GROUPE CANAL+/STREAM
PRESS RELEASE
PRESS RELEASE
THE COMPETITION AUTHORITY HAS ORDERED THE IMMEDIATE SUSPENSION OF THE TELEPIU'/STREAM TAKEOVER AND A NEW INVESTIGATION
At its meeting on 28 February 2002 the Competition Authority resolved to investigate the GROUPE CANAL , TELEPIU' S.p.A and STREAM S.p.A companies to appraise the TELEPIU'/STREAM takeover notified on 14 February. At the same time the Authority ordered every aspect of the operation to be suspended.
For even the new form of the takeover reported to the Authority, under which STREAM would be taken over by TELEPIU', also appears to be likely to strengthen TELEPIU's dominant position of the pay-TV market in a manner that would impose lasting and substantial restrictions on competition. And since some of the covenants agreed to by the parties are for immediate implementation, their effects are also likely to be difficult to reverse and would weaken competition between the operators involved.
The Authority therefore resolved to commence investigations into companies above, to be concluded within forty-five days, meanwhile ordered the immediate suspension of certain contractual covenants, and in more general terms of any other means of implementing the takeover, until the investigation is completed.
Rome, 1 March 2002