Brussels, 14/09/2004 (Agence Europe) - The European Commission has granted clearance under the Merger Regulation to the proposed acquisition of Shell's oil products businesses in Portugal by Spanish oil company Repsol YPF. The Commission considers that the transaction does not raise competition concerns since other large and capable players compete in the same market. The Commission examined the impact of the operation on the markets for retail and non-retail sales of motor fuels and for sales of bitumen in the Portuguese mainland, where Repsol and Shell activities overlap, but it concluded that, whilst Repsol will significantly increase its presence in the retail market, it is unlikely that this will adversely affect the competitive conditions in the Portuguese markets. The new entity will continue to face competition from Galp, the Portuguese incumbent oil company, BP, Cepsa, ExxonMobil and a number of independent players. With regard to bitumen, the merged entity will become the new market leader, slightly overtaking Galp. But on both a national and regional market definition, the new entity will continue to face competition from Galp, which can supply from its Portuguese refineries, as well as Cepsa and ExxonMobil, both of which are established players and import bitumen into Portugal.