AFX Europe (Focus): EU clears joint venture between Shell and ERG: Saturday November 25, 2005
BRUSSELS (AFX) - The European Commission said it cleared the acquisition of joint control of a newly created company by Shell Energy Italia Srl and ERG Power & Gas SpA, both of Italy.
Shell Energy Italia Srl belongs to Royal Dutch Shell PLC, a publicly listed company incorporated in the UK with headquarters in the Netherlands. In Italy, Shell is active in oil exploration and oil retail markets and the supply of natural gas.
ERG is a wholly owned subsidiary of ERG Spa, the ultimate parent company of the ERG group. The ERG group is active in the production and sale of oil and in electricity generation.
Under the joint venture agreement, a new company will be created for the construction, ownership and operation of an onshore liquefied natural gas (LNG) re-gasification terminal in the industrial area of Priolo, Sicily.
The deal was cleared under the EU's simplified merger procedure, a regulatory process used in cases which the commission considers are unlikely to raise competition concerns.
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