COMPETITION COUNCIL CALLS FOR OPINIONS ON MERGER COMMITMENTS PROPOSED BY PZU S.A.
Competition Council (KT) calls stakeholders to express their grounded opinions on PZU S.A. (Powszechny Zakùad Ubezpieczeñ Spóùka Akcyjna) commitments to the merger wherein the latter acquires up to 100 per cent of SC Lietuvos draudimas shares.
The notification of the aforementioned merger was received on 9 May 2014.
Having carried out an evaluation of the intended merger, the KT preliminary noted that the merger could create or strengthen the dominant position, or significantly restrict competition within two markets:
(1) the market of the insurance of land vehicles, except for railway vehicles;
(2) the market of property insurance.
In response to the statement of objections sent by the KT, on 12 September 2014 PZU S.A. presented written commitments. The company suggested transferring a part of business related to the activities carried out in Lithuania within the aforementioned markets.
The KT calls stakeholders to express their grounded opinions on PZU S.A. commitments until 23 September 2014 and e-mail them to Ieva.Racickaite@kt.gov.lt.
If the Council finds the proposed commitments to be acceptable and sufficient enough to eliminate the suspected infringement of competition law, the KT will clear the merger provided the merging parties or controlling persons fulfil the obligations and abide by the terms and conditions determined by the KT.Competition Council Spokesperson