The Antitrust starts a preliminary investigation on the acquisition of Tirrenia by Italian Company of Navigation



The Guarantor Authority of the Competition and Market (AGCM) has decided the start of a preliminary investigation in order to verify if the acquisition of Tirrenia di Navigazione by Italian Company of Navigation (CIN) creates a dominant position on the routes from and for the Sardinia, in a position to reducing the competition.

The CIN capital currently is stopped entirely by Honored Participation Srl, society of participation that controls, between the others, the society of Moby Spa navigation in its turn controlled jointly from the shipowner Vincenzo Onorato, with beyond 60% of the share capital, and from L19 Spa, with 32% of the share capital, this last one indirectly controlled from Hourglass SGR Spa.

The Authority Antitrust has remembered that Moby is at the head of an active group mainly in Italy in the field of the marine transport of line of passengers, with or without vehicles, and of goods and that to the term of the operation, the CIN capital, today stopped by Honored Participation, will be transferred Moby, active company on the same routes of Tirrenia, and to L19, societies vehicle of the deep Hourglass, than therefore in indirect way will exercise the combined control of Tirrenia.

According to the Antitrust, the operation will determine important structural effects on the main routes of connection of the Sardinia with the continent (Genoa - Porto Torres, Genoa - Olbia, Civitavecchia - Olbia, mostly for the transport fleeting and Genoa - Olbia, Livorno - Cagliari, for the transport goods), where the overlap between the activities of Tirrenia and Moby will involve the attainment of considerable market shares in head to a same subject, with the risk of increments of the prices of the offered services. The position of dominanza so realized - it has explained the AGCM - could be difficultly faced from the current competitors, that they stop not confrontabili market shares, is in the section fleeting is in that goods, and that, in some cases, they have of a limited productive ability.

Moreover, second the Authority Antitrust, the action of the potential competition appears to the state limited in reason of the congestion of the docks in the ports of departure and destination, in particular in the seasons and the rush hours, that it would prevent the possibility of income of new operators on the interested routes.

According to the Antitrust, at last, considered that the operation determines a vertical integration between the activities of management of the marine terminals and the services of towing of Moby and Tirrenia and the marine services of transport of passengers and goods, the concentration could involve concurrent risks of discrimination for operators not integrated.

The Authority Antitrust has remembered that the preliminary investigation will have to be concluded within the maximum term of 45 days.