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C.06-12 PUMA complies with ex ante remedies established by the CS
 

C.06-12 PUMA complies with ex ante remedies established by the CS

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The company PUMA Energy accepted and complied with the ex ante remedies established by the Board of Directors (BD) of the Competition Superintendence (CS), complying with the proposed requirements in ...

The company PUMA Energy accepted and complied with the ex ante remedies established by the Board of Directors (BD) of the Competition Superintendence (CS), complying with the proposed requirements in order to authorize this acquisition.

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    C.06-12 PUMA complies with ex ante remedies established by the CS C.06-12 PUMA complies with ex ante remedies established by the CS Document Transcript

    • Press Release C. 06-12El Salvador, February 9th, 2012. PUMA complies with ex ante remedies established by the CSThe company PUMA Energy accepted and complied with the ex ante remedies established by theBoard of Directors (BD) of the Competition Superintendence (CS), complying with the proposedrequirements in order to authorize this acquisition. The companies Puma Energy Centam Holdings I LLC and Puma Energy “Harmony between Centam Holdings II LLC requested authorization for the purchase of all the economic efficiency and shares of the companies Esso Standard Oil S. A. Ltd. (ESSO); Servicios consumer welfare is the Santa Elena, S. A. de C. V.; as well as ESSO´s shares in the Salvadoran essential equilibrium for refinery Refinería Petrolera Acajutla, Ltda. de C. V. (RASA). a healthy competition regime and this is the Pursuant to the resolution dated January 24th, 2012, the BD established as complex constitutional an ex ante remedy in order to authorize the above cited operation, the and legal duty of the acquiring company should precise the expected economic efficiencies and Competition a plan to transfer these efficiencies as direct benefits to consumers. Superintendence”, asserted the According to the writ dated January 30th, 2012, the petitioners filed for the Superintendent, BD´s consideration a document titled “Efficiencies Plan” which contains Francisco Diaz an approximate detail of the estimated efficiencies resulting from the Rodriguez. aforementioned purchase; the quantification of savings generated by the productive efficiencies due to this acquisition; the investments to beexecuted, their amounts and way said savings will be directly transferred to the consumers; as well as atimetable specifying the periods during which the above cited savings will be transferred as benefits tothe consumers.Some examples of these transfers regarding prices will be the “happy hours” during which fuel priceswill decrease. In addition, the petitioners also set forth the commitment to carry sales, discountprograms using credit cards of the same trademark, and raffles with attractive prizes.During the next three years, the CS will be responsible for verifying the expected economic efficienciesand their transfer to the consumer.Furthermore, the BD´s authorization contains ex post obligations, that is obligations to the compliedwith after the acquisition has been closed, such as fuel supply without discriminating the distributors´flag.
    • Background October 10th, 2011 Puma Energy filed the acquisition authorization request before the CS. November 1st, 2011 The BD of the CS admitted the request for analysis. January 4th, 2012 The BD of the CS established an ex ante remedy in order for the operation to be authorized. February 7th, 2012 The BD of the CS issued a resolution having the ex ante remedies complied with and authorizing the requested acquisition.