The Italian Competition Authority green-lights top banks merger subject to remedies (Banca Intesa / San Paolo IMI)

On October 6, 2006 Banca IntesaSpa (Intesa) and SanpaoloIMI Spa (Sanpaolo), two of the main Italian listed banks, submitted to the Italian Antitrust Authority (IAA) the merger by incorporation of Sanpaolo with and into Intesa (the Merger). The Merger, that was cleared with conditions after a Phase II proceedings, created a new group capable of ranking among the top banks in the Euro zone, with a combined market capitalization of over 65 billion euro. The IAA launched an in-depth investigation on October 19, in consideration of the possible anticompetitive effects that the Merger could have brought about in a number of markets in Italy. The resulting combined entity would have been the uncontested leader in several banking markets (such as in deposits, lending, consumer credit and

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Authors

  • Freshfields Bruckhaus Deringer (Rome)
  • Freshfields Bruckhaus Deringer (Rome)

Quotation

Gian Luca Zampa, Maura Demattè, The Italian Competition Authority green-lights top banks merger subject to remedies (Banca Intesa / San Paolo IMI), 20 December 2006, e-Competitions December 2006, Art. N° 12737

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