FIATIMPRESIT-MANNESMANN-TECHINT/ITALIMPIANTI (Postponement of the statutory dealine)
PRESS RELEASE
In the meeting of January 26th 1996, the Italian Competition Authority has decided to postpone the statutory deadline of the proceeding begun on 14 December 1995 to investigate the merger between Mannesmann Demag (controlled by Mannesmann AG) and Italimpianti Spa (controlled by Fintecna Spa). The investigation has been initiated in order to verify if the acquisition by Mannesmann Demag AG of Italimpianti's operating division, of Italimpianti of America Inc., of Innocenti Santeustacchio Spa and of Innocenti Engineering Spa is likely to eliminate or reduce competition substantially and on a lasting basis in the market for the planning, construction and distribution of stainless steel plants.
The extension of time is necessary to allow the Authority (following the engagements undertaken by Mannesmann Demag during the hearing held on 23 January 1996 and aimed to eliminate any possible distortion to competition in the Italian market) the collection of further useful data and information so as to verify if these engagements can ensure the maintenance of effective competition on the market.