Mergers: EU Commission clears the creation of a joint venture by Eni Rewind and CDP Equity
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture called CircularIT S.p.A. by Eni Rewind S.p.A., controlled by Eni S.p.A., and CDP Equity S.p.A., controlled by Cassa Depositi e Prestiti Group (“CDP”), all of Italy.
CircularIT will be active in Italy in the treatment of non-dangerous differentiated waste and, in particular, organic municipal solid waste, as well as in the supply of renewable bases to be used for the production of automotive fuels and marine bunker oil.
Both Eni and CDP are active in the value chain for the treatment of the organic fraction of municipal solid waste and its transformation into bio-oil and water.
The Commission concluded that the proposed transaction would raise no competition concerns given the very limited horizontal overlaps and vertical relationships between the companies’ activities.
The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.9809.
Arianna Podesta –