The Hungarian Competition Office decides about negative sole control and the calculation of turnover of groups of undertakings (GDF Suez / Proenergy)

I. Background In this merger control matter the Hungarian Competition Authority (HCO) had to consider whether an additional acquisition of shares by a 40% shareholder qualifies as a change of control in the target company and thus requires notification the HCO. Under the share purchase agreement concluded on 27 October 2010 between the sole shareholder of Proenergy Contracting GmbH (“Proenergy”), Mabanaft GmbH & Co. KG (“Mabanaft”) as seller and GdF SUEZ Energy Services Germany GmbH (“GSES Germany”) as buyer, GSES Germany acquired 100% of Mabanaft‘s stake in Proenergy and 100% of the voting rights. GSES Germany is indirectly controlled by GDF Suez SA («GDF Suez«). Proenergy is only present in Hungary through its 30% share in COTHEC Energetikai Üzemeltető Korlátolt Felelősségű Társaság

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Zsuzsanna Németh, The Hungarian Competition Office decides about negative sole control and the calculation of turnover of groups of undertakings (GDF Suez / Proenergy), 12 January 2011, e-Competitions Bulletin Energy & Mergers, Art. N° 35153

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