EU Extends Competition Review of ExxonMobil Acquisition by Galp Energia
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Tuesday, 14 October 2008 |
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Exxon Mobil's businesses sales in Portugal and Spain by Galp Energia has been given an extension.
A monthly list of merger notifications distributed by the EU executive showed that the review deadline for the acquisition has been extended to Oct. 31 from Oct. 17. The Commission said the extension was due to commitments offered by both sides aimed at remedying competition concerns.
The proposed deal involves a network of 130 petrol stations in the two countries as well as industrial, wholesale, liquified petroleum gas (LPG) and aviation fuels businesses. Galp did not say how much it was paying when it announced the deal in April. But Bruno Silva, an analyst with bank BPI in Lisbon, said at the time the assets Galp bought from Exxon Mobil had a fair value of about €270 million.
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