Apresentação
Este é um informativo diário que traz para o(a) leitor (a) notícias e casos de defesa da concorrência das principais jurisdições antitruste do mundo (CADE, FTC, Comissão Europeia, CMA etc).
Notícias
Commission clears proposed acquisition of stake in ITA Airways by Lufthansa, subject to conditions
Page contents
The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of joint control of ITA Airways (‘ITA’) by Deutsche Lufthansa AG (‘Lufthansa’) and the Italian Ministry of Economy and Finance (‘MEF’). The approval is conditional upon full compliance with the remedies offered by Lufthansa and the MEF.
Today’s decision follows an in-depth investigation of the proposed transaction, including the sending of a Statement of Objections. Lufthansa and ITA operate an extensive network of routes from their respective hubs in Austria, Belgium, Germany, Switzerland and Italy. Their operations are to a significant extent complementary as they operate from different hubs in Central Europe and Italy respectively. Lufthansa has joint ventures with United Airlines and Air Canada for transatlantic routes as well as with All Nippon Airways for routes to Japan. Whilst ITA is performing well today, ITA’s long-term sustainability as a stand-alone carrier would have remained highly uncertain absent the transaction.
The Commission’s investigation
During its in-depth investigation, the Commission gathered extensive information and feedback from market participants and other stakeholders, including from rival airlines, airports, business customers, consumer and passenger associations, as well as from individual consumers who reached out to the Commission.
Following its market investigation, the Commission had concerns that the transaction, as initially notified, would have:
- Reduced competition on a certain number of short-haul routes connecting Italy with countries in Central Europe through non-stop and one-stop flights. On such routes: (i) Lufthansa and ITA compete head-to-head or would have likely competed head-to-head soon; and (ii) competition is limited and comes primarily from low-cost carriers, such as Ryanair, who in many cases operate from more remote airports.
- Reduced competition on a limited number of long-haul routes between Italy and the US and Canada. Given that Lufthansa and its joint venture partners United Airlines and Air Canada coordinate on price, capacity, and scheduling, and share revenues, the Commission treats the activities of ITA, Lufthansa and its joint venture partners as those of a single entity when assessing this transaction. ITA and Lufthansa’s joint venture partners compete head-to-head with non-stop flights on these routes and competition from other airlines is limited.
- Created or strengthened ITA’s dominant position at the Milan-Linate airport, which could have made it harder for rivals to provide passenger air transport services from and to Milan-Linate.
The proposed remedies
To address the Commission’s competition concerns, Lufthansa and the MEF submitted a remedy package consisting of:
- Commitments for short-haul routes: Lufthansa and the MEF will make available to one or two rival airlines the necessary assets to enable them to start non-stop flights between Rome or Milan and certain airports in Central Europe. Remedy takers would need to operate on those routes for a certain minimum period. Lufthansa and the MEF will also ensure that one of those rival airlines will have access to ITA’s domestic network to offer indirect connections between certain airports in Central Europe and certain Italian cities other than Rome and Milan.
- Commitments for long-haul routes: The merged company will enter into agreements with rivals to improve their competitiveness on the long-haul routes of concern, for instance through interlining agreements or slot swaps. This will lead to increased frequencies of non-stop flights and/or improved connections for one-stop flights on each of the routes. In its assessment, the Commission took into account the fact that the MEF will retain a controlling stake in ITA after the transaction and will continue to have incentives to have ITA compete against Lufthansa’s joint venture partners in North America, at least until ITA is integrated into the joint venture.
- Commitments for Milan Linate airport: Lufthansa and MEF will transfer take-off and landing slots at Linate airport to the remedy takers for the short-haul routes. The number of slots to be divested exceeds what is necessary to operate the short-haul routes as well as the number of slots that the transaction would have added to ITA’s portfolio. This will allow the remedy taker to establish a sustainable base at Linate airport and to potentially offer its own one-stop connections between Italy and Central Europe.
Pursuant to the commitments, Lufthansa and the MEF can only implement the transaction following the Commission’s approval of suitable remedy takers for each of the short-haul, long-haul and Milan Linate commitments. The Commission will assess the suitability of remedy takers in the context of a separate buyer approval procedure.
These commitments fully address the competition concerns identified by the Commission.
Therefore, the Commission concluded that the transaction, as modified by the commitments, would no longer raise competition concerns. The decision is conditional upon full compliance with the commitments. Under supervision of the Commission, an independent trustee will monitor their implementation.
Companies and products
ITA, headquartered in Italy, is a full-service carrier with domestic and international operations in passenger and cargo air transport. ITA operates a hub-and-spoke network with its principal hubs in Rome and Milan. ITA was created by the Italian State in October 2020. ITA is a member of the SkyTeam alliance.
Lufthansa, headquartered in Germany, is a global full-service carrier with domestic and international operations in passenger and cargo air transport. Lufthansa also operates a hub-and-spoke network with its principal hubs in Frankfurt, Munich, Zurich, Vienna and Brussels. Its subsidiaries include Austrian Airlines, Brussels Airlines, Eurowings, Swiss International Airlines and Air Dolomiti. Lufthansa is a member of the Star Alliance, of a transatlantic joint venture with United Airlines and Air Canada and of a joint venture with All Nippon Airways for routes between the EEA and Japan.
MEF carries out the tasks and responsibilities of the Italian government in the fields of economic policy, financial policy, budgeting, and tax policies. MEF holds shareholdings in public and strategic companies in Italy, among others in the transport sector, and it is currently the sole shareholder in ITA. The companies in which MEF has shareholdings are active worldwide.
Merger control rules and procedure
The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the EU Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the European Economic Area or any substantial part of it.
The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).
In addition to this proposed transaction, there is currently one ongoing Phase II merger investigation: the proposed acquisition of Air Europa by IAG.
For More Information
More information will be available on the Commission’s competition website, in the public case register under the case number M.11071.
Stockland and Supalai’s proposed acquisition of Lendlease residential masterplanned communities raises preliminary concerns
Date
4 July 2024
Topics
The ACCC has published a Statement of Issues outlining preliminary competition concerns with Stockland and Supalai’s proposed acquisition of 12 Lendlease (ASX: LLC) residential masterplanned community projects through a joint venture.
Lendlease, Stockland, and Supalai are developers of masterplanned community projects. Lendlease has 16 masterplanned community projects in NSW, Queensland, Victoria, and Western Australia, 12 of which would be sold under the proposed acquisition.
“We are concerned that the proposed acquisition would remove one of Stockland’s closest and largest competitors in the supply of residential masterplanned community housing lots in four regions – the Illawarra, North West Perth, Ipswich, and Moreton Bay,” ACCC Commissioner Liza Carver said.
“The ACCC is concerned that the proposed acquisition may increase Stockland’s incentive to raise the price, delay the supply, or reduce the quality of housing lots in these regions, to the detriment of prospective homeowners.”
Market feedback received by the ACCC indicates that Stockland and Lendlease compete closely as large developers with strong reputations and the ability to invest in high quality amenities, including education, parks, and town centres.
“We are concerned that other developers of masterplanned community projects may not be able to compete sufficiently with Stockland after the acquisition in some regions,” Ms Carver said.
“These preliminary concerns are strongest in the Illawarra region of New South Wales where the proposed acquisition would bring together the two largest masterplanned community projects in an already highly concentrated market.”
The ACCC is also considering whether the proposed acquisition may increase the risk of anti-competitive coordination by developers in relation to the pricing, supply, and/or quality of masterplanned community projects.
The ACCC has not reached a concluded view on any of the above issues and invites submissions in response to the Statement of Issues by 18 July 2024.
More information and the Statement of Issues is available on the ACCC’s public register: Stockland Supalai Residential Communities Partnership Pty Ltd – Lendlease Group
Notes to editors:
Masterplanned community projects are residential property developments on greenfield land which are typically delivered in phases over multiple years. They are characterised by access to amenities with a focus on ‘community living’, such as open spaces, recreational facilities, education and community hubs, as well as commercial or retail centres.
“Greenfield” is a term that refers undeveloped land.
Background
Stockland Supalai Residential Communities Partnership Pty Ltd (SSRCP) (a wholly-owned subsidiary of a special purpose acquisition vehicle owned by Stockland Communities Partnership HoldCo Pty Ltd (Stockland) and Supalai Australia Holdings Pty Limited (Supalai)) proposes to acquire 12 masterplanned communities from Lendlease Group (Lendlease).
The masterplanned communities are located in greenfield growth areas across Greater Sydney, South East Queensland, Greater Melbourne and Greater Perth.
Stockland is a wholly-owned subsidiary of Stockland Corporation Limited (Stockland Group) (ASX: SGP), an ASX-listed diversified Australian property group that owns, funds, develops and manages portfolios of investment properties. Stockland Group has interests in 30 masterplanned communities developments across NSW, ACT, Queensland, Victoria and Western Australia.
Supalai is a wholly-owned subsidiary of Supalai Public Company Limited, which is listed on the Stock Exchange of Thailand. Supalai Public Company Limited principally operates as a property developer. Supalai has investments in various masterplanned communities in Victoria, Queensland and Western Australia through joint ventures with other developers, including Mirvac, Stockland, Satterley, Peet and ICD Property.
Lendlease is an ASX-listed global real estate business.
Release number
79/24
General enquiries
Contact us to report an issue or make an enquiry.
Media enquiries
Media Team – 1300 138 917, media@accc.gov.au
Atos de concentração – Decisões
CADE
Ato de Concentração nº 08700.004082/2024-61
Requerentes: Private Equity Holding VII – Delta S.A. e Sementes São Francisco S.A. Aprovação sem restrições.
Ato de Concentração nº 08700.004376/2024-93
Requerentes: SOE Operações Escolares S.A., Colégio Ábaco Ltda., Escola de Educação Infantil Aprendendo Brincando Ltda. e RGS Comério de Livros e Serviços. Aprovação sem restrições.
Ato de Concentração nº 08700.004114/2024-29
Requerentes: CBR 180 Empreendimentos Imobiliários Ltda. e Telefônica Brasil S.A. Aprovação sem restrições.
Ato de Concentração nº 08700.004494/2024-00
Requerentes: Brasil Energia Fundo de Investimento em Participações Multiestratégia e Chimarrão Transmissora de Energia S.A. Aprovação sem restrições.
Comissão Europeia
DEUTSCHE LUFTHANSA / MEF / ITA
Merger
Last decision date: 03.07.2024
BLACKSTONE / MDP / AIR CONTROL CONCEPTS HOLDINGS
Merger
Last decision date: 02.07.2024 Super simplified procedure
MARUBENI / CERTAIN PARTS OF TRUSTENERGY
Merger
Last decision date: 02.07.2024 Simplified procedure
Atos de concentração – Ingressos
CADE
| Ato de concentração | Requerentes | Descrição da operação | Ingresso | Rito | Edital | Parecer |
| 08700.004450/2024-71 | Phibro Animal Health Corporation; Zoetis Inc. | Nos termos do Purchase and Sale Agreement (“SPA”), assinado em 28 de abril de 2024, a Phibro Animal Health Corporation (“Phibro” ou “Comprador”) pretende adquirir o portfólio de aditivos alimentares medicamentosos para animais (“Medicated Feed Additives” ou “MFA”), junto com certos produtos solúveis em água e outros ativos relacionados (“Produtos-Alvo”) da Zoetis Inc. (“Zoetis” ou “Vendedor”) (“Operação”) (Comprador e Vendedor doravante denominados conjuntamente como “Partes” ou “Requerentes”). | 25.06.2024 | Ordinário | 03.07.2024 | |
| 08700.004570/2024-79 | BRZ Ribeirão Investimentos Imobiliários Ltda.; Multiplan Empreendimentos Imobiliários S.A. | A operação notificada envolve a aquisição, pela BRZ Ribeirão Investimentos Imobiliários Ltda. (“Compradora”), de imóvel situado no município de Ribeirão Preto/SP (“Imóvel-Alvo”), de propriedade da Multiplan Empreendimentos Imobiliários S.A. (“Vendedora” e, em conjunto com a Compradora, as “Requerentes”) (a “Operação”). | 28.06.2024 | Sumário | ||
| 08700.004563/2024-77 | BPCE AS; SGEF SA | A operação notificada consiste na aquisição, pela BPCE SA (“BPCE” ou “Compradora”), direta e indiretamente, de 100% do capital social da SGEF SA (“SGEF” ou “Empresa-Alvo” e, em conjunto com a BPCE, “Requerentes”), juntamente com todas as empresas associadas e ativos relacionados a sua divisão de negócios (“Negócio-Alvo1”), atualmente detidos pela Société Générale SA (“Vendedora” ou “Société Générale”) (“Operação”). | 28.06.2024 | Sumário | ||
| 08700.004523/2024-25 | Auren Comercializadora de Energia Ltda.; Esfera Comercializadora de Energia Ltda. | Trata-se de operação de aquisição de controle por meio de compra, pela Auren Comercializadora de Energia Ltda. (“Compradora”), da totalidade das quotas das empresas Esfera Comercializadora e Esfera Gestão de Energia (“Targets”) atualmente detidas por pessoas físicas (“Vendedoras”). As empresas Targets atuam no mercado de comercialização e gestão de energia elétrica, enquanto a Auren Comercializadora atua no mercado comercialização de energia. | 27.06.2024 | Sumário | 03.07.2024 | |
| 08700.004528/2024-58 | HOUSTON S.A. – EMPREENDIMENTOS E PARTICIPAÇÕES; ALLOS S.A. | Trata-se, em síntese, da aquisição, pela Houston S.A. – Empreendimentos e Participações (“Houston”), de fração ideal correspondente a 8,82335% do imóvel descrito e caracterizado nas matrículas nº 44.551 e 44.566 do 1º Cartório de Registro de Imóveis de São Luís/MA, onde está situado o empreendimento imobiliário Shopping São Luís, localizado na Cidade de São Luís, Estado do Maranhão, na Av. Prof. Carlos Cunha, nº 1000, Jacarati (“Empreendimento”), atualmente detida pela BR Malls Participações S.A. (“brMalls” ou “Vendedora”). | 27.06.2024 | Sumário | 03.07.2024 | |
| 08700.004533/2024-61 | Rock Encantech Ltda.; Propz Tecnologia da Informação S.A. | A presente operação diz respeito ao Acordo de Investimento (“Acordo”) celebrado entre, de um lado, Propz Tecnologia da Informação S.A. (“Propz” ou “Empresa-Alvo”), Manuel Guimarães Pinto Filho, Neilson Soares e Eldorado Administração e Participações Imobiliárias Ltda., e, de outro lado, Rock Encantech Ltda. (“Rock Encantech” ou “Investidora” e, em conjunto com a Propz, as “Partes”) por meio do qual a Rock Encantech ingressará no quadro de acionistas da Propz (“Operação”). Além disso, uma vez consumada a Operação, a Rock Encantech passará a deter controle compartilhado da Propz com os demais acionistas que permanecerão na Empresa-Alvo. | 27.06.2024 | Sumário | 03.07.2024 | |
| 08700.004532/2024-16 | Companhia Brasileira de Distribuição; Dablio – EMP Holding Ltda. | A operação consiste na aquisição, pela Dablio-Emp Holding Ltda. (“Dablio” ou “Compradora”), de posto de combustível detido pela Companhia Brasileira de Distribuição (“CBD” ou “Vendedora” e, em conjunto com a Compradora, “Partes” ou “Requerentes”), no Município de João Pessoa, Estado da Paraíba (“PB”) (“Ativo-Alvo”) (“Operação”). | 27.06.2024 | Sumário | 03.07.2024 | |
| 08700.004494/2024-00 | Brasil Energia Fundo de Investimento em Participações Multiestratégia; Chimarrão Transmissora de Energia S.A. | A presente notificação trata de operação por meio da qual o Brasil Energia Fundo de Investimento em Participações Multiestratégia (“FIP Brasil Energia”) pretende adquirir a totalidade das ações detidas pela CYMI Construções e Participações S.A. (“CYMI”) e pela Cobra Brasil Serviços, Comunicações e Energia S.A. (“Cobra” e em conjunto com CYMI as “Vendedoras”) na Chimarrão Transmissora de Energia S.A. (“Chimarrão Transmissora” e, em conjunto com o FIP Brasil Energia, as “Partes”) (a “Operação Proposta”). | 27.06.2024 | Sumário | 03.07.2024 | |
| 08700.004467/2024-29 | Fass Indústria e Comércio de Produtos Agropecuários Ltda.; Yara Brasil Fertilizantes S.A. | A operação consiste na aquisição, pela Fass Indústria e Comércio de Produtos Agropecuários Ltda. (“Fassagro” ou “Compradora”), de certos ativos e direitos relacionados à produção e comercialização de fertilizantes finais NPK distribuídos na forma líquida (“Negócio Alvo”) da Yara Brasil Fertilizantes S.A. (“Yara” ou “Vendedora”, em conjunto com a Fassagro, as “Requerentes”) (a “Operação”). | 25.06.2024 | Sumário | 03.07.2024 | |
| 08700.004466/2024-84 | CMPC Celulose Riograndense Ltda.; Jaguarão Propriedades Rurais e Participações S.A.; Querência Agroflorestal S.A.; Rio Negro Propriedades Rurais e Participações S.A. | Trata-se de aquisição, pela CMPC Celulose Riograndense Ltda. (“CMPC Celulose”), de participações minoritárias, sem aquisição de controle, nas seguintes sociedades: Jaguarão Propriedades Rurais e Participações S.A. (“Jaguarão”), Querência Agroflorestal S.A. (“Querência”) e Rio Negro Propriedades Rurais e Participações S.A. (“Rio Negro”, em conjunto com Jaguarão e Querência, as “Sociedades” e, juntamente com CMPC Celulose, as “Requerentes”) (“Operação”). As ações que serão adquiridas pela CMPC Celulose são integralmente detidas, atualmente, pelo Austral ST Fundo de Investimento em Participações Multiestratégia (“Austral ST” ou “Vendedor”). | 25.06.2024 | Sumário | 03.07.2024 | |
| 08700.004463/2024-41 | GRI – GERENCIAMENTO DE RESÍDUOS INDUSTRIAIS S.A.; Cetrel S.A. | Trata-se de combinação de negócios por meio da qual, simultaneamente, (a) a Braskem S.A. (“Braskem”) alienará à GRI – Gerenciamento de Resíduos Industriais S.A. (“GRI”), subsidiária da Solví Essencis Ambiental S.A. (“Solví Essencis”), ações detidas pela Braskem no capital social da Cetrel S.A. (“Cetrel”); (b) subscrição, pela Braskem, de novas ações ordinárias a serem emitidas pela GRI, por meio de aumento do capital social, as quais serão integralizadas pela Braskem por meio de aporte de ações ordinárias de emissão da Cetrel detidas pela Braskem; e (c) transferência, pela Solví, de ativos de gerenciamento de resíduos industriais e serviços da mesma natureza, para a GRI. Com a implementação da operação, a Solví passará a deter 50,1% e a Braskem 49,9% do capital social da GRI (GRI, em conjunto com Cetrel, “Requerentes” e, em conjunto com Braskem e Solví Essencis, “Partes”) (a “Operação”). | 25.06.2024 | Sumário | 03.07.2024 | |
| 08700.004429/2024-76 | ELEA DIGITAL INFRAESTRUTURA E REDES DE TELECOMUNICAÇÕES S.A.; Enterprise Services Brasil Serviços de Tecnologia Ltda | Trata-se de aquisição, pela Elea Digital Infraestrutura e Redes de Telecomunicações S.A. (“Elea” ou “Compradora”), de dois imóveis de propriedade da Enterprise Services Brasil Serviços de Tecnologia Ltda. (“Enterprise” ou “Vendedora” e, em conjunto com a Elea, “Requerentes”), localizados (a) na Avenida Marginal Direita Anchieta, Km 17, Jordanópolis, São Bernardo do Campo/SP (“Imóvel São Bernardo”) e (b) na Alameda Rio Negro, nº 530, Alphaville, Barueri/SP (“Imóvel Barueri” e, em conjunto com o Imóvel São Bernardo, coletivamente, os “Imóveis”) (“Operação Proposta”). Como resultado da Operação Proposta, a Vendedora firmará um contrato de colocation com a Compradora, se tornando cliente em ambos os Imóveis. | 24.06.2024 | Sumário | 03.07.2024 |
Comissão Europeia
CVC / EMMA / FOXPOST
Merger
Last decision date: none Simplified procedure
Ongoing
Investigation phase: 1
KIWA / ADESSO / JV
Merger
Last decision date: none Super simplified procedure
Ongoing
Investigation phase: 1
AUNDE GROUP / TB / TBKA
Merger
Last decision date: none Super simplified procedure
Ongoing
Investigation phase: 1
LOGISTEED / ALPS ALPINE / ALPS LOGISTICS
Merger
Last decision date: none Simplified procedure
Ongoing
Investigation phase: 1
MARCEGAGLIA STEEL / ASCOMETAL FOS-SUR-MER
Merger
Last decision date: none Simplified procedure
Ongoing
Investigation phase: 1
PFEIFER & LANGEN IHKG GROUP / LATRAPS / ASNS
Merger
Last decision date: none Simplified procedure
Ongoing
Investigation phase: 1
ICIG / EVONIK SUPERABSORBER COMPANIES
Merger
Last decision date: none
Ongoing
Investigation phase:1
ALSO / SWS
Merger
Last decision date: none Simplified procedure
Ongoing
Investigation phase:1