The CNMC has approved Cepsa's acquisition of Ballenoil, with Cepsa committing to divest four service stations to address competition risks in three specific areas. The acquisition affects the retail distribution of automotive fuels and fuel supply markets, with Cepsa agreeing not to repurchase the divested stations for 10 years. The CNMC identified significant horizontal overlaps in certain areas, leading to concerns about competitive pricing. To address these concerns, Cepsa will manage the acquired stations independently for at least three years.<br> The acquisition impacts the retail distribution of automotive fuels and fuel supply markets, with a focus on specific areas where competition risks were identified. The CNMC determined that local competition around service stations is crucial, leading to commitments from Cepsa to divest certain stations to maintain competition levels. The operation will increase Cepsa's market share in fuel supply by 1.9%.

Competition risks were identified in three areas due to significant horizontal overlaps, particularly in Barbate, Chipiona, and Nerja, where Ballenoil's stations had substantial market shares and offered lower prices. To address these risks, Cepsa proposed divesting four stations to a CNMC-approved buyer, ensuring competitive pricing and preventing price increases in these areas.

Cepsa's commitments include divesting the stations promptly, maintaining the low-cost model, and prohibiting the sale or exclusive supply contracts with major wholesale operators for five years. Additionally, Cepsa is restricted from repurchasing the divested stations for a decade. The CNMC found these commitments sufficient to address competition concerns and approved the acquisition.