The oil company IPIC controls 95.89% of the capital of the Spanish Cepsa. The purchase will involve overlaps in the market of phenol and acetone in which both companies operate, but there will be room for other competitors. The European Commission (EC) has authorized on Tuesday the State oil company of Abu Dhabi, IPIC, to acquire the Spanish Cepsa, after concluding that the operation would not impede competition in the European market. After studying the operation, Brussels concluded that the resulting entity will face competition from major companies in the sector. The Brussels review revealed that the purchase will involve overlaps in the market of phenol and acetone in which both companies operate, but as their market shares are moderate, will be space for other competitors. The Commission also investigated whether the operation could increase the chances of practices coordinated between the suppliers of acetone and phenol, which finally discarded.
IPIC IPIC Cepsa is a company dedicated to investment worldwide in energy and related assets. Cepsa operates in the sectors of hydrocarbons and energy, including refining and marketing of petroleum products, such as fuels for engines and petrochemicals. The operation was notified to the Commission on June 26, 2011. Control of 95% of Cepsa the State oil company of Abu Dhabi agreed in February to buy its 48,83% of Cepsa stake, to France’s Total, added to the % 47,06 which already possessed, allowing you control 95.89% of the capital of the Spanish company. After the agreement with Total, IPIC, which became the capital of Cepsa in 1988, will be also with 92,24% of the voting rights of the oil company. The consideration provided by IPIC for actions that does not possess rises to 3.966 million euros, a figure that increases to 4.037 billion when adding the 0.5 euros per title disbursed in the dividend. Cepsa said that the Abu Dhabi oil company will keep the spanishness of the company and the It will enhance into a leading company both in Spain and internationally, taking advantage of its current strengths. Source of the news: Brussels authorizes an oil company in Abu Dhabi to buy Cepsa