EU clears Abu Dhabi's IPIC to take control of Spain’s CEPSA

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.

IPIC, which holds 47.1% in CEPSA, is set to acquire Total’s 48.8% stake to take control of CEPSA.

The Commission said the deal would lead to overlaps in the markets for phenol and acetone.

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.

IPIC’s portfolio companies also include Canada’s NOVA Chemicals, along with stakes in Austria’s oil and gas major OMV and in Austria-based petrochemicals major Borealis.

The company is controlled by the government of the Emirate of Abu Dhabi.

For more on CEPSA and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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