10/31/2008 | Other

European Commission approves proposed acquisition of ExxonMobil's Iberian subsidiaries by Galp Energia

In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. (“Galp Energia”) hereby discloses the following information:

In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, S.A. (“Galp Energia”) hereby discloses the following information:

The European Commission has cleared today, subject to conditions, the proposed acquisition by Galp Energia of Esso Portuguesa, Esso Española and a part of ExxonMobil Petroleum & Chemical.

The European Commission found that the proposed transaction as initially notified would have given rise to competition concerns in certain refined oil product markets in Portugal.

To resolve these competitive concerns, related to the Portuguese market, Galp Energia proposed to divest a sea terminal, which also includes a LPG bottling plant, a storage facility for liquid fuels and LPG and a blending plant for lubricants.

Moreover Galp Energia undertook to divest certain Esso shareholdings in airport joint ventures and other assets for into-plane operations in Portuguese airports. The divestitures also include staff, customers and supply contracts.

In light of these commitments, the European Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (“EEA”) or any substantial part of it.

According to the European Commission, the proposed transaction for Spanish market would not significantly modify the structure of the relevant markets in Spain as it would continue to be exercised a competitive constraint on the merged entity.

See attach for transaction press release published on April 18, 2008 and supporting presentation.

Source: Galp Energia SGPS, S.A.

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