Fuente: © European Union
http://europa.eu.int

EU: Mergers: Commission approves proposed acquisition of Viesgo, Endesa Europa and minor Endesa activities in Spain by E.ON

/noticias.info/ The European Commission has approved under the EU Merger Regulation the acquisition of the Spanish company Viesgo, currently controlled by the Italian electricity company Enel, and of parts of the Spanish energy company Endesa S.A by E.ON AG of Germany. In particular, E.ON would acquire control of Viesgo, Endesa Europa, which controls Endesa's activities in France, Poland, Italy and Turkey, and of certain minor activities of Endesa in Spain. After examining the operation, the Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

E.ON is an energy company headquartered in Germany with its main activities in the generation, transmission and supply of electricity and gas. Viesgo is the Spanish subsidiary of Enel, the Italian incumbent electricity provider, active in the generation, distribution and supply of electricity in Spain. Endesa Europa is active outside Spain, in particular in France, Italy, Turkey and Poland.

The Commission’s examination of the proposed takeover confirmed that the parties have limited overlapping activities in the electricity markets in France, Italy, Germany and Poland. The proposed transaction would not create competitive concerns in any of these countries, as the combined entity would have very limited market shares and would face competition from other significant players.

The Commission already authorised the proposed transaction on 6 August 2007 (see IP/07/1214). However, on 18 March 2008 Enel, E.ON and Acciona modified their initial agreement of 2007 in relation to the assets to be transferred to E.ON. In particular, the new agreement excludes one of the Endesa power plants to be divested to E.ON (the Foix power plant in France) and substitutes one power plant (Besos 3 in Spain) for another one (Tarragona 1, also in Spain). The negotiations on the drawing rights to be transferred from Endesa's nuclear plants to E.ON (initially 450 MW) are not closed yet and it may be that the final rights transferred to E.ON are lower.

As the scope of the concentration has changed, the Commission needed to adopt a new decision. However, as the changes do not modify the competitive assessment, the Commission concluded that the proposed transaction, as modified by the parties' agreement of 18 March 2008, would not raise competition concerns.

More information on the case will be available at:
http://ec.europa.eu/comm/competition/mergers/cases/index/m103.html#m_5170 notas_de_prensa_archivo