EC clears Repsol's Shell deal

14th September 2004, Comments 0 comments

14 September 2004, BRUSSELS - The European Commission said Tuesday it had approved Spanish petrol station company Repsol YSF's purchase of most of Anglo-Dutch oil giant Shell's Portuguese products and businesses.

14 September 2004

BRUSSELS - The European Commission said Tuesday it had approved Spanish petrol station company Repsol YSF's purchase of most of Anglo-Dutch oil giant Shell's  Portuguese products and businesses.

The executive arm of the European Union said the transaction would not raise competition concerns since other large and capable players compete in the market.

It said the new entity would face competition from Portugal's Galp, BP PLC, Cepsa, Exxon Mobil Corporation and a number of independent companies.

The bid for Shell's operations in Portugal was announced by Repsol on 25 June and covers 303 service stations, direct sales of fuel and asphalt, marine fuel and storage facilities.

Among activities excluded in the deal is Shell's lubricant business in Portugal.

The deal will enable Repsol YSF to become Portugal's third largest oil industry operator with 417 service stations and 19 percent of the service station market.

[Copyright EFE with Expatica]

Subject: Spanish news

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