Italian watchdog allows Enel Green Power to buy out 3Sun from STM, Sharp

Nov 25, 2014 - Italy's antitrust authority said on Monday it would not raise objections to Enel Green Power (BIT:EGPW) acquiring the stakes of its partners STMicroelectronics (BIT:STM) and Sharp Corp (TYO:6753) in their equally-held thin-film joint venture 3Sun Srl as it does not see the transaction creating or strengthening a dominant market position.

Enel Green Power (EGP) and Sharp, directly or via subsidiaries, have been buying the entire production of 3Sun, which booked sales of EUR 109.5 million (USD 136m) in 2013, entirely generated in Italy, the authority said.

The transaction, which EGP notified to the watchdog on October 17, will not alter competition since 3Sun holds negligible market shares in the global photovoltaic (PV) modules manufacturing and sale. EGP buying Sharp's quota of modules from 3Sun will have absolutely marginal competition consequences, the Italian authority said.

(EUR 1 = USD 1.243)

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