
with divestiture and behavioural measures.
"In particular, in 31 ATEMs, Italgas is required to divest a
share of at least 20% of the gas redelivery points it manages
based on existing concessions.
"In other 4 ATEMs, it will need to sell a share equivalent to
that acquired.
"Such transfers, which must follow specific procedures and the
timeline set forth in the final decision, will be made under the
supervision of a monitoring trustee approved by the authority".
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