Competition Council analyses GROUPAMA-ASIBAN deal
The Competition Council is analyzing the transaction in which GROUPAMA International is taking over the Romanian insurance company ASIBAN, in order to establish the compatibility of the economical concentration with a normal competitive environment, according to the press release submitted by the competition authority.
GROUPAMA International is part of the French financial services GROUPAMA SA, currently present on the Romanian insurance market, both in life and non-life insurance sector after taking over BT Asigurari in October, last year, OTP Garancia in February (a transaction for which approvals from the relevant regulatory authorities are still expected) and ASIBAN in April 2008.
According to the Competition Law, in order to analyze the compatibility with a normal competitive environment, the Competition Council must be notified regarding any economic concentration operation exceeding the thresholds value stipulated in the legislation. These are fulfilled if the cumulated turnover of economic agents involved in an operation concentration exceeds the equivalent in RON of EUR 10 million and there are at least two economic entities involved in the operation to realize each a turnover larger than the equivalent in RON of EUR 4 million on the Romanian territory.
Author: Andreea IONETE
on 05.06.2008
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