Ferry News Archive
Spain clears Transmed takeover of Euroferrys
Date: 18 Jul 2006 00:00 Source: Lloyds ListSpain's competition watchdog has cleared Trasmediterranea’s takeover of rival operator Euroferrys, which was majority owned by tour operators on either side of the Strait of Gibraltar.
Approval for the share buyout was rubber-stamped by the Spanish government’s Council of Ministers on Friday and hinged on commitments aimed at guaranteeing competition on hotly-contested routes between the mainland and north Africa.
Trasmediterranea, owned by construction and services group Acciona, must sell shares in other companies active on passenger and cargo trades between the south of Spain and north Africa.
For the next five years, the company must seek the prior approval of the Spanish competition authority, the Servicio de Defensa de la Competencia, before acquiring stakes in any such company.
Trasmediterranea will also be limited to the use of one exclusive berth in the port of Ceuta, a key linchpin for services across the Strait of Gibraltar, and is prohibited from reaching exclusive agreements for the sale of tickets to north Africa.
The former state-owned company must present the competition authority with a detailed plan to enable regulators to better monitor the implementation of these conditions.
The takeover is not expected to impact on jobs at Euroferrys.
Need to find a ferry to Morocco? Visit our Ferries to Morocco page for more information.
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