EU Extends Enquiry Deadline for Statoil Acquistion of Jet Network
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Monday, 21 April 2008 |
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The European Union has extends its deadkline from 23rd April to the
13th May for its enquiry into Statoil's acquisition of the Jet network
in Scandinavia.
The European Commission said the deadline for its inquiry into Statoil
ASA.'s proposed acquisition of 274 JET brand automated
petrol stations from ConocoPhillips has been extended to May
13. The original deadline was April 23. The commission extended
the inquiry by ten working days as the companies have offered remedies
to competition concerns raised during the investigation.
The Norwegian oil company will acquire 39 new stations in Norway, and
72 and 163 in Denmark and Sweden respectively. The commission has
extended its review date by 10-days to May 13, by
which date it must now decide whether to clear the deal or launch an
in-depth 90-day investigation. Although not specifically
mentioned, commitments are often divestments offered by the company, in
order to allay competition concerns in the affected market.
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