EU anti-trust chief repeats EDP-Galp deal concerns
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EU anti-trust chief repeats EDP-Galp deal concerns
UPDATE 1-EU anti-trust chief repeats EDP-Galp deal concerns
25/11/2004 14:05
(Adds background, share price)
By Swaha Pattanaik
BRUSSELS, Nov 25 (Reuters) - The new European anti-trust chief restated concerns to Energias de Portugal (EDP) on Thursday about the merger of state-controlled natural gas assets into EDP, a Commission spokesman said.
Neelie Kroes, who became the European Commission's competition commissioner on Monday, met EDP Chief Executive Joao Talone to discuss the closely watched merger, the spokesman said.
The European Commission's view on Portugal's attempt to merge power company EDP with the natural gas monopoly held by state-controlled Galpenergia is seen as a precedent for other countries, such as Spain and France.
"I can confirm that the president of EDP came to see Neelie Kroes this morning. Neelie Kroes took a firm position and restated very clearly the Commission's concerns," said the Commission spokesman.
Commission staff last week rejected EDP's proposal to buy the Galpenergia gas assets. The sides were scheduled to hold talks this week to find a possible solution.
An advisory committee of the EU's 25 member states with representatives from the countries' competition authorities are scheduled to meet on Friday to weigh the natural gas deal.
The Commission has until Dec. 15 to make a final decision on the deal.
Portugal is shifting 1.2 billion euros ($1.57 billion) in natural gas assets out of Galpenergia to make EDP more competitive with the launch of a single Iberian power market in June 2005.
EDP and Italian energy group ENI have proposed buying 51 percent and 49 percent, respectively, of Gas de Portugal, with the final make-up and value of the assets to be defined. Gas transport unit Transgas will go to REN, the state energy grid.
EDP shares were flat at 2.26 euros at 1330 GMT as the benchmark PSI20 index was off 0.18 percent. The DJ Stoxx utilities index was up 0.48 percent. ((Reporting by Swaha Pattanaik, writing by Ian Simpson, editing by Clelia Oziel; Lisbon newsroom, 351-21-350-9201, lisbon.newsroom@reuters.com, Reuters messaging: ian.simpson.reuters.com@reuters.net;)) ($1=.7669 Euro)
25/11/2004 14:05
(Adds background, share price)
By Swaha Pattanaik
BRUSSELS, Nov 25 (Reuters) - The new European anti-trust chief restated concerns to Energias de Portugal (EDP) on Thursday about the merger of state-controlled natural gas assets into EDP, a Commission spokesman said.
Neelie Kroes, who became the European Commission's competition commissioner on Monday, met EDP Chief Executive Joao Talone to discuss the closely watched merger, the spokesman said.
The European Commission's view on Portugal's attempt to merge power company EDP with the natural gas monopoly held by state-controlled Galpenergia is seen as a precedent for other countries, such as Spain and France.
"I can confirm that the president of EDP came to see Neelie Kroes this morning. Neelie Kroes took a firm position and restated very clearly the Commission's concerns," said the Commission spokesman.
Commission staff last week rejected EDP's proposal to buy the Galpenergia gas assets. The sides were scheduled to hold talks this week to find a possible solution.
An advisory committee of the EU's 25 member states with representatives from the countries' competition authorities are scheduled to meet on Friday to weigh the natural gas deal.
The Commission has until Dec. 15 to make a final decision on the deal.
Portugal is shifting 1.2 billion euros ($1.57 billion) in natural gas assets out of Galpenergia to make EDP more competitive with the launch of a single Iberian power market in June 2005.
EDP and Italian energy group ENI have proposed buying 51 percent and 49 percent, respectively, of Gas de Portugal, with the final make-up and value of the assets to be defined. Gas transport unit Transgas will go to REN, the state energy grid.
EDP shares were flat at 2.26 euros at 1330 GMT as the benchmark PSI20 index was off 0.18 percent. The DJ Stoxx utilities index was up 0.48 percent. ((Reporting by Swaha Pattanaik, writing by Ian Simpson, editing by Clelia Oziel; Lisbon newsroom, 351-21-350-9201, lisbon.newsroom@reuters.com, Reuters messaging: ian.simpson.reuters.com@reuters.net;)) ($1=.7669 Euro)
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