The oil IPIC will control 95.89% of the capital of the Cepsa Spanish. The purchase will imply overlappings in the market of the phenol and the acetone in which both companies operate, but will be space for other competitors. The European Commission (EC) is authorized east oil Tuesday to the state one of Abu Dabi, IPIC, to acquire the Cepsa Spanish, after concluding that the operation will not prevent the competition in the European market. After studying the operation, Brussels concluded that the resulting organization will have to confront the competition of important companies in the sector. The examination of Brussels revealed that the purchase will imply overlappings in the market of the phenol and the acetone in which both companies operate, but, as their quotas of market are ” moderadas” , it will be space for other competitors. The Commission also investigated if the operation could increase the possibilities of practices coordinated between the phenol and acetone providers, which finally discarded. IPIC and Cepsa IPIC are a company dedicated to investments a world-wide scale in energy and related assets.
Cepsa operates in the sectors of hydrocarbons and the energy, including the refining and commercialization of derivatives of the petroleum, such as combustible for petrochemical motors and products. The operation notified to the Commission the 26 of June of 2011. Control of 95% of oil Cepsa the state one of Abu Dabi decided in February to buy to the Total French its participation of 48.83% of Cepsa, which, added to 47.06% that already it owned, will allow him to control 95.89% of the capital of the Spanish company. After the agreement with Total, IPIC, that entered the capital of Cepsa in 1988, will also take control of 92.24% of the vote rights of the oil one. The return that offers IPIC by the actions which it does not own rises to 3,966 million Euros, a number that increases until 4,037 million when adding the 0.5 Euros by title disbursed in the dividend. Cepsa indicated that the oil one of Abu Dabi will maintain ” espaolidad” of the company it will harness and it stops to turn it into one ” company lder” as much in Spain as at international level, taking advantage of his ” strengths actuales”.