The European Commission will announce at the end of April its decision on the proposed acquisition of Chantiers de l'Atlantique by Fincantieri, said Margrethe Vestager, Executive Vice-President in charge of Competition Policy (see EUROPE 12420/27), on Wednesday 11 March.
“The decision is expected by the end of April”, she said on BFM Business on Wednesday. However, she refused to comment on information from the Reuters agency suggesting that the operation was likely to be blocked.
On 30 October 2019, the Commission opened an in-depth investigation, expressing concerns that the transaction “could reduce competition in the already concentrated global market for the construction of cruise ships” (see EUROPE 12361/8).
According to Reuters, which quotes sources close to the case, the proposed merger could be refused by the Commission unless Fincantieri offers significant concessions to meet the competition concerns.
Uncertainty remains as to the concessions that Fincantieri might propose, whether in terms of asset disposals or technology transfers to competitors.
The Italian group hopes that the European authorities will take into account the impact of the coronavirus epidemic on businesses and employment before taking a decision, sources said. (Original version in French by Lionel Changeur)