GO-AHEAD FOR MERGER OF AEM AND ASM
PRESS RELEASE
PRESS RELEASE
AEM-ASM: ANTITRUST AUTHORITY GIVES GO-AHEAD FOR MERGER
The Parties present substantial changes to the operation in order to obviate the risk of coordination between the AEM/EDF/Edison Group and the ASM/Endesa Group
The Italian Competition Authority, at its meeting on 13 December 2007, decided that the merger of AEM and ASM does not constitute or strengthen a dominant position in the affected markets that might eliminate or substantially and permanently reduce competition.
The Antitrust Authority's authorization of the merger came after the Parties presented measures aimed at resolving the structural links existing between ASM and Endesa Italia and overcoming the risk of coordination in the wholesale market for electricity between the second (AEM/EDF/Edison Group) and third national operator (Endesa Group). Such links would definitively cease with the transformation of ASM's shareholding in Endesa Italia intoproductive assets of ASM.
The Authority clarified, however, that the assessments on which the go-ahead is based do not take account of the substance of agreements arrived at during negotiations for the transformation of ASM's shareholding in Endesa Italia into productive assets of ASM, which may yet be subject to further analysis by the Authority or by the European Commission. The Authority further clarified that, should the merger be implemented in a manner different from the general lines indicated by the parties, it may intervene again in accordance with the law.
Rome, 19 December 2007