The Portuguese Competition Authority conditionally clears a Phase II merger in the banking and card payment systems markets (BCP / Millennium BPI)

On 16 March 2007, the Portuguese Competition Authority (the “AdC”) adopted a merger control decision according to the terms of Law 18/2003, of 11 June (the Competition Act), providing clearance to the envisaged acquisition of sole control of the Portuguese bank Banco BPI (“BPI”) by one of its local main competitors, bank Millennium BCP (“BCP”). The merger control procedure was initiated following the (considered hostile) public offer made by BCP for the acquisition of BPI, which was launched on 13 March 2006, i.e., one year before the clearance decision mentioned above. This envisaged deal was considered to be the second largest operation of 2006, further to Sonaecom's bid over the Portuguese telecom incumbent PT, previously commented by us in this edition. An extensive Phase II (in-depth

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Joaquim Caimoto Duarte, The Portuguese Competition Authority conditionally clears a Phase II merger in the banking and card payment systems markets (BCP / Millennium BPI), 16 March 2007, e-Competitions March 2007, Art. N° 13730

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