The European Commission has agreed to the request submitted by France and Germany asking it to look at Fincantieri’s proposed acquisition of Chantier de l’Atlantique in the light of the European merger regulation. The Commission considers that the transaction could harm competition at European and global level.
The proposed acquisition of Chantiers de l’Atlantique by Fincantieri does not reach the turnover thresholds set by the European merger regulation for transactions notifiable to the European commission because of their European dimension. However, the plan was notified for authorisation in France and Germany.
France submitted a referral request pursuant to Article 22(1) of the european merger regulation. This provision allows Mermber States to request that the Commission examine a concentration that does not have an european dimension but affects trade within the single market and threatens to significantly affect competition within the territory of the Member States making the request. Germnay joined the referral request submitted by France.
On the basis of the information provided by France and Germany, and without prejudice to the outcome of its exhaustive investigation, the Commission considers that the transaction could significantly harm competition in shipbuilding, in particular n the global cruise ship market. The Commission also concluded that it was best placed to examine the potential cross-border effects of the transaction. Therefore the acquisition of Chantiers de l’Atlantique by Fincantieri will be fully examined by the Commission.
The Commission will now ask Fincantieri to notify the transaction.