The European Commission said on July 16 that the EC has approved, under the EU Merger Regulation, the acquisition of DESFA of Greece by Snam of Italy. DESFA operates the high-pressure pipeline grid and a liquefied natural gas (LNG) terminal in Greece. Snam is the main gas transmission system operator in Italy.
According to the Commission, the proposed acquisition would raise no competition concerns, because the companies are not active in the same geographic area.
The transaction was examined under the normal merger review procedure, the Commission said in the statement according to neweurope.
Snam announced in April its plans to buy a 66% stake in DESFA, together with Spain’s Enagás and Belgium’s Fluxys.
The acquisition price is €535 million ($626 million).
Snam now holds a 60% stake in the consortium, while the other two companies hold 20% each.
DESFA was established on 30. March 2007 as subsidiary of DEPA, the Public Gas Corporation of Greece.
PS At the end of privatizations, Greece will be left with a bucket of sea water, a cubic meter of air in a barrel and a handful of sunbeams.
