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CASE M.7054 –CEMEX / HOLCIM ASSETS MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8

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CASE M.7054 –CEMEX / HOLCIM ASSETS MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8 EUROPEAN COMMISSION DG Competition CASE M.7054 –CEMEX / HOLCIM ASSETS (Only the English text is authentic) MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8 (1) Regulation (EC) 139/2004 Date: 9/9/2014 This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk. EN EN EUROPEAN COMMISSION Brussels, 9.9.2014 C(2014) 6299 final PUBLIC VERSION COMMISSION DECISION of 9.9.2014 addressed to: Cemex España, S.A. (Spain) declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case M.7054 – Cemex / Holcim Assets) (Only the English version is authentic) EN 1 EN TABLE OF CONTENTS 1. THE PARTIES ............................................................................................................. 7 1.1. Cemex .......................................................................................................................... 7 1.2. Holcim .......................................................................................................................... 7 2. THE PROPOSED TRANSACTION AND THE CONCENTRATION ...................... 7 3. UNION DIMENSION ................................................................................................. 8 4. PROCEDURE .............................................................................................................. 8 5. OVERVIEW OF THE CEMENT INDUSTRY ........................................................... 9 6. GREY CEMENT ....................................................................................................... 10 6.1. Relevant product market ............................................................................................ 10 6.1.1. Previous decisional practice ....................................................................................... 10 6.1.2. The Notifying Party's arguments ................................................................................ 11 6.1.3. Responses to the market investigation ....................................................................... 11 6.1.3.1. White versus grey cement .......................................................................................... 11 6.1.3.2. Classes ........................................................................................................................ 12 6.1.3.3. Bagged versus bulk .................................................................................................... 12 6.1.4. Conclusion on the product market definition ............................................................. 12 6.2. Relevant geographic market ....................................................................................... 13 6.2.1. Previous decisional practice ....................................................................................... 13 6.2.2. The Notifying Party's arguments ................................................................................ 13 6.2.3. Responses to the market investigation and the Commission’s assessment................ 14 6.2.4. Conclusion on the geographic market definition ....................................................... 15 6.3. The competitive landscape ......................................................................................... 16 6.3.1. The Parties' activities ................................................................................................. 16 6.3.2. Other suppliers and their production facilities ........................................................... 17 6.4. Market shares and market structure ........................................................................... 18 6.5. Competitive assessment - non-coordinated effects .................................................... 20 6.5.1. Analytical framework ................................................................................................. 20 6.5.2. The Notifying Party's arguments ................................................................................ 21 6.5.3. The Commission's assessment ................................................................................... 24 6.5.3.1. Assessment of the Levante region clusters ................................................................ 24 (a) Market shares and market structure ........................................................................... 25 (b) Closeness of competition ........................................................................................... 27 (c) Ability and incentives of competitors to increase supply if the merged entity were to increase prices ............................................................................................................ 29 (i) Grinding mills will have the possibility to source clinker from alternative sources .. 30 EN 2 EN (ii) The level of spare capacity held by the competitors of the Parties ............................ 32 (d) Conclusion.................................................................................................................. 32 6.5.3.2. Assessment of the Centre region clusters ................................................................... 33 6.5.3.3. Assessment of the Other regions of Spain clusters .................................................... 34 6.5.4. Conclusion on non-coordinated effects ...................................................................... 35 6.6. Competitive assessment - Coordinated effects .......................................................... 35 6.6.1. Framework of assessment .......................................................................................... 35 6.6.2. The Notifying Party's arguments ................................................................................ 38 6.6.3. Assessment of the Centre region clusters ................................................................... 39 6.6.3.1. Assessment of a strengthening of potential current coordination .............................. 39 (a) Assessment of potential current coordination ............................................................ 40 (i) Evidence of potential current coordination ................................................................ 40 (1) Market investigation ................................................................................................... 40 (2) The Commission's quantitative analysis .................................................................... 41 (ii) Possible facilitating factors of potential current coordination ................................... 43 (1) Reaching terms of coordination ................................................................................. 43 (2) Monitoring deviations - Transparency ....................................................................... 45 (3) Deterrence mechanism ............................................................................................... 47 (4) Reactions of customers, outsider competitors and potential entry ............................. 49 (iii) Conclusion on potential current coordination ............................................................ 51 (b) Assessment of merger-specific changes ..................................................................... 51 6.6.3.2. Assessment of a potential creation of coordination ................................................... 51 6.6.4. Conclusions on coordinated effects ........................................................................... 52 6.7. Competitive assessment - Vertical effects ................................................................. 52 6.7.1. Analytical framework ................................................................................................. 52 6.7.2. Notifying Party's arguments ....................................................................................... 53 6.7.3. The Commission's assessment ................................................................................... 54 6.7.4. Conclusions on vertical effects .................................................................................. 54 6.8. Conclusion on grey cement ........................................................................................ 54 7. AGGREGATES ......................................................................................................... 54 7.1. Relevant product market definition ............................................................................ 54 7.1.1. Previous decisional practice ....................................................................................... 54 7.1.2. The Notifying Party's arguments ................................................................................ 55 7.1.3. Conclusion on the product market definition ............................................................. 55 7.2. Relevant geographic market definition ...................................................................... 55 7.2.1. Previous decisional practice ....................................................................................... 55 7.2.2. The Notifying Party's arguments ................................................................................ 56 EN 3 EN 7.2.3. Conclusion on the geographic market definition ......................................................
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