Press Release: Mergers: Commission approves acquisition of CEPSA by International Petroleum Investment Company

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of a controlling stake in Compañía Española de Petróleos S.A ("CEPSA"), a Spanish integrated oil and energy company, by International Petroleum Investment Company ("IPIC") of Abu Dhabi. After examining the operation, the Commission concluded that the merged entity would face effective competitors and that the transaction would have no effect on the merged entities' incentives to coordinate their behaviour.