IP/08/279
Brussels, 21st February 2008
Mergers: Commission approves proposed acquisition of Eiffage by Sacyr Vallehermoso The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Eiffage S.A. of France by Sacyr Vallehermoso (Sacyr) of Spain. The Commission concluded that the operation would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. Sacyr is active in the construction and public works sector, mainly in Spain and Portugal.
Eiffage is active in the construction sector and, through its controlling stake in APRR (Autoroutes Paris-Rhin-Rhône), in toll motorways management. Eiffage is mainly active in France.
Given their different geographic focus, Sacyr's and Eiffage's activities overlap only in Spain and Portugal, in the housing and road construction markets, in the markets for toll motorway concessions and in the operation of toll motorways. However, the overlaps on these markets are very limited and therefore the proposed transaction is unlikely to give rise to competition concerns.
The transaction would also give rise to some vertical relationships, as both Sacyr and Eiffage are active on the Spanish and Portuguese markets for the construction of roads whereas Sacyr is active in Spain and both Sacyr and Eiffage are active in Portugal in the motorway sector. In addition, Eiffage is active in the production of asphalt and aggregates in Spain and Portugal.
However, given the parties' limited shares on each of these markets, the Commission concluded that the proposed transaction would not have any anticompetitive effects at any of these levels.
Further information on the case will be available at:
http://ec.europa.eu/comm/competition/mergers/cases/index/m93.html#m_4687
