| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/06/276 (8.3.06) |
| Publication Date | 08/03/2006 |
| Content Type | News |
|
The European Commission on 8 march 2006 decided to send Poland a formal request to submit its observations on a non-compete clause contained in the Bank Pekao Privatisation Agreement concluded between the Polish Ministry of State Treasury and the UniCredit banking group in 1999. The clause in principle prevented UniCredit from investing in any of Pekao's competitors in the Polish market. It had been invoked by the Polish authorities when inviting UniCredit to sell its shares in a Pekao competitor in the context of the UniCredit / HBV merger procedure. The Commission was concerned that the clause may violate EC Treaty rules on the free movement of capital (Article 56) and the right of establishment (Article 43). |
|
| Source Link | http://europa.eu/rapid/pressReleasesAction.do?reference=IP/06/276&format=HTML&aged=0&language=EN&guiLanguage=en |
| Related Links |
|
| Subject Categories | Internal Markets |
| Countries / Regions | Italy, Poland |
