The decision was eagerly awaited, as the case was seen as a test of the credibility of the government’s antitrust enforcement policy. The merger was strongly backed by the Ministry of Agriculture, which is keen to create a strong Spanish sugar manufacturer able to compete with other European producers. Notwithstanding the political pressures for an ‘industrial’ approach, the government, by taking on board most of the TDC’s recommendations, has demonstrated its commitment to the enforcement of competiton law.

Koldo Loidi
Freshfields
Madrid