This website uses its own and third-party cookies. Some of these cookies are used to develop analytical statistics of visits to the webpage, others to manage advertising or even others are necessary for the correct management of the site. If you continue to browse or click in accept we consider you accept the conditions for their use. You can get more information, or learn how to change the settings in our cookies policy?
Versión Española Versión Mexicana Ibercampus English Version Version française Versione italiana

17/8/2018  
    Ibercampus  | Editorial Board | Who we are | Ideology | Contact | Advertising rates | Subscription | RSS RSS
Policies
Inclusion policies
R&D
Employment
Economics
Culture
Green strategies
Health
Society and consumer
Sports
Debates
Interviews
Education
Grants & internships
Training
Trends
Enterprises & CSR
 Enterprises & CSR
ACNUR
AEGON
AIR LIQUIDE
ALCATEL-LUCENT
ALLIANZ
ARCELORMITTAL
ASIFIN
ASSICURAZIONI GENERALI
AXA
BANCO SANTANDER
BASF
BAYER
BBVA
BNP PARIBAS
CARREFOUR
DAIMLER AG
DEUTSCHE BANK
DEUTSCHE BÖRSE
DEUTSCHE TELEKOM
E.ON
ENEL
ENI
FORTIS
FRANCE TÉLÉCOM
GROUPE DANONE
IBERDROLA
INDITEX
ING GROUP
INTESA SANPAOLO
L'ORÉAL
LVMH
MUNICH RE
NOKIA
PHILIPS
RENAULT
REPSOL YPF
RWE
SAINT GOBAIN
SANOFI-AVENTIS
SAP AG
SCHNEIDER ELECTRIC
SIEMENS AG
SOCIÉTÉ GÉNÉRALE
SUEZ
TELECOM ITALIA
TELEFÓNICA
TOTAL S.A.
UNICREDIT
UNILEVER
VINCI
VIVENDI
VOLKSWAGEN

ECONOMICS
Competing bid

EU approves the proposed acquisition of Abertis by Hochtief


The European Commission has cleared, under the EU Merger Regulation, the proposed acquisition of Abertis by Hochtief. The Commission concluded that the merged entity would continue to face effective competition in the relevant markets. Abertis manages and operates toll road infrastructure. Hochtief, ultimately controlled by the ACS Group, is mostly active in the construction sector.
Ibercampus 7/2/2018 Send to a friend
Comparte esta noticia en TwitterFacebookTwitterdel.icio.usYahooRSS

Abertis manages and operates toll road infrastructure. Hochtief, ultimately controlled by the ACS Group, is mostly active in the construction sector.

The Commission's investigation focused on:

  • the market for toll motorway concessions where the activities of ACS Group and Abertis overlap;
  • the market for the construction and maintenance of road infrastructure, since construction remains the core business of Hochtief and the ACS Group; and
  • other markets related to motorway concessions where Abertis is present, namely the distribution of on-board payment equipment, the provision of electronic toll collection systems and the concession of food services on motorway service areas.

For all of these markets, the Commission found that the proposed transaction would raise no competition concerns and the merged entity would still face a number of strong competitors. The Commission also found that the market for toll motorway concessions is a highly regulated bidding market, further preventing the merged entity from weakening competition.

Therefore, the Commission concluded that the proposed acquisition would not endanger competition in any of the markets concerned.

Hochtief, based in Germany, is active on the construction market in the Asia-Pacific region, the Middle East, the United States and Canada, as well as in Europe (the Czech Republic, Germany, Greece, the Netherlands, Poland and the UK). Hochtief is solely controlled by Spain's ACS Group, which operates motorway concessions (through Hochtief and its subsidiary Iridium) in Germany, Greece, Ireland, the Netherlands, Portugal, Spain and the UK.

Abertis, based in Spain, operates toll motorways and telecommunications infrastructure. With regard to the management of toll motorways in the EU, Abertis is mainly active in Spain, France and, to a lesser extent, in Italy and in the UK.

Competing bid by Atlantia

Hochtief's offer to acquire Abertis comes as a counter-bid to a different offer by Atlantia, of Italy. Atlantia and Hochtief are competing against each other to take control over Abertis.

Atlantia is active in the management of toll motorway concessions and airport infrastructure. Within the EU, Atlantia's portfolio of motorways focuses mostly in Italy, and more marginally in Poland.

As is the case with the proposed acquisition by Hochtief, the Commission also cleared unconditionally Atlantia's offer for Abertis on 13 October 2017.


Merger control rules and procedures

The transaction was notified to the Commission on 22 December 2017. 

The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation) and to prevent concentrations that would significantly impede competition in the European Economic Area or any substantial part of it.


Other issues Economics
Commission takes action for a more competitive and innovative financial market
Small business access to alternative finance increasing as new bank lending declines
European Commission launches the EU Blockchain Observatory and Forum
Highest growth in total tourism nights in Europe
Commission welcomes new rules that benefit consumers by promoting more competition in card payments
Consumers to benefit from cheaper, safer and more innovative electronic payments
Richard H. Thaler wins the Nobel Prize for Economics
27 September: World Tourism Day
OECD sees global economy growth, but urges actions to ensure sustainable and inclusive growth
Alibaba launches "smile to pay"

Subscribe free to our newsletter
Vanity Fea
The Prehistoric Origin of Cinema
José Ángel García Landa
Financial inclusion
Financial Education For All!
Carlos Trias
Brusselian Lights
European elections (I): which words are more used in the European political manifestos?
Raúl Muriel Carrasco
Humor and Political Communication
Comisión de Arbitraje, Quejas y Deontología (Spain) (3) You can´t be too careful
Felicísimo Valbuena
Want your own blog? Want to be read by universities?
Find out here
Books
Blockchain Revolution "How the Technology Behind Bitcoin and Cryptocurrency Is Changing the World "
Doughnut Economics "Seven Ways to Think Like a 21st-Century Economist "
The People vs Tech "How the Internet Is Killing Democracy"
Will Big Business Destroy Our Planet?
Casey, Michael J.; Vigna, Paul: Cryptocurrency "The Future of Money?"
Eurydice brief: Citizenship Education at School in Europe – 2017
Theses and dissertations
1 The European Commission and EU consumer authorities push Airbnb to comply
2 Study shows puzzle games can improve mental flexibility
3 Commission registers initiative to ´Stop starvation for 8% of the European population
4 Access City Award 2019 now open for applications
5 Employment Social review confirms positive trends but highlights needs for skills and and inclusion
6 New report shows that digital employment platforms are gaining a foothold in Europe´s labour markets
Legal Advise | Privacy Policy | Editorial Board | Who we are | Ideology | Contact | Advertising rates | RSS RSS