Chile's Supreme Court on Wednesday said it approved holding company Quinenco SA's (QUINENCO.SN) acquisition of the local assets of Colombian fuel company Terpel. Terpel is indirectly controlled by fuel and forestry conglomerate Empresas Copec SA (COPEC.SN).
The Supreme Court revoked an April ruling by Chile's TDLC antitrust court, which rejected the deal due to concerns that both Copec and Quinenco had a high rate of participation in the Chilean fuel market.
Quinenco agreed in September 2011 to buy Terpel Chile's assets for $320 million from Copec, which needed to sell certain assets to be in compliance with Chilean competition regulations.
Quinenco's purchase of Royal Dutch Shell PLC's (RDSA, RDSA.LN, RDSB, RDSB.LN) local business, however, didn't make it a suitable buyer, according to the TDLC.
In a unanimous decision, the Supreme Court's five members revoked the TDLC ruling but set some mitigation measures, such as requiring the sale of some Quinenco's or Terpel's gas stations, to encourage competition.
Write to Graciela Ibanez at [email protected]
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