The European Commission (EC) has agreed to a request submitted by France and Germany to look at Fincantieri’s proposed acquisition of Chantiers de l’Atlantique in the light of the EU Merger Regulation.
It was considered that this transaction could harm competition at European and global level, the EC said.
The proposed acquisition of Chantiers de l’Atlantique by Fincantieri does not reach the turnover thresholds set by the regulation for transactions notifiable to the EC 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 regulation. This provision allows EU member states to request that the EC examine a concentration that does not have an EU dimension but affects trade within the single market and threatens to significantly affect competition within the members’ territory making the request. Germany 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 EC considered that the transaction could significantly harm competition in shipbuilding, in particular in 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, it said in a statement.
The Commission will now ask Fincantieri to notify the transaction.
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