05 July 2011 19:26 [Source: ICIS news]
LONDON (ICIS)--The European Commission has cleared a move by Abu Dhabi’s International Petroleum Investment Co (IPIC) to take majority control of Spain’s integrated energy and petrochemicals firm Companía Espanola de Petroleos (CEPSA), it said on Tuesday.
However, IPIC’s and CEPSA’s combined market shares for those product are ”moderate” as a number of credible competitors will remain in the market, the Commission said.
IPIC had notified the Commission in May that it plans to take control of CEPSA.
IPIC first acquired a 9.5% stake in CEPSA in 1998, which it raised to 47.1% in 2009.
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The company is controlled by the government of the Emirate of Abu Dhabi.
For more on CEPSA and other producers visit ICIS company intelligence
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