AdC clears Rubis aquisition of Repsol’s LPG assets in Azores and Madeira

On 27 September the Autoridade da Concorrencia (AdC) cleared the acquisition of certain Repsol assets by Rubis, subject to commitments after a Phase 2 investigation. The acquisition concerned the business of liquefied petroleum gas supply to Azores and Madeira, where Galp is the only additional supplier. RBB assessed the efficiencies that would be generated by the transaction. These efficiencies were also compared to the expected horizontal unilateral effects, taking into account the effects at different levels of the supply chain. RBB prepared economic submissions and took part in several meetings with the AdC, working alongside Linklaters.