the Antitrust starts a preliminary investigation on the exclusive control of Honored Participation on Moby and CIN



The Guarantor Authority of the Competition and Market (AGCM) has decided the start of a preliminary investigation on the operation of concentration consisting in the purchase of the exclusive control on the company of Moby navigation and Italian Company of Navigation (CIN), the society that has acquired the branch of company of navigation of Tirrenia, by Honored Participation (OP), holding of participation entirely controlled from the shipowner Vincenzo Onorato, operation that is notified to the Authority Antitrust 6th July.

The AGCM has explained that the preliminary investigation, that will have to be concluded within 45 days from the start date, is time to assess the eventual strengthening of a dominant position in the market of the marine transport of passengers, motors vehicle and goods between continental Italy and the Sardinia, on the routes Genoa-Olbia-Genoa and Civitavecchia-Olbia-Civitavecchia.

In the provision the Antitrust has remembered that such concentration, with which OP has acquired the exclusive control on the societies CIN and Moby, has come true in two phases: the purchase by OP of the stopped quotas participation from L19 in Moby and CIN, pairs respective to 40% and 35%, and therefore the purchase of the quotas participation in CIN stopped from Group Harbour Investments (JEEP) and from Shipping Investment (), pairs respective to 15% and 10%.

The Antitrust has remembered moreover that with provision on June 21, 2012 the privatization of Tirrenia had estimated the concerning concentration and had assessed the control combined on CIN by Moby and L19 on the base of a parasociale pact that the parts had been engaged to agree simultaneously to the closing of the operation. The operation therefore was authorized subjecting it to a series of conditions. The Authority Antitrust has specified to have on August 4, 2015 therefore learned from the answer of the parts to the demand for information of the Authority, shortly distance from the operation estimated in 2012, than obvious contrasts between the associates of majority of CIN - Moby and L19 - with respect to the modalities of management of the companies of navigation Moby and CIN have been manifested. The AGCM has taken note that the diversity of views between the CIN associates has been gone sharpening ulteriorly and that the dissidi between the shareholders have continued to manifest themselves also on decisions of extreme relief.

In the provision the AGCM has observed that "already from the October of 2012, the combined control of Moby and L19 on CIN, assessed from the Authority with the cited provision on June 21, 2012, in fact have not come true. Until from quickly the community of views has failed between the associates on the CIN management". "Therefore - she has found the Antitrust - Moby has not been able to exercise that "determining infuence on the activities of an enterprise" that qualification the control according to article 7 of law 287/90. Operation anticipates - it has emphasized the Authority - can be therefore considered as the acquisition of the exclusive control of CIN and Moby by OP".

In the provision the position of Moby is specified, than - it has specified the Antitrust - "taken part in audition, it considers that, to outcome of the operation, it will not be able to exercise its power of market because of the threat of new potential incomes: not there would be, in fact, second the part, barriers to the entrance, thanks to the abundance of slots available in the ports of reference and to the availability ships on the market. Moreover the current level much low of the price of the fuel would facilitate the income of new operators on the routes".

In own appraisals the Antitrust has explained that "the analysis up to here carried out has evidenced that the routes analysis object - Civitavecchia-Olbia and Genoa-Olbia - have during the last few years a strong contraction quickly, determining the escape of all the operators with the exception of CIN and Moby. In this context, CIN, also being participated for a quota 40% by Moby, has behaved regarding this last one as an operator in competition", "so acquiring increasing market shares to its damages in summery seasons 2013 and 2014". The Antitrust considers therefore that the operation of notified concentration 6th July "is able to determine, on the important markets constituted by the routes Civitavecchia-Olbia and Genoa-Olbia, the creation of a dominant in a position to eliminating substantially and durable position the competition".