AUTOGRILL/ RISTOP
PRESS RELEASE
PRESS RELEASE
THE COMPETITION AUTHORITY HAS PROHIBITED THE AUTOGRILL/ RISTOP ACQUISITION. A SECOND INVESTIGATION HAS BEGUN AND ALL ACTIONS TO IMPLEMENT THE OPERATION MUST BE SUSPENDED
At its meeting on 24 July 2002, after completing the investigation that began on 13 June 2002, the Competition Authority prohibited Autogrill S.p.A. from acquiring a 100% equity interest in Ristop S.r.l., on the ground that, as notified, the acquisition would be likely to strengthen Autogrill's dominant position on the relevant motorway catering markets, with anti-competitive effects.
The investigation had shown that Autogrill possesses a major share of all the local markets affected by the operation in the motorway catering industry. Following the acquisition, Autogrill's dominant position would have been further strengthened, increasing the number of local markets on which Autogrill has a market share in terms of turnover in excess of 80% from 11 to 19, while the number of local markets on which it would have a market share in excess of the 90% would have risen from 1 to 12.
The total takeover of Ristop the largest operator in this industry would also have removed Autogrill's only competitor from the market, despite its proportionally smaller size.
In the notification that Autogrill intended to acquire a 100 percent interest in Ristop, the parties had declared that if the operation were to be prohibited by the Authority, Autogrill would have acquired a 45 percent equity interest in Ristop, with the option to acquire the remainder the share capital subsequently. With the prohibition by the Authority, the conditions obtained for these contractual commitments to be pursued. The Authority believed that this second Autogrill/Ristop acquisition might also be likely to strengthen the dominant position of Autogrill on the motorway catering markets.
Referring to this latter operation, therefore, at the same meeting the Authority resolved to carry out a fresh investigation to be completed within 45 days into the Autogrill S.p.A. and Ristop S.r.l. companies, and ordered the immediate suspension of the operation to acquire the 45 percent acquisition of Ristop's equity and, more generally, to refrain from pursuing any other form of takeover or acquisition until the investigation was completed.
Rome, 29 July 2002