Statoil Fuel and Retail's takeover of Shell's Danish downstream business approved by European Commission
30 March 2016
Plesner has assisted Statoil Fuel & Retail A/S ("SFR") in obtaining Phase I approval of its proposed acquisition of Shell's retail, commercial fuels and aviation businesses in Denmark.
In March 2015, SFR, the wholly-owned indirect Danish subsidiary of Alimentation Couche-Tard Ltd. of Canada, announced an agreement with A/S Dansk Shell to acquire Shell's retail, commercial fuels and aviation businesses in Denmark.
Since then, SFR has worked closely with the European Commission in order to obtain approval under the EU Merger Regulation, and on 23 March 2016, the European Commission approved the proposed acquisition. The approval is conditional upon a commitments package under which SFR will divest 205 petrol stations as well as Shell's commercial fuels and aviation businesses.
SFR has managed to allay the Commission’s concerns already in Phase I by signing an agreement for the sale of the divested assets with DCC Holding A/S, a subsidiary of DCC plc. The novel approach of reaching a divestment deal with a purchaser in Phase I instead of agreeing on an up-front buyer with the Commission allows for an earlier closing, as normally the Commission will not allow a merger to close until it has approved the divestment purchaser.
Plesner has assisted SFR throughout the process with both M&A and competition law aspects of the transaction, the latter including drafting of the notification and designing the divestment package to alleviate the Commission's concerns.
Since then, SFR has worked closely with the European Commission in order to obtain approval under the EU Merger Regulation, and on 23 March 2016, the European Commission approved the proposed acquisition. The approval is conditional upon a commitments package under which SFR will divest 205 petrol stations as well as Shell's commercial fuels and aviation businesses.
SFR has managed to allay the Commission’s concerns already in Phase I by signing an agreement for the sale of the divested assets with DCC Holding A/S, a subsidiary of DCC plc. The novel approach of reaching a divestment deal with a purchaser in Phase I instead of agreeing on an up-front buyer with the Commission allows for an earlier closing, as normally the Commission will not allow a merger to close until it has approved the divestment purchaser.
Plesner has assisted SFR throughout the process with both M&A and competition law aspects of the transaction, the latter including drafting of the notification and designing the divestment package to alleviate the Commission's concerns.
The Commission's press release can be read here
Alimentation Couche-Tard's press release can be read here
Alimentation Couche-Tard's press release can be read here
