Stampa

AUTOGRILL/ RISTOP


PRESS RELEASE



PRESS RELEASE

THE COMPETITION AUTHORITY HAS PROHIBITED THE SECOND AUTOGRILL/RISTOP TAKEOVER.
 AN INVESTIGATION HAS BEGUN INTO ALLEGED ANTI-COMPETITIVE BEHAVIOUR


At its meeting on 5 September 2002, at the conclusion of the investigation begun on 24 July 2002, the Competition Authority prohibited Autogrill S.p.A. from acquiring a 45 percent equity interest in Ristop s.r.l. with an option to acquire the remaining 55 percent. The Authority considered this operation to be a "concentration", and as such it would have the same anti-competitive effects as the takeover bid that had already been prohibited by the Authority in its resolution of 24 July 2002 for the 100 percent acquisition of Ristop by Autogrill.
In the notice of the 100 percent acquisition of Ristop by Autogrill, the parties had stated that if the Authority were to prohibit the takeover, Autogrill would acquire 45 percent of Ristop's equity with an option to subsequently acquire the remainder. When the Authority prohibited the operation, the condition obtained for these contractual commitments between the parties to be undertaken. The Authority considered that this second proposition for the Autogrill/Ristop acquisition was a "concentration" that would be likely to strengthen Autogrill's dominant position on the motorway catering markets.
At the same meeting the Authority resolved to commence investigations into both companies, Autogrill S.p.A. and Ristop S.r.l., to ascertain whether they had acted with the intention of restricting competition.
The investigation had begun as a result of a complaint drawing the attention of the Authority to Autogrill's conduct on the motorway catering market allegedly to prevent the market entry of a competitor on the eve of the competitive tenders for the assignment of the government franchises expiring in 2003 to provide the motorway catering services.
From the documentation acquired in the course of both investigations into the two "concentrations" it transpired that Autogrill was intent on substantially monopolising the market, in part by colluding with its competitor company, Ristop. This strategy had been designed to enable the dominant company to eliminate competition from the motorway catering market by choosing a competitor that was willing to cooperate with it in the event that the Authority were to prohibit any further external expansion pursuant to section 6 of the Competition Act.
The Authority ruled that this conduct could be seen as an infringement of the Competition Act, and in particular an offence under section 2 and/or section 3 of the Act, in that it was likely to significantly restrict competition on the motorway catering markets.
The investigation is scheduled for completion by 30 June 2003.

Rome, 10 September 2002