The Federal Cartel Office considers the acquisition of 1.88% of the shares in a competitor resulting in a total shareholding of 10.52% as a notifiable concentration under German law as it enabled to exercise competitively significant influence jointly with a third party (Gazprom / VNG)

By decision of 31 January 2012, the Federal Cartel Office (FCO) cleared the increase of voting rights of Gazprom Germania GmbH (GPG) in VNG Verbundnetz Gas AG (VNG) to 10.52%. The increase by 1.88% of the voting rights was considered to enable GPG to exercise a competitively significant influence within the meaning of Sec. 37 (1) No. 4 ARC [1] jointly with a third company (Wintershall/BASF). Thus, the transaction was held to be a notifiable concentration under German law. Facts GPG is an indirect wholly-owned subsidiary of OAO Gazprom (Gazprom). Gazprom is active in the exploration, exploitation, processing, transport, storage, and trading of natural gas, liquefied petroleum gas, and gas condensate. GPG holds 50% of the shares in WINGAS. The remaining shares are held by a wholly

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  • Gleiss Lutz (Frankfurt)

Quotation

Wolfgang Bosch, The Federal Cartel Office considers the acquisition of 1.88% of the shares in a competitor resulting in a total shareholding of 10.52% as a notifiable concentration under German law as it enabled to exercise competitively significant influence jointly with a third party (Gazprom / VNG), 31 January 2012, e-Competitions Bulletin January 2012, Art. N° 48616

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