EU approves CEPSA acquisition

The European Commission (EU) has approved the acquisition of a controlling stake in Compañía Española de Petróleos S.A (“CEPSA”), a Spanish integrated oil and energy company, by the International Petroleum Investment Company (IPIC) of Abu Dhabi. The commission concluded that the proposed transaction gives rise to horizontal overlaps in the markets for phenol and acetone, but that their combined market shares are “moderate” and that a number of credible competitors will remain active in the markets for phenol and acetone.” IPIC is an investment company which invests on a global basis in energy and energy-related assets. (July 6, 2011)