8 October 2006
Irish oil deal proceeds
On 10 October, the proposed acquisition of Statoil Ireland by Topaz Energy, a Shell licensee, was ruled free to proceed, the Irish Competition Authority having missed the statutory deadline for assessment. The acquisition creates Ireland’s largest refined oil distributor, operating around 350 forecourts. During an extended phase I investigation, Topaz conducted an in-depth local market analysis which demonstrated that any competition concerns in motor fuel retailing could be addressed by the divestment of a single petrol station. Notwithstanding the lapse of the statutory timetable, Topaz has committed to divest its interest in this site, alongside a minor behavioural remedy concerning through-putting arrangements at its Galway terminal. RBB provided competition advice to Topaz, alongside lawyers McCann Fitzgerald.