An appeal to overturn a European Commission veto of Energias de Portugal’s (EdP) proposed majority acquisition of Gas de Portugal (GdP) is set to be heard in the European courts in Luxembourg in the next few days.
EdP lodged the appeal following December’s Commission ruling that blocked a proposed merger between the country’s main gas and electricity groups with a 51% acquisition in GdP.
The merger would have followed the decision by state-owned oil group Galp Energia to sell EdP its stake in GdP and divesting the remaining 49% to Italian energy group Eni.
Having seen the move blocked on antitrust grounds, EdP, however, argues that the merged group would compete in an international arena including Spain and contends that the Commission neglected to take account of measures offered by EdP and Eni to address competition concerns.