AGCM

PRESS RELEASE

MEAL VOUCHER SERVICE: ANTITRUST AUTHORITY LAUNCHES INVESTIGATION
INTO EDENRED ITALIA’S PURCHASE OF RISTOCHEF

To determine whether this acquisition by the owner of the Ticket Restaurant and City Time brand names has a restrictive influence on competition. The impact of this operation on the social voucher sector is also in need of assessment.

In a meeting on 01st December 2010, the Autorità Garante della Concorrenza e del Mercato decided to launch an investigation to determine whether the purchase of the Ristochef corporation by Edenred Italia S.r.l., owner of the Ticket Restaurant and City Time brand names, restricts competition in the sector of cafeteria replacement services through the issue of meal vouchers.
According to the Antitrust Authority, the operation could result in the creation or reinforcement of a dominant position, given how the steady growth of this company over the last four years has already established it as the main operator in the market. The purchase, furthermore, takes place within a highly concentrated sector in which three operators already account for 70% of the market share.
The investigation shall also study Edenred's positioning within the new social voucher market, which extends beyond meal vouchers to support the purchase of school supplies by the needier social classes.
The proceeding shall be concluded by 15th January 2011.

Rome - December 04th, 2010