The Italian Competition Authority clears a merger in the financial sector with behavioural remedies which were finally waived due to a change of circumstances (Società Assicuratrice Industriale / La Fondiaria Assicurazioni)

The operation At first the two parties involved in the transaction were Fondiaria and Sai, two insurances companies based in Italy. On 6 August 2002, Sai notified the ICA the concentration by which Sai indented to acquire 29,9% of the capital stake of Fondiaria with the aim to be merged with Fondiaria, thus creating the newly legal entity Fondiaria-Sai. After market investigations, the ICA found that the operation was just the first step of a wider transaction between Mediobanca and Premafin, which turned out to be the companies holding a de facto joint control on Fondiaria-Sai. Furthermore, the ICA's investigations

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Angela Colonna, The Italian Competition Authority clears a merger in the financial sector with behavioural remedies which were finally waived due to a change of circumstances (Società Assicuratrice Industriale / La Fondiaria Assicurazioni), 17 December 2002, e-Competitions December 2002, Art. N° 21205

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