BRUSSELS (Thomson Financial) - The European Commission said its in-depth
inquiry into StatoilHydro ASA.'s proposed acquisition of JET's Scandinavian
petrol stations from U.S. group ConocoPhillips is suspended.
The commission said the inquiry is suspended due to a request for
information. The original deadline to rule on the deal was Sept 18.
The Norwegian oil company will acquire 39 new stations in Norway, and 72 and
163 in Denmark and Sweden respectively. No financial details were disclosed.
The commission said previously that its initial market investigation has
indicated that the merger raises "serious doubts" as to its compatibility with
the single market as "it appears that it could limit" competition on the motor
fuel retail markets in Sweden and Norway.
The European Union executive said that while Jet is not active in the
upstream market of motor fuel supply, the parties' activities overlap in the
downstream market of retailing motor fuel.
The commission's initial investigation showed that this overlap might create
competitive concerns in Sweden and Norway, where Jet may exert competitive
pressure on Statoil leading to a significant impact on Statoil's retail prices.
simon.zekaria@thomsonreuters.com
sz/jlc
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