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Case No COMP/M.4180 – Gaz De France/Suez REGULATION (EC)

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Case No COMP/M.4180 – Gaz De France/Suez REGULATION (EC) EN This text is for information only. A summary of this Decision is being published in all the Community languages in the Official Journal of the European Union. Case No COMP/M.4180 – Gaz de France/Suez Only the French text is authentic. REGULATION (EC) No 139/2004 ON THE CONTROL OF CONCENTRATIONS Article 8(2) date: 14/11/2006 COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 14 November 2006 C(2006) 5419 final PUBLIC VERSION COMMISSION DECISION of 14 November 2006 declaring a concentration to be compatible with the common market and the EEA Agreement (Case No COMP/M.4180 Gaz de France/Suez) Commission Decision of 14 November 2006 declaring a concentration to be compatible with the common market and the functioning of the EEA Agreement (Case No COMP/M.4180 – Gaz de France/Suez) (Only the French text is authentic) (Text with EEA relevance) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Having regard to the Agreement on the European Economic Area, and in particular Article 57 thereof, Having regard to Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of , concentrations between undertakings1 and in particular Article 8(2) thereof, Having regard to the Commission decision of 19 June 2006 to initiate proceedings in this case, Having given the undertakings concerned the opportunity to make known their views on the objections raised by the Commission, Having consulted the Advisory Committee on Concentrations2, Having regard to the final report of the Hearing Officer in this case3, Whereas: 1 OJ L 24, 29.1.2004, p. 1. 2 OJ C ...,...200. , p. .... 3 OJ C ...,...200. , p. .... 2 1. On 10 May 2006, the Commission received prior notification of a concentration, in accordance with Article 4 of Regulation (EC) No 139/2004 ('the Merger Regulation'), whereby the Gaz de France group ('GDF', France) would merge, within the meaning of Article 3(1)(a) of the said Regulation, with the Suez group ('Suez', France) via an exchange of shares. 2. After a preliminary examination of the notification, the Commission considered that the transaction as notified fell under Regulation (EC) No 139/2004 and raised serious doubts as to its compatibility with the common market and the operation of the EEA Agreement. I. THE PARTIES 3. GDF is an energy group present across the gas chain and related energy services and is active in exploration, production, transport, storage, distribution and natural gas sales, mainly in France, but also in Belgium, Germany, the United Kingdom, Luxembourg, Hungary and Spain. In Belgium, Gaz de France, along with Centrica, exercises joint control over SPE4, which is present in the Belgian electricity and natural gas markets and provides energy services. 4. GDF was transformed from a state-funded industrial and commercial establishment into a public limited liability company by a law adopted on 9 August 2004. Gaz de France S.A. is thus under the exclusive control of the French State. 5. The Suez group is active in the utility industry and utility services. The group is organised around four operational branches into two spheres of activity, energy and the environment. 6. Suez’s main energy subsidiaries are Electrabel (electricity and gas), Distrigaz (gas) Fluxys (transport and storage of gas), Elyo (renamed Suez Energy Services in January 2006), Fabricom, GTI, Axima and Tractebel Engineering in the energy service sector. According to the information provided by the parties, Suez Energie Europe holds a minority stake of 27.5% in Elia, manager of the electricity transmission network in Belgium. II. THE TRANSACTION 7. By means of the notified merger, GDF will absorb Suez, which will cease to exist as a legal entity. The merger proposal will be submitted for approval by a qualified majority at the two groups’ extraordinary general meetings and will not require the launching of a public offer on Suez’s shares. The Boards of Directors of both groups have already approved the proposed merger, Suez on 25 February 2006 and GDF on 26 February 2006. The merger will take place by means of a one-for-one exchange of shares. 4 GDF and Centrica each own 50% of a holding company that acquired 51% of SPE in 2005. Together, they exercise joint control over SPE. The former owners of SPE, ALG and Publilum, own 49% of SPE via another holding company, but do not exercise control. See Case M.3883 GDF/Centrica/SPE. 3 8. The merger can only take place once the French Parliament amends the law of 9 August 2004, in order to reduce the State’s stake in GDF’s capital to less than 50%5. III. CONCENTRATION 9. In view of the above, the notified transaction qualifies as a concentration within the meaning of Article 3(1)(a) of the Merger Regulation. IV. COMMUNITY DIMENSION 10. Together, the companies involved in the proposed merger have a total turnover at global level exceeding EUR 5 billion6 (EUR 63 843 million). Within the Community, each company has total turnover exceeding EUR 250 million (GDF: EUR [...]∗ million and Suez: EUR [...]∗ million); they do not, however, generate more than two thirds of their respective turnover within the Community in a single Member State. The notified transaction therefore has a Community dimension. V. PROCEDURE 11. Having examined the notification, the Commission concluded that the notified transaction falls within the scope of the Merger Regulation and raises serious doubts as to its compatibility with the common market and the EEA Agreement. By decision of 19 June 2006, it therefore initiated proceedings under Article 6(1)(c) of the Merger Regulation. 12. On 7 July 2006, the parties submitted their written comments regarding this decision. 13. On 18 August 2006, the Commission sent the statement of objections to the parties, who responded on 1 September 2006. On 18 August 2006, the parties had access to the file, which was completed on 21 August. They have waived their right to an oral hearing under Article 14 of Commission Regulation (EC) No 802/20046bis. The Commission afforded the parties repeated access to the file (on 9 October 2006 and 20 October 2006), which gave them the opportunity to make known their views on the objections levelled against them, in accordance with Article 18(1) of the Merger Regulation. 14. On 20 September 2006, the parties submitted commitments, which are described below. On 22 September 2006, the Commission launched a market test in order to better assess the commitments proposed. The Commission carefully analysed the replies it received from customers, competitors, suppliers and the Belgian and French regulators. On 29 5 The French State will own 34% of the new group, the other significant shareholder being Groupe Bruxelles Lambert with 4.1%. 6 Turnover calculated in accordance with Article 5(1) of the Merger Regulation and the Commission Notice on calculation of turnover (OJ C 66, 2.3.1998, p. 25). * Parts of this document have been omitted to ensure that no confidential information is disclosed; they are contained in square brackets and marked by an asterisk. 6bis Commission Regulation (EC) No 802/2004 of 7 April 2004 implementing Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (OJ L 133, 30.4.2004, p. 1). 4 September 2006, the Commission informed the parties of the results of the market test and sent them non-confidential versions of 39 replies. Between 2 and 4 October 2006, the Commission sent nine other replies in a non-confidential form which it had received in the meantime. At a meeting on 4 October 2006, the Commission explained the results of the market test in greater detail to the parties. 15. On 10 October 2006, by decision in accordance with Article 10(1) second point, of the Merger Regulation and in agreement with the parties, the delays were prolonged by five working days. 16. On 13 October 2006, the parties submitted new commitments which are described in detail below. On 6 November 2006, the parties submitted the commitments of 13 October in their final version, supplemented by annexes. Those commitments are annexed to this Decision and form an integral part thereof. 17. On 25 October 2006, the Advisory Committee on Concentrations met and gave its opinion on the draft of this Decision. VI. COMPETITION ANALYSIS 18. The sectors primarily concerned by this operation are the gas and electricity sectors in Belgium and the gas and district heating networks sectors in France. A. Gas A.1 European regulatory framework 19. The internal market for natural gas is regulated by Directive 2003/55/EC of the European Parliament and of the Council of 26 June 2003 concerning common rules for the internal market in natural gas and repealing Directive 98/30/EC ('the Gas Directive')7, which lays down common rules for the storage, transmission, supply and distribution of natural gas. The following are considered 'eligible' customers: all non-household customers (as from 1 July 2004 at the latest), and, as from 1 July 2007, all customers. The Gas Directive also imposes regulated access to transmission and distribution infrastructures and liquefied natural gas (LNG) facilities. As regards storage, Member States do, however, have the choice between regulated access or negotiated access. The integrated natural gas companies have to keep separate accounts for their transmission, distribution, storage and LNG activities. The Gas Directive also imposes a legal separation between the operators of transmission and distribution networks. When a network operator is part of a vertically integrated company, it must be legally independent of the organisation and the decision-making process in relation to other activities not related to transmission and distribution.
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