The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by SNAM S.p.A. and ENI S.p.A., both of Italy.
The joint venture will be based in Italy and will control the Trans-Mediterranean Pipeline that is used to import gas from Algeria into Italy. SNAM is the main gas transmission system operator in Italy and is also active in gas import infrastructures.
ENI is active across the entire oil and gas value chain and it controls entities that operate gas import pipelines into Italy.
The Commission concluded that the proposed acquisition would raise no competition concerns, given that the Trans-Mediterranean Pipeline and the other gas import infrastructures in Italy are not close competitors. In its assessment, the Commission also considered the Italian regulations in place concerning the tariffs charged by regulated pipelines and liquefied natural gas terminals as well as the access obligations to SNAM’s transmission system. The Commission concluded that the proposed acquisition would raise no competition concerns. The transaction was examined under the normal merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10619.