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Appeal against EDP-ENI/GDP prohibition heard by the CFI

The CFI has held an Oral Hearing of EDP's (Energias de Portugal) appeal against the decision issued by the European Commission last December, prohibiting its joint acquisition (with ENI of Italy) of GALP's subsidiary GDP (Gas de Portugal). This was the first merger to be prohibited by the European Commission since October 2001. The appeal was heard on 5th July before the CFI in Luxembourg. At the core of EDP's challenge is the Commission's assessment of the extensive remedies package offered, and in particular whether this package was likely to have improved opportunities for new entry and competition in gas and electricity relative to the likely "no merger" scenario. Cristina Caffarra of CRA International presented EDP's economic case at the Oral Hearing.

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