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Friday, May 26, 2017
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EU Clears Creation of German JV by Austrias STRABAG and EVN

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The European Commission said on May 8 that the EC has approved under the EU Merger Regulation the acquisition of joint control by STRABAG SE and EVN AG, both of Austria, over the joint venture Projektgesellschaft Geoenergie Bayern Projekt Garching a.d. Alz GmbH & Co. KG, of Germany.

The joint venture holds the rights for the development of the deep geothermal energy project Bruck in Garching in Bavaria, which will further develop and generate and supply electricity and district heating to third parties. Moreover, it is expected to develop other deep geothermal projects.

STRABAG is active worldwide in all segments of the construction business, especially in structural, construction and civil engineering, as well as road construction. EVN is mainly active in the exploration and production of oil and gas, gas storage and distribution of electricity, gas and district heating.

The Commission said the EC concluded that the proposed acquisition would not raise competition concerns given that the joint venture has no, or negligible, actual or foreseen activities within the European Economic Area.

The transaction was examined under the simplified merger review procedure, the Commission said.

https://www.neweurope.eu/article/eu-clears-creation-german-jv-austrias-strabag-evn/
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