Publications
- Competition Merger brief 3/2015
30 November 2015
The latest issue of the Competition Merger brief covers these cases: Orange/Jazztel, Zimmer/Biomet, Merck/Sigma-Aldrich and Cargill/ADM
Read the full issue>
Antitrust
- Commission closes proceedings against 13 investment banks in credit default swaps case
4 December 2015
The Commission has decided to close antitrust proceedings against all 13 investment banks involved in its investigation into the credit default swaps market, namely Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS. On 1 July 2013 the Commission adopted a Statement of Objections against Markit, the International Swaps and Derivatives Association (ISDA) and 13 investment banks. The Statement of Objections raised preliminary concerns that all parties had coordinated to foreclose from the credit default swaps market Deutsche Börse in 2007 and Chicago Mercantile Exchange in 2008. Today's closure decision regarding the 13 investment banks is based on a thorough analysis of all information received from the parties in their replies and during the oral hearing of May 2014, as well as on documents obtained through additional fact finding. The evidence was not sufficiently conclusive to confirm the Commission's concerns with regards to the 13 investment banks. This closure does not prejudge the outcome of the Commission's investigation regarding Markit and ISDA, which is ongoing. The Commission will also continue monitoring the practices of investment banks in financial markets, including in the credit default swaps sector.
- Commission confirms unannounced inspections in rail passenger transport sector
2 December 2015
The European Commission can confirm that on 24 November 2015 its officials carried out unannounced inspections in the sector of rail passenger transport and related services in Austria. The Commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position (Articles 101 and 102 respectively of the Treaty on the Functioning of the European Union). The Commission's investigation relates to alleged anti-competitive practices aimed at excluding competing rail passenger transport operators from the market.
Read more >
Mergers
- Commission continues investigation of Hutchison 3G /Telefónica UK merger without referral to UK
4 December 2015
The European Commission has decided not to refer the planned acquisition of Telefónica UKby Hutchison to the UK competition authority. The Commission concluded that it was better placed to ensure consistency in the application of merger control rules in the mobile telecommunications sector across the European Economic Area (EEA).
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- Commission approves Solvay's acquisition of Cytec, subject to conditions
2 December 2015
The European Commission has approved under the EU Merger Regulation the proposed acquisition of Cytec by Solvay. The decision is conditional on Solvay's divestment of its activities in phosphor-based solvent extraction, used to separate cobalt from nickel. Cytec manufactures and supplies chemicals for the mining industry and composite materials and adhesives for the aerospace and automotive industries. Solvay manufactures a wide range of chemicals and plastics. The companies' activities are largely complementary and they are generally not active at the same level of the supply chain. However, both parties are present in the business for specialty chemicals for the mining and refining industry.
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State Aid
- Commission approves State financing for Poste Italiane's universal service obligation
4 December 2015
The European Commission has found the compensation granted by Italy to Poste Italiane to fulfil its public service mission (so-called "universal service obligation") during the periods 2012-2015 and 2016-2019 to be in line with EU state aid rules. In October 2015, Italy notified plans to compensate Poste Italiane for carrying out its universal postal service obligation during the period 2016-2019. This includes basic postal services delivered throughout the country at affordable prices and at certain minimum quality requirements.
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- Commission opens in-depth investigation into restructuring aid for the Danish Vestjysk Bank A/S
4 December 2015
The The Commission has opened an in-depth probe to assess whether aid granted by Denmark to Vestjysk Bank is compatible with EU State aid rules. It will in particular examine whether Vestjysk Bank's restructuring plan would restore its long-term viability without unduly distorting competition. The Commission will assess the plan on the basis of its rules on State aid to banks during the financial crisis that were in force in 2012, when the aid was granted.
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- Commission opens formal investigation into Luxembourg's tax treatment of McDonald's
3 December 2015
The Commission has opened a formal probe into Luxembourg's tax treatment of McDonald's. Its preliminary view is that a tax ruling granted by Luxembourg may have granted McDonald's an advantageous tax treatment in breach of EU State aid rules In particular, the Commission will assess whether Luxembourg authorities selectively derogated from the provisions of their national tax law and the Luxembourg-US Double Taxation Treaty and thereby gave McDonald's an advantage not available to other companies in a comparable factual and legal situation.
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- Commission authorises UK support to convert Lynemouth power station to biomass
1 December 2015
The European Commission has concluded that UK support for the conversion of Lynemouth power station from coal to biomass complies with EU state aid rules. The Commission found that the project will further EU environmental and energy goals without unduly distorting competition.
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- Commission approves aid for Piraeus Bank on the basis of an amended restructuring plan
29 November 2015
In the context of the third economic adjustment programme for Greece, the European Commission has approved additional state aid of €2.72 billion to Greek Piraeus Bank under EU state aid rules, on the basis of an amended restructuring plan. The Commission concluded that the measures already implemented as part of the bank's existing restructuring plan of July 2014, in addition to those envisaged in the amended plan, will enable Piraeus Bank to ensure lending to the Greek economy in line with EU state aid rules, in particular the 2013 Banking Communication, and the Bank Recovery and Resolution Directive.
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- Commission adapts notification procedures following State aid modernisation package
30 November 2015
The European Commission has adopted a new state aid Implementing Regulation. In the context of the State Aid Modernisation (SAM) initiative, State aid guidelines and frameworks have been modified. The Commission has therefore updated certain procedural rules set out in the Implementation Regulation in order to align notifications of planned state aid measures submitted by Member States with the new rules. The new Implementing Regulation contains revised notification forms and information sheets to be completed by Member States. It allows the Commission to collect all the necessary information for conducting a sound assessment. The new Implementing Regulation also provides further guidance to Member States on how to comply with transparency requirements introduced by SAM. In particular, it includes which information Member States should publish about aid measures above a certain threshold. This will improve the transparency of public funding, reduce uncertainties and enable companies to check aid granted to competitors. The full text of the new regulation will be published on the DG Competition website today. It will then be published in the EU Official Journal and enter into force 20 days after its publication there.
Read the draft regulation>
The tweet of the week
- 3 December 2015

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