Press Release: Mergers: Commission approves proposed acquisition of ExxonMobil’s Iberian subsidiaries by GALP, subject to conditions

The European Commission cleared under the EU Merger Regulation, subject to conditions, the proposed acquisition by Galp Energia of Portugal of Esso Portuguesa, Esso Española and a part of ExxonMobil Petroleum & Chemical. The Commission found that the proposed transaction as initially notified would have given rise to competition concerns in certain refined oil product markets in Portugal. To address the Commission's concerns, Galp offered to divest certain assets and shareholdings. In light of these commitments, the Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.