commiss decis june compat concentr common market eea agreement case comp veba viag notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis februari initi proceed case undertak concern opportun make view object rais commiss consult advisori committe concentr decemb merger propos notifi commiss articl regul eec effect veba aktiengesellschaft viag aktiengesellschaft intend merg mean articl merger regul februari commiss decid pursuant articl merger regul articl agreement european econom area eea agreement initi proceed case advisori committe discuss draft decis parti propos transact veba diversifi group busi electr natur ga oil chemic telecommun water wast dispos steel trade logist properti manag group oper level electr industri subsidiari preussenelektra ag hereinaft preussenelektra preussenelektra largest german interlink power compani tradit suppli area compris northern länder schleswig holstein lower saxoni larg part hessen rwe bayernwerk ag part viag addit west german interconnect power compani vereinigt energiewerk ag veag german unif event preussenelektra control veag jointli rwe bayernwerk interconnect suppli area veba group control interest inter alia region suppli compani länder di avacon viag intern conglomer oper electr natur ga oil chemic telecommun packag water wast dispos aluminium steel trade logist sector energi activ group affili bayernwerk ag hereinaft bayernwerk larg german interconnect power compani bayernwerk oper level electr industri tradit network suppli territori cover southern land bavaria veag recit bayernwerk southern energi equiti invest compani belong american southern compani jointli control berlin kraft und licht bewag ag east german region supplier teag suppli area bayernwerk interconnect power territori part viag group parti intend merg viag transferor entiti veba transfere entiti pursuant articl convers law umwandlungsgesetz merger legal sens ii concentr veba viag hitherto independ undertak intend merg concentr mean articl merger regul iii commun dimens parti worldwid combin turnov eur billion veba eur billion viag eur billion veba commun wide turnov eur billion viag eur billion eur million veba gener third commun turnov germani figur viag gener third commun turnov member state notifi merger commun dimens iv apprais articl merger regul parti oper sector assum merger creat domin posit veba viag electr sector germani strengthen domin posit chemic sector sector creation strengthen domin posit hold true ga steel trade sector electr merger propos lead creation domin duopoli veba viag rwe german nation market suppli electr interconnect level relev product market previou decis commiss made distinct relev product market electr industri gener product electr power station transmiss transport electr high voltag line distribut transport electr medium low voltag line suppli deliveri electr final consum decis product market trade electr distinguish market conclus defin commiss previou decis assess market relat british french electr industri recent decis relat concentr german market larg leav definit market open structur electr industri import definit market tell suppli side demand side consist electr sector germani subdivid vertic nation interconnect compani region power suppli compani region supplier local distributor compani municip electr undertak electr gener interconnect power compani import power import deliv custom group extra high voltag high voltag network kv transmiss system region suppli compani transmiss system suppli larger municip electr undertak electr trader larger industri special custom draw electr direct voltag level interconnect power compani vertic integr affili oper downstream market recit seq region suppli compani deliv electr low voltag kv medium voltag kv line municip electr undertak final custom oper part distributor electr gener interconnect power compani gener electr small scale sell custom low voltag medium voltag line lowest distribut level municip electr undertak suppli final consum low voltag line municip electr undertak gener electr cover power combin heat power station market level subdivid type final consum left unresolv earlier commiss decis rate reason suppos market condit suppli small custom household commerci agricultur custom connect load kw annual power consumpt mwh low voltag network suppli industri special contract custom medium voltag higher network level classifi product market electr trade market process format made custom choic wake liberalis electr trade understood bui sell electr risk account take place voltag level addit independ trader gener capac network electr trader includ suppli side extent demand side interconnect compani power station oper electr import agenc activ suppli electr servic station retail chain bear market risk born gener trade activ power suppli interconnect level recit form separ market view characterist product voltag level specif custom group interest compris germani gener power interconnect level electr import deliv extra high voltag high voltag line custom group region distributor larger municip electr undertak electr trader larg industri special custom market examin parti oper downstream market effect merger market account competit assess effect interconnect level relev geograph market relev geograph market consist area undertak concern involv suppli demand product servic condit competit suffici homogen distinguish neighbour area notif parti assum market suppli electr interconnect level commun wide market base assess inter alia fact commun electr direct creat uniform ground rule gener view fact custom european union increasingli chang commun wide tender ucpt network link transmiss system larg continent member state evid larger nation market market supran commiss investig shown market suppli electr interconnect level supran due chiefli fact capac interconnector network link neighbour countri limit simpli technic reason import low notif quantiti electr import twh approxim german power suppli calcul european transmiss system oper etso import germani period octob septemb twh electr consumpt twh proport import commiss estim actual proport import lower electr import germani made german market transit power simpli cross germani deliv target countri franc edf instanc deliv electr german interconnect network switzerland itali enel view high import barrier market sale electr interconnect level nation foreign gener depend interconnector capac import german market market particip capac extrem limit tabl show rate capac individu interconnector import germani tabl capac connect countri sourc ucpt gt tabl gt arithmet addit individu transmiss capac interconnector countri germani total approxim gw parti rate capac includ network connect luxembourg germani parti assum arithmet transmiss capac reflect physic realiti capac interconnector electr import germani determin fulli assum downstream network permit maximum gw import time reason lower effect import capac loop flow simultan transmiss place take account measur flow plan work intern level inter alia calcul capac countri calcul german side carri rwe behalf associ german interconnect compani deutsch verbundgesellschaft maximum import transmiss capac gw market particip interview regard maximum figur high result inevit loop flow voltag stabil problem maximum import capac view market particip gw market particip interview point interconnector capac reserv consider extent long term contract interconnect power compani interconnector interconnector german danish border german side oper preussenelektra block long term contract capac ord parti mw mw award auction parti contend interconnector freed simultan import export electr capac equival balanc import export made measur power flow carri ucpt show balanc power flow interconnector point direct clear export surplu clear import surplu electr suppli equival amount travel direct balanc event rule interconnector capac reserv amount quantiti export franc germani limit quantiti import germani franc legal framework liberalis complet netherland electr price level higher germani deliveri germani netherland interconnector export import predomin free possibl exclud export free interconnector favour electr import increas futur view increas liberalis electr market countri border germani increas export depend factor specif pointer futur develop export prematur stage account uncertain develop context merger proceed import foreign supplier electr imped fact cross border electr suppli feder republ transmiss charg quot compon quot pf kwh payabl provid quantiti power transmit net point detail low import ratio limit import capac interconnector addit cost includ interconnector show geograph market supran competit assess predic nation market market smaller nation forese futur energi suppli compani deliv custom competitor previous protect suppli area entitl question interconnect level nation market prior liberalis electr market activ energi suppli compani limit suppli area geograph market suppli electr interconnect level bigger group custom reach gener compani transmiss network recent decis examin effect merger liberalis electr market commiss found sign gener electr germani constitut nation market left precis definit open commiss take view market suppli electr interconnect level germani develop nation market futur decis factor ground rule time adopt transmiss electr parti network ad factor affect market point ground rule transmiss german law updat legisl power suppli gesetz zur neuregelung de energierecht led liberalis deregul electr market law transpos direct ec common rule intern market electr hereinaft call electr market direct nation law germani restrict custom size allow articl electr market direct law open competit custom group includ final consum size german law origin exclud territori agreement quot demarc quot exclus right quot licens agreement quot municip prohibit agreement restraint competit articl law restrict competit gwb rule abolish energi industri law amend enwg effect april deliveri parti previous close suppli territori made wai addit line cabl transmiss ensur discriminatori transmiss electr market direct grid oper separ entiti separ account respect grid oper possibl transfer ownership grid own oper compani oper grid independ compani separ grid oper gener sale organis account level german legisl opt variant gener transmiss laid articl enwg base idea negoti access grid articl enwg oper power suppli network make suppli network undertak condit favour implicitli appli compar case servic undertak vi vi affili undertak law updat legisl power suppli refus transmiss individu case insuffici power protect electr gener lignit lignit protect claus articl electr combin heat power station articl pursuant reciproc claus articl articl enwg feder ministri econom affair regul approv bundesrat upper hous german parliament regul form contract articl enwg lai criteria determin remuner transmiss feder ministri econom affair power state control prefer voluntari solut trade associ concern associ agreement feder associ german industri bdi industri energi associ vik associ german power station vdew creat basi freeli negoti agreement undertak electr industri custom associ agreement expir august januari associ agreement ii run period year forc commiss view individu provis associ agreement ii make difficult market particip independ electr trader oper nation compar larg energi suppli undertak agreement trade zone set germani north zone compris transmiss network veag preussenelektra vew hew bewag south zone cover territori enbw rwe bayernwerk power deliv trade zone border countri transmiss charg quot compon quot pf kwh pf kwh cross interzon boundari payabl provid quantiti power transmit net quot net quot mean set quantiti cross border direct quantiti cross direct relev balanc determin quot energi balanc group quot quot bilanzkrei quot undertak deliv draw electr group addit account procedur balanc energi make difficult market particip oper nation includ electr event fluctuat custom offtak made interconnect power compani recit imperfect associ agreement ii alter prognosi futur market nation accur talk separ geograph market form suppli area trade zone featur associ agreement ii account competit assess factor investig case shown transmiss electr take place limit scale provis transmiss associ agreement ii appli small proport energi suppli compani market particip reserv handl transmiss request transmiss request associ agreement ii implement electr suppli present custom interconnect area larg quot provis quot commiss investig custom interconnect area requir approxim gwh suppli provis custom requir approxim gwh elig transmiss typic provis involv supplier direct relat custom conclud power suppli contract bui electr quot spot quot local supplier separ deal market particip point market shake provis transmiss transit period associ agreement ii take effect countri opinion market particip sell gener electr germani transmiss basi todai account slow implement associ agreement ii delai process transmiss request extent associ agreement ii associ agreement appli nation competit mean energi supplier larg limit activ suppli area initi basic requir nation market satisfi purpos examin present merger commiss assum nation market interconnect level continu genuin competit market ground rule present structur chang result merger matter competit part examin restrict transmiss result preferenti transmiss lignit base electr laid articl law updat legisl power suppli establish north south trade zone associ agreement ii lead geograph divis german market suppli electr interconnect level boundari creat admittedli veag lignit protect claus provid legal basi frustrat transmiss länder applic challeng numer lawsuit court reason suppos claus hard appli successfulli practic establish frankfurt leipzig exchang electr physic trade nationwid point creation nation market delai adopt associ agreement ii essenti requir nation suppli electr exchang run trade begin autumn latest transit period obstacl result provis associ agreement ii competit assess detail import time assum market suppli electr interconnect level cover entir territori feder republ germani competit assess assum merger result veba viag rwe hold domin posit german nation market suppli electr interconnect level present market structur german market electr suppli interconnect level highli concentr potenti competit restrict factor largest proport electr germani gener interconnect firm includ energi supplier dispos electr gener capac extra high high voltag network transmiss network interconnect compani oper germani rwe veba preussenelektra viag bayernwerk vew enbw bewag hew veag group deutsch verbundgesellschaft network interconnect power compani connect extra high voltag network border countri interconnect agreement govern suppli interconnect firm electr protect failur power station failur electr suppli ensur border europ agreement interconnect compani neighbour countri addit electr import oper market sell electr directli interconnect system custom tabl overview market share interconnect firm market electr suppli interconnect level tabl market share electr suppli interconnect level electr gener interconnect level pre merger situat gt tabl gt tabl calcul market share interconnect level basi electr gener interconnect compani true electr gener constitut market industri activ electr gener interconnect firm suppli market level lesser extent interconnect firm custom gener level essenti electr redistributor larg industri firm special custom recent electr trader volum power gener interconnect compani pass custom time serv basi calcul market share competitor interconnect level method calcul account electr import explain make margin proport power suppli germani import electr suppli interconnect firm sell custom grid assum import electr correspond volum term size interconnect firm case call question proceed parti parti market share remain electr import account tabl show rwe lead interconnect firm share electr suppli grid ahead veba share interconnect compani includ viag gener consider electr energi market share correspondingli rwe veba clear lead interconnect firm oper market structur data instal power station capac tabl quot gener capac germani quot gw instal gener capabl rwe slightli larger stock power station veba gw capac largest gener viag interconnect compani instal power gener capac exce gw tabl gener capac germani minu industri nation railwai gt tabl gt order clarifi structur electr market parti includ notif data power suppli final consum data give power suppli twh twh special custom twh ordinari electr consum parti attribut suppli interconnect compani oper germani basi origin power suppli firm market level region suppli compani municip electr undertak maintain direct contractu relat custom data provid parti base vdew statist repres market share strict sens clarifi import individu energi suppli compani market level portrai structur german electr sector data give pictur power suppli final consum tabl power suppli german market pre merger situat gt tabl gt volum power calcul rwe lead share volum suppli comparison veba viag share exce interconnect compani enbw share power suppli strong posit rwe veba bayernwerk viag market power suppli stronger posit electr gener due good access final consum länder compani oper region supplier present distribut electr gener veag electr import account margin proport electr sold germani predominantli benefit interconnect compani account sharehold structur veag bewag list independ supplier tabl bewag control jointli southern compani viag veag control jointli veba viag rwe calcul market posit parti account fact veag bewag competit interconnect compani jointli control situat regard veag signific respect competit veba viag rwe expect enter competit veag render joint invest compani worthless practic mean veag tradit suppli area eastern germani concern competit likewis expect veba viag rwe power gener germani includ gener industri consider interconnect compani gener electr germani account electr gener industri essenti firm concern wide free market firm sell electr gener requir establish sale custom servic structur econom industri firm small amount sold electr gener industri firm essenti consum firm class free market figur electr gener energi supplier qualifi region local energi supplier account electr gener germani enabl cover proport requir reduc depend interconnect firm view invest requir establish sale outfit limit amount sold consid market particip limit extent lastli note market admit competit event begin liberalis number factor limit potenti competit factor examin close assess merger attent drawn factor homogen electr product transpar highli concentr market point strong posit interconnect firm demarc zone opportun base competit behaviour origin market alloc point expect small growth demand low price elast demand point barrier entri market point interconnect firm hold undertak downstream market stage term associ agreement ii point extra high voltag transmiss network likewis import competit interconnect level control largest power gener compani transmiss network germani rwe veba viag own extra high voltag network veag control compani includ essenti control resourc electr market competit base transmiss network parti basi exist network veba viag cover uninterrupt area scandinavia alp länder control share east german compani veag interconnector link extra high voltag network extra high voltag network neighbour countri control infrastructur competitor depend enter market successfulli import ownership network light associ agreement ii examin greater depth point tabl transmiss network germani sourc vdew gt tabl gt effect merger creation domin duopoli investig commiss conclus notifi merger creat situat joint market domin lead supplier veba viag rwe german market electr suppli interconnect level german market electr suppli grid present numer characterist lead situat greater concentr result merger veba viag consciou parallel behaviour veba viag rwe joint market domin merger creat strong vertic integr block respect strong lead competitor market lead stronger plan merger rwe vew ahead decemb rwe vew notifi intent merg feder cartel offic respons carri investig decis merger time plan merger veba viag feder cartel offic firm offer commit respect electr sector conceiv probabl case declar exempt applic forecast period chang market structur account assess plan merger veba viag commiss view matter merger rwe vew ahead addit vew strengthen posit rwe duopoli member duopoli entiti slight edg veba viag edg small invalid find domin duopoli rwe compar posit veba viag vew strengthen rwe posit size veba viag rwe remain compar merger rwe vew german market electr suppli interconnect level merger creat compar block substanti lead supplier veba viag rwe broadli similar market share turnov market power suppli interconnect system germani similar power gener capac combin posit area place ahead competitor suggest common interest anticompetit parallel behaviour aggress competit behaviour situat characteris balanc power affect incom concern significantli increas sale volum peac parallel behaviour hand avoid disadvantag symmetr oligopoli maximis profit involv extent equival market posit held veba viag rwe suggest situat obtain present case tabl overview market posit interconnect compani relev product market merger place tabl market share power suppli interconnect level electr gener interconnect level post merger situat gt tabl gt tabl veba viag market share includ bewag market share bewag explain control jointli viag control jointli veba viag merger veba viag rwe market share addit veag control jointli veba viag rwe market share ad duopoli give block combin market share view intend merger market share vew includ aggreg market share obtain duopoli post merger situat entir german market electr suppli tabl electr suppli german market post merger situat gt tabl gt tabl show duopoli market share total power suppli germani tabl show post merger gener capac germani tabl gener capac germani post merger situat gt tabl gt numer structur factor merger signific degre competit veba viag hand rwe hand longer expect veba viag rwe futur longer compet significantli predict made basi market characterist basic favour oligopolist parallel behaviour electr homogen product sold transpar market electr homogen product subject technolog develop homogen good unlik heterogen good larg possess physic subject featur price main factor competit influenc custom choic power supplier factor qualiti research servic reliabl secondari import decis purchas tendenc standardis trade electr take place background central european power index recit market subject reach transpar product cost sell price numer public collat current electr price offer power supplier oper germani differ price compon price kwh yearli monthli charg differ durat contract period notic overview serv quick guid custom identifi favour offer abovement public electr price guid aim foremost final consum market price suffici transpar custom interconnect level interconnect compani promot market transpar preussenelektra dow jone market particip develop central european power index cepi cepi index reflect price level preussenelektra territori aim make electr market transpar parti expressli refer practic special contract custom present competitor price quotat order obtain favour price compani associ likewis provid member price comparison market made transpar fact veba viag rwe make good estim market posit supplier market power gener basi vertic integr product cost network cost determin variabl cost essenti price quot industri rate vertic integr compani true price main factor competit concentr market lead intens competit instanc time increas interest market particip avoid competit time compani undercut competitor price mean reduct profit situat hidden competit market particip success offer situat compani inclin make competit move hope win contract circumst competit move price immedi felt market particip factor medium term reduc price competit hold true event relationship compani similar market share cost structur similar retali potenti cost structur present case point drop electr price inform contain notif reach liberalis electr market contradict expect show price competit german electr market view context market initi phase liberalis process firm posit german market phase limit time abovement drop occur market structur merger market structur exist notifi merger consider reduc potenti competit incent price competit veba viag rwe veba viag rwe compar cost structur ow similarli compos stock power station number jointli oper larg power station futur parallel behaviour favour fact veba viag rwe similar corpor structur vertic integr level electr industri compar financi strength compar larg transmiss network compar larg stock power station cover load rang tabl interconnect power compani hand ow limit capac base load rang medium peak load rang depend purchas electr energi produc load rang respect repres tabl stock power station load rang vdew statist capac work gt tabl gt electr produc germani gener power station oper jointli interconnect compani base load power station nuclear oper jointli interconnect compani veba viag rwe power station jointli oper veba viag rwe includ kernkraftwerk grundremmingen betriebsgesellschaft mbh grundremmingen compani oper grundremmingen block nuclear power station energi produc belong sharehold rwe energi ag bayernwerk proport sharehold kng kraftwerk und netzgesellschaft mbh rostock compani oper hard coal power station rostock rwe energi ag own veba bayernwerk electr produc belong veag hold interest compani kernkraftwerk lipp em gmbh kle gmbh oper emsland power station rwe energi ag own compani veba own compani control major sharehold vew energi ag share electr gener belong sharehold proport sharehold bayerisch wasserkraftwerk ag lech elektrizitätswerk ag member rwe group compani bayernwerk directli indirectli hold capit compani oper hydroelectr power plant bavaria compani control bayernwerk electr purchas right essenti vest sharehold rhein main donau ag compani oper hydroelectr power plant rhine main danub canal held indirectli lech elektrizitätswerk ag member rwe group bayernwerk stake control compani lech elektrizitätswerk hold subsidiari rmd mittler donau kraftwerk ag unter iller ag compani oper hydroelectr power plant own lech elektrizitätswerk bayernwerk ag hochtemperatur reaktor gesellschaft mbh compani oper oper compani serv studi purpos rwe energi ag stake member compani veba group compar stock power station group undertak compar assur long term suppli contract import capac abroad import captiv interconnector reserv long term interrelationship veba viag rwe encourag parallel behaviour viag direct sharehold interconnect power compani vew propos merger rwe vew viag obtain direct sharehold rwe vew group undertak joint sharehold veag ag interconnect power compani veag gener electr lignit länder rwe energi ag own veag veba bayernwerk sharehold control veag jointli remain share held interconnect power compani vew enbw bewag hew veag oper transmiss system länder price move member oligopoli ow result loss custom neg impact joint enterpris incom earn oligopoli member joint enterpris singl oligopoli member determin polici veag recit laubag ag laubag own west german interconnect power compani preussenelektra bayernwerk bb braunkohl beteiligungsgesellschaft mbh hold share bb own energiebeteiligung hold consist bewag hew vew ev belong enbw rheinbraun ag subsidiari rwe rwe energi laubag largest lignit produc eastern germani veag supplier form econom unit veag rhenag rheinisch energi ag rhenag own rwe energi ag thüga ag veba group sharehold rhenag main busi suppli ga suppli electr region supplier numer minor sharehold municip electr undertak addit ga suppli electr veba group substanti interest success rwe subsidiari extent abovement sharehold repres rhenag supervisori board insid knowledg corpor strategi addit joint sharehold steag sharehold own envia municip electr undertak land saxoni steag ag steag main busi gener electr lignit sell output rwe energi ag vew energi ag steag own gesellschaft für energiebeteiligung mbh turn own rwe energi ag directli indirectli veba largest sharehold rag ag envia rwe group member compani minor hold municip electr undertak saxoni veba group member compani thüga minor hold joint sharehold exist base load power station veba viag rwe electr purchas right joint oper power station call concert oper compani base load power station oper constant suppli basi concert requir oper increas decreas output oper obtain electr energi reserv capac import jointli oper power station base load rang possibl duopolist gain insight commerci polici neglig possibl continu share custom line geograph monopoli facilit parallel behaviour veba viag rwe german interconnect power compani decad time liberalis monopolist protect law suppli zone demarc neighbour supplier entrench practic maintain close suppli zone facilit parallel behaviour suitabl behaviour pattern interconnect power compani continu occupi tradit suppli zone lead posit market share exist demarc zone eas abovement type parallel behaviour part interconnect power compani expect small growth demand turn reduc incent duopolist engag activ competit forecast slight increas demand electr iea studi electr consumpt rise slowli iea forese annual increas electr consumpt order increas forecast slow demand growth endors market particip includ parti stabl demand condit competit make easier implement parallel suppli strategi strong structur chang mean rule coordin difficult achiev behaviour constantli adapt renew market condit stabl case market condit chang slightli adjust simpl make stabl market condit competit move direct exist player custom sale volum attain divid establish supplier establish supplier defend share sale exist custom relat circumst long term benefit gain avoid effect competit prefer short term success flow engag competit small forecast demand growth favour parallel behaviour part veba viag rwe level market concentr attain low price elast demand likewis favour parallel behaviour price elast mean abil willing buyer resort substitut product withhold custom supplier increas price product competit level low price elast encourag parallel behaviour oligopoli happen appreci price increas competit level lead growth incom declin sale estim market particip point short term elast relev market make oligopolist behaviour refer limit altern buyer good substitut dispens electr hous product switch energi sourc limit extent costli extrem time consum parti larg contest assess simpli maintain event high electr price custom switch build small plant hous gener plant replac small part requir custom interconnect level build larger power station hand costli rule take longer veba viag rwe face signific buyer power suppli side electr sale market interconnect level highli concentr german interconnect power compani account instal power station capac suppli electr sold interconnect level veba viag rwe account take account rwe vew merger user region supplier approxim municip electr undertak larg industri custom buyer power oppos due fact larg number user high voltag level demand side fragment threaten chang supplier produc substanti competit pressur parti refer repli statement object combin buyer power result inter alia quot numer cooper purchas ventur quot involv distributor true liberalis process compani avail opportun form purchas pool combin demand lead favour price quotat separ demand individu compani exist cooper purchas ventur cover part size parti demand fact pool form show individu buyer degre market power enabl influenc price appreci extent concentr suppli side continu bear relat demand side number region supplier ad buyer region supplier municip electr undertak incent engag tough price negoti occupi strong posit tradit suppli zone charg custom high purchas price run cost circumst account fact compani product level sizeabl stake compani subsequ market level form major minor hold case major hold risk chang initi supplier case minor hold opportun chang initi supplier likewis rare made practic point summari evid market structur data market share product capac grid size veba viag rwe tower competitor group compar market posit merger commiss estim longer stand gain compet basi futur symmetr market posit larg concord corpor structur duopolist product homogen market transpar low price elast electr demand stagnant demand electr exist interrelationship price competit part oligopolist expect move readili identifi unpromis ow potenti retali part oligopolist price fall usher liberalis price competit evid market leader milit analysi recit duopoli veba viag rwe rwe vew face signific competit merger veba viag rwe face signific competit gener trader limit potenti competit gener limit opportun market entri underli legal condit govern pursuit busi german market gener unfavour addit extrem high market share duopoli interrelationship exist interconnect power compani enbw increas market power duopoli order estim extent interconnect power compani restrict duopoli oper scope hold group number competitor examin veag laubag point veag regard competitor duopoli compani own rwe energi ag veba bayernwerk remain share held interconnect power compani vew enbw bewag hew recit veag control jointli rwe veba viag laubag largest lignit produc eastern germani supplier veag form econom unit veag point laubag own west german interconnect power compani veag gener electr exclus east german lignit depend suppli laubag turn depend duopoli exert decis influenc veag product cost ow fact predominantli convert lignit electr compani posit cover medium peak load rang product capac custom side veag depend east german region supplier turn own west german interconnect power compani bewag interconnect power compani gener electr berlin compani own approxim southern compani approxim viag veba vote right compani control viag southern bewag possess base load power station purchas base load electr hew veba hold share hew directli share indirectli sydkraft interest hew small interconnect power compani limit product capac small transmiss grid base load power station oper conjunct competitor preussenelektra vattenfal acquir joint control hew pool interest held municip hamburg hew jointli control vattenfal municip hamburg minor sharehold seat supervisori board veba privi hew main decis strategi sharehold enabl obtain inform hew price strategi quantiti purchas price veba interconnector denmark strengthen hew competit posit vattenfal sharehold ow avail cheaper electr gener scandinavia irrespect infus fresh capit time hew high voltag grid link grid abroad result hew access import electr larg subject restrict access foreign supplier german market vattenfal depend suppli affili hew scandinavia free capac interconnector germani denmark sweden german side link germani denmark oper duopolist preussenelektra interconnector limit free capac result vattenfal suppli hew neglig quantiti interconnector capac sweden useabl small degre vew viag direct indirect sharehold vew case hew viag reason sharehold seat vew supervisori board privi corpor strategi propos merger rwe vew ceas independ supplier market enbw supplier interconnect level interest held german interconnect power compani acquisit edf minor hold enbw plan stage edf intend acquir joint control enbw pool minor right share held sharehold event linkag enbw duopoli area power station oper allow edf strength term resourc ground maintain enbw posit limit effect duopoli freedom behaviour place expect power extern competitor lack enbw refrain strong competit duopoli area cover germani fall duopolist behaviour obviou knowledg retaliatori potenti market lead interconnect power compani belong duopoli step procur cheap electr edf scarc view limit capac interconnector veba viag rwe hold interest electr gener neighbour countri confer right gener capac make capac limit extent interconnector control rwe hold interest seo pump storag station oper netherland preussenelektra hold interest ezh major gener preussenelektra hold swiss gener bkw bayernwerk enbw hold watt ag activ german market import sphere rwe edf hold share motor columbu turn hold atel bkw watt atel swiss electr gener capac merger veba viag rwe long lead nearest competitor posit interconnect power compani weaker appar market share veba viag rwe hold substanti interest competitor meaning competit expect interconnect power compani duopoli control greatest part instal gener capac free gener potenti merger veba viag control total gener capac germani veba viag rwe gener capac account capac vew veag bewag duopoli propos rwe vew merger control third total instal gener capac explain recit electr gener industri case free market limit extent likewis electr gener region local energi supplier intend meet requir main factor competit share instal gener capac interconnect level level duopoli control includ vew total capac connect signific close histor link gener network result link exist network architectur complet substitut power station interconnect area suppli electr interconnect compani degre substitut gener capac assur market greater gener capac ti exist network merger bigger electr market protect competit structur reason perceiv examin enterpris stock power station free gener potenti overcapac load rang predominantli held member duopoli survei overview overcapac individu interconnect gener compani tabl free gener potenti power station load rang vdew statist capac work gt tabl gt parti assert veba viag rwe overcapac base load rang back assert evid member duopoli power leav abovement overcapac unus reduc parallel order stabilis price level oral hear parti state overcapac stimul competit larger part assess period gain state utilis increas price written evid produc support statement commiss posit verifi figur argument parti assum duopoli capac remain unchang ignor possibl duopoli extend parallel behaviour closur capac duopoli control greatest part transmiss network germani includ vew leav veag control veba viag rwe control german transmiss network duopoli competitor depend network order compet addit transmiss network cover greater part germani tabl transmiss network germani sourc vdew gt tabl gt addit network reason scope ownership network link germani interconnector enabl member duopoli steal signific march inform matter competitor ownership oper network link interconnector network interconnect compani obtain inform load flow quantiti suppli competitor outlin load supplier organis term network oper separ electr trade distribut evid suggest individu case sensit network oper data competitor interconnect compani knowledg interconnect compani sale divis claim made competitor parti hear advantag competitor ownership network confer member duopoli settlement procedur balanc energi fix transit oper associ agreement ii point gener point made germani transmiss network oper independ undertak own interconnect compani oper interconnect compani set subsidiari oper network regard minimum requir contain electr market direct carri manag unbundl unbundl account separ oper transmiss network activ electr produc supplier measur accompani econom separ network oper electr product suppli remain vertic integr group discrimin remain competitor reli transmiss network virtu negoti network access harm competit opportun competitor trader favour interconnect compani product compani combin cost high transmiss charg correspondingli low electr suppli price circumst incent appli transpar tariff check stand relat cost rule associ agreement ii transmiss hold true case plan merger complet greatest part nation network domin group expect engag parallel behaviour born mind block oper downstream market fend competitor lack price transpar incom competit purpos interconnect level signific barrier entri market creation capac import import limit extent effect interconnector control member duopoli restrict duopoli oper scope potenti supplier unabl present effect challeng parti strong posit market high barrier entri german market entri market suppli electr interconnect level germani entail consider invest larg degre form sunk cost applic product market applic activ market cost includ product level invest power station liberalis german electr market market entri product level entail incur consider cost long period invest power station statutori transmiss develop independ transmiss network longer product compani transmiss network market oper discriminatori term veba viag rwe hold major part german gener capac market entri entail risk member duopoli appli overcapac forc newcom market lower price make difficult de facto electr trader enter market liberalis market entri entail high cost previous exist substanti barrier entri german market suppli electr interconnect level remain shown fact market entri product level gener proceed enterpris take hold exist product compani swedish enterpris vattenfal hold interconnect compani hew finnish enterpris fortum wesert electr plant entri market construct compani gener capac remain except commiss case supplier secur access market build gener capac fortum establish power station länder strengthen electr gener base germani likewis american compani nrg energi hold power station born mind opportun import electr limit capac interconnector extrem limit increas interconnector capac year ahead present polit climat ow relat cost requisit authoris procedur parti state hear take year build overhead line ad time take offici authoris procedur requisit analysi load downstream network conclud barrier access market suppli electr interconnect level germani high amount invest lack access abroad limit capac interconnector restrict competit veba viag rwe group view block signific resourc result retaliatori power wide gap oper market reason expect robust competit current potenti supplier room manoeuvr effect control group numer hold member duopoli enjoi strong posit downstream market enabl secur market base expens competitor market posit veba viag rwe strengthen numer hold undertak downstream market stage hold give member duopoli decis influenc purchas polici undertak group secur market base time impair competitor market opportun survei overview hold member duopoli tabl sampl hold interconnect compani veba viag rwe vew region suppli compani rvu municip electr undertak sw gt tabl gt case major hold distribut compani member duopoli control undertak determin purchas decis directli member minor hold exercis substanti influenc purchas polici compani share hold major sharehold compani municip repres compani board municip offic holder undertak standpoint interest sole energi suppli compani minor hold skill preussenelektra bayernwerk rwe energi manag field hold member duopoli redistributor represent board fact significantli greater weight extent hold quantit presenc compani govern bodi energi manag larg part introduc enterpris interconnect compani interconnect compani compani link suppli contract cover total suppli requir region suppli compani municip electr undertak commiss investig shown distribut compani interconnect compani hold hitherto scarc exploit opportun afford liberalis remain previou supplier correspondingli difficult oper import electr trader interconnect compani acquir custom categori minor hold held veba viag rwe distribut compani strengthen duopoli posit creat addit difficulti oper establish german market circumst parti comprehens mean bring influenc bear decis electr purchas made region local suppli enterpris futur competitor develop signific electr gener capac germani oper capac sever restrict competit member duopoli exist close link abovement region local supplier interconnect compani duopoli competitor lack adequ access market product level enabl offer signific geograph comprehens competit affect market electr suppli interconnect level make econom sens gener consider quantiti electr competit duopoli adequ opportun market term associ agreement ii compon balanc energi give duopoli advantag competitor provis associ agreement ii signific improv associ agreement claus competitor interconnect compani creat barrier transmiss serv consolid strengthen posit market leader interconnect compani foreign supplier continu pai compon rate pfennig kwh import electr energi feder republ germani compon appli germani rate pfennig kwh electr trader electr gener unabl achiev balanc suppli north south trade zone inform obtain electr trader circumst payment compon reduc trader margin compani offset quantiti electr suppli quantiti electr cross trade zone boundari direct pai compon respect member duopoli enjoi signific advantag veba viag extens suppli area cover trade zone rwe oper trade zone present appli vew statu major interconnect compani advantag offset electr interconnect compani oper trade zone propos merger suppli area merg entiti cover trade zone contrast smaller interconnect compani electr trader find difficult offset energi suppli associ agreement ii offset arrang balanc energi confer advantag member duopoli final consum energi consumpt fluctuat long term suppli level energi purchas frequent contractu amount technic rule balanc deficit excess balanc network oper balanc area mean balanc energi bought sold associ agreement ii appli principl system servic transmiss distribut electr energi determin qualiti electr suppli demand balanc energi toler addit payment requir standard toler refer exceed payment higher transmiss charg applic choos wider bracket balanc energi gener provid transmiss network oper balanc area supplier oper power station balanc area electr suppli market oper price charg transmiss network oper suppli balanc energi associ agreement ii consider higher associ agreement market oper consult commiss claim price suppli balanc energi associ agreement ii significantli exce cost provid energi fact balanc energi constantli readi case plai import role calcul toler band exceed amount charg base assumpt exceed month liabl prove burden supplier compar low quantiti sale electr circumst method calcul electr trader risk lose profit margin contrast price balanc energi entail scarc burden member duopoli promin posit market larg sale volum easili offset consumpt fluctuat balanc area incur significantli lower cost balanc energi interconnect compani network transmiss oper fact main supplier balanc energi suppli balanc energi payment kind market oper parti state interconnect compani provid energi reciproc basi limit extent event unintent exchang energi power station failur cost aris balanc energi competitor interconnect depend interconnect compani suppli balanc energi natur depend member duopoli cover larg part area feder republ germani addit associ agreement ii provis manag bottleneck network subject restrict germani result transferor compani give prioriti request transfer group invok network safeti issu technic difficulti offer competitor remain free capac competitor member duopoli transfer network advers affect arrang network promin posit market held veba viag rwe consolid arrang network belong control major part gener capac transmiss network network link capac neighbour state give duopoli decis influenc electr trade develop wake liberalis commiss current inform electr trader oper market likewis unabl restrict oper freedom market structur parti liberalis german electr market consum entitl choos supplier situat influenc oper produc independ electr trader exist interconnect compani larg part extend oper tradit interconnect area independ wholesal electr trader enron fortum vasa energi newli enter market trader concentr short term spot suppli conclud long term contract except case capac electr gener neglig correspondingli depend access free capac oper market essenti condit market electr trade decis impact duopoli abil determin price adequ liquid present market overcapac independ electr trader own veba viag rwe point larg measur freedom determin price produc unabl meet demand fulli group compani determin electr independ electr trader german market receiv exercis perman control price consider appli trade german electr exchang intend begin oper autumn year lpx view condit properli function exchang perform essenti task price format nation physic consumpt trade exchang view high concentr gener capac held veba viag rwe group determin success exchang determin competitor succe make profit conclus summari commiss conclus merger veba viag consider deterior structur german market provis electr grid competit critic weaken result emerg duopoli veba viag rwe rwe vew domin market posit access resourc power station transmiss grid grid transfer point duopoli larg shield german market competit addit prevent emerg properli function market trade electr merger lead creation joint domin posit chemic veba oper chemic subsidiari degussa hül ag veba oel ag petrochem chemic interest viag group handl subsidiari skw trostberg ag subsidiari goldschmidt ag commiss conclus merger strengthen domin posit market sodium dicyanamid cyanur chlorid sodium dicyanamid relev product market sodium dicyanamid product hydrocyan acid chlorin cyanid chemistri aris synthesi highli poison chlorin cyanid cyanamid chlorin cyanid unusu danger substanc product sodium dicyanamid close link geograph chlorin cyanid sodium dicyanamid chiefli intermedi product product activ substanc polyhexamethylen biguanid phmbg chlorhexidin proguanil phmbg preserv sterilis technic field volum import chlorin free biocid swim pool phmbg food industri meat process brew clean vat pipe toxic corrod seal oil industri emploi pressur test pipelin kill unwant organ sulphur decompos bacteria ad petroleum high sulphur content chlorhexidin disinfect human anim form part human food chain human medicin surgeri veterinari medicin disinfect udder manufactur cosmet contact len clean fluid proguanil remedi malaria sodium dicyanamid agri chemic industri herbicid custom ask view state unison unchalleng parti sodium dicyanamid kei intermedi product replac intermedi product intermedi product forese futur impli consider adapt product process registr product manufactur hitherto sodium dicyanamid subsequ lengthi expens process commiss assum sodium dicyanamid regard relev product market relev geograph market parti base argument worldwid market sodium dicyanamid firm ask submit view make assumpt assess base worldwid market competit assess present market situat present firm world produc sodium dicyanamid larg quantiti degussa skw parti cite avecia manchest unit kingdom product process yield isol sodium dicyanamid intermedi product hmbda turn obtain chlorhexidin phmbg intermedi product manufactur avecia market avecia trade hmbda swiss firm lonza ag lonza produc sodium dicyanamid close product sell good obtain parti expect lonza resum product half year capac plant skw produc sodium dicyanamid increas tonn tonn degussa manufactur multi product plant quot annual capac sodium dicyanamid product tonn degussa sodium dicyanamid produc chlorhexidin form chlorhexidin base chlorhexidin diglucon obtain degussa product sodium dicyanamid hexa methylen biscyanoguanidin hmbcg process produc chlorhexidin base chlorhexidin salt purchas sodium dicyanamid parti estim world product sodium cyanamid tonn annum tpa includ tpa attribut avecia disregard fact avecia produc isol sodium dicyanamid estim figur asian produc cite parti confirm commiss investig subtract parti product estim avecia estim total world product leav remaind tonn roughli equival entir product parti tonn basi parti estim leav tonn product firm start world product figur tonn skw share parti share amp lt subtract figur amount produc parti leav market volum tonn tonn account skw degussa state activ market sodium dicyanamid manufactur busi group product chlorhexidin past provid occasion supplementari suppli case deliv good direct custom present buyer sodium dicyanamid supplier choos lonza skw cautiou analysi show skw suppli third market circumst skw domin posit market presenc lonza present provid custom scope respond excess price demand part skw reduc amount order respect extent lonza oper market depend amount sodium dicyanamid degussa prepar suppli part degussa contribut suppli market deliveri lonza merger degussa potenti competitor market question except astrazeneca firm requir larg quantiti sodium dicyanamid small medium size busi astrazeneca sodium dicyanamid produc proguanil market paludrin brand requir compar small quantiti sodium dicyanamid purpos effect merger merger elimin degussa contact lonza custom potenti competitor similarli market domin entiti interest suppli lonza competitor angl merger weaken lonza posit competitor degussa oper downstream market chlorhexidin potenti competitor phmbg hmbcg produc degussa process produc chlorhexidin phmbg degussa skw decid advantag market sodium dicyanamid case larg cut suppli sodium dicyanamid degussa competitor downstream market chlorhexidin make suppli expens reduc long term competit submiss parti entri lonza market parti mention possibl lonza enter market product chang assess merger competit angl merger place lonza ceas custom degussa manufactur amount creat incent degussa sell amount produc competit amount manufactur skw competit elimin merger skw domin posit call question lonza probabl trade volum tpa strengthen entri competitor prospect parti face threat market entrant event substanti rise price present avecia consid potenti candid avecia want put sodium dicyanamid suppli free market undergo extens reorganis product order obtain isol sodium dicyanamid worth bear mind avecia obtain cyanamid hmbda product cyanamid stabl product avecia transport long distanc find difficult switch supplier conclus reason state commiss consid merger lead perman strengthen domin posit market sodium dicyanamid cyanur chlorid relev product market cyanur chlorid main cyanur chlorid cc intermedi chemic product hydrocyan acid chemistri simpl structur enjoi patent protect time hydrocyan acid import raw materi manufactur cc chlorin ga cc commod product sold powder molten form major degre product differenti price import aspect competit point view product qualiti puriti case powder flowabl packag relev packag concern size packag cc classifi quot danger quot substanc offici condit laid transport cc distribut predominantli manufactur import parti trade plai role distribut cc product weedkil optic brighten reactiv dye uv absorb amp gt cc product manufactur weed control agent maiz cultiv maiz herbicid consider quantiti process optic brighten whiten paper textil deterg optic brighten alter reactiv properti materi regard light compon give product appli white appear cc manufactur reactiv dye addit cc improv durabl textil colour intensifi link dye fibr parti estim proport cc product purpos final signific amount cc amp lt world product emploi product uv stabilis manufactur plastic cc protect plastic surfac fade decai competitor custom ask give view cite cc relev product market custom make distinct powder cc molten cc degussa sole manufactur molten cc produc tpa europ tpa usa question product variant repres singl separ product market remain open competit assess hing point parti regard cc interchang applic parti argu cc keen competit intermedi product manufactur product sold consum market parti cc intermedi product final consum competit environ assess regard competit manufactur point view consum market abovement applic argu market product manufactur cc compet cc free product commiss examin condit competit regard manufactur sale cc abovement consum market relev market justifi request state intermedi product cc face keen competit consum market intermedi product end product offer market argu manufactur sale cc relev examin aspect plan merger competit angl constitut quot affect market quot mean form parti confus delimit relev product market quot compris product regard interchang substitut consum reason product characterist price intend quot statement factor determin condit competit market lack substitut cc ingredi process product parti claim substitut main applic cc born commiss investig custom state present possibl replac cc chemic product manufactur pesticid ban atrazin equival ban maiz herbicid cc parti make claim atrazin cc ban germani herbicid maiz cultiv activ ingredi synthesis cc permit germani feder offic forestri agricultur berlin braunschweig ban maiz herbicid cc market cc decreas assum cc replac activ ingredi short time higher cost firm concern observ lent weight fact reformul product requir permiss optic brighten product paper textil plastic deterg paper industri cc base brighten replac cc free brighten textil industri depend fibr cc base brighten cotton wide textil fibr cc free brighten synthet fibr case deterg cc base brighten interchang high wash temperatur final applic cc field gener rule replac replac cc futur true area applic buyer cc develop product adapt product process mention gener time consum licens procedur product put market cc relev product market cc regard relev product market relev geograph market parti produc cc locat europ usa veba cc manufactur europ swiss firm lonza ag belong algroup lonza group usa novarti firm market cc worldwid novarti produc sole firm ask view parti assum worldwid market point grow import eea china transport cost amp lt full price depend countri destin cc export major restrict import suppli china hand firm ask submit view point transport process cc entail consider risk hydrochlor acid form contact cc air atmospher humid hydrocyan acid form event heat appli fire user cc care cc deliv ensur deliv road tanker store silo tank purpos assess question remain open view risk relev product market cover western europ eea switzerland worldwid competit assess view market share degussa enjoi domin posit european market merger lead increas market share parti estim manufactur cc capac year tabl total capac tonn gt tabl gt parti estim capac utilis pictur emerg cc product year tabl product tonn gt tabl gt lonza estim volum world market significantli lower parti differ aris sole estim chines share product lonza put parti basi lonza estim parti bigger share market china product divid number firm basi parti estim market share worldwid market gt tabl gt basi data submit parti eea market share degussa skw lonza amp lt pictur similar eea switzerland import china plai role novarti posit market leader import applic cc volum reduc degussa skw room manoeuvr price parti claim import factor prevent pursu uncontrol price polici novarti domin posit downstream market herbicid novarti activ south american market crucial factor price cc field triazin herbicid maiz herbicid base cc increas degussa skw cost cc immedi put custom consider competit disadvantag vi vi novarti estim spare capac argument accept parti claim novarti strong posit downstream market maiz herbicid impos limit degussa room manoeuvr set price cc sold herbicid manufactur limit coincid price increas intermedi product cc high degussa custom longer manufactur sell herbicid competit price limit degussa room manoeuvr price case confin specif group custom stand assumpt market domin posit cc state gener market domin equival complet freedom set price monopoli guid extent elast demand custom price level drawback fall demand outweigh benefit price increas case hand consider fact cc account total maiz herbicid product cost increas price cc necessarili lead similar increas finish product parti made claim date demonstr price paramet action open maiz herbicid produc qualiti custom advic plai import part rule advantag offer varieti product effect complement assum area applic import volum buyer cc room manoeuvr protect custom increas price cc novarti world biggest cc produc cc manufactur process potenti competitor world market novarti world biggest produc cc process entir product sell cc parti commiss view sale futur view novarti special product set usa fact chines product cc posit reduc degussa skw room manoeuvr set price parti point grow import cc product china suppli domest market chines firm sell cc worldwid usa eea market suppli eea sold cheapli date small amount chines produc cc reach europ signific appear parti lonza estim european market share answer custom point direct firm test initi small amount problem transport avail qualiti chines cc product overcom firm detail inform rule suppli ground insuffici qualiti avail transport problem merger rule continu custom suppli polici parti state sale concentr larg custom profession purchas depart immedi seek competit bid event price increas supplier statement disregard fact competitor provid suppli appli statement larg proport custom appli suppli polici merger reduc number cc supplier lonza product capac low consid supplementari supplier addit degussa skw replac supplier custom appli strategi forc lonza charg lower price degussa skw order make capac degussa domin posit strengthen merger reason conclud degussa enjoi domin posit market cc merger strengthen posit perman view lonza insignific market posit low capac entiti achiev virtual monopoli market cc irrespect cc regard relev product market distinct made powder cc molten cc manufactur degussa relev market question western europ world conclus reason state commiss consid propos merger lead strengthen domin posit notifi merger lead creation strengthen domin posit result effect competit imped substanti part commun incompat common market oper eea ga parti activ ga distribut suppli ga final consum affili region ga suppli compani veba avacon supplier final consum veba avacon schleswag gelsenwass thüga viag contiga fränkisch ga lieferungsgesellschaft gasversorgung oberbayern relev product market parti draw distinct market sector long distanc ga oper import storag transport sale natur ga bulk buyer suppli ga final consum region supplier local distributor submit relev product market recent decis commiss investig ga sector condit market long distanc ga found distinct drawn long distanc ga sector relev product market supra region ga transmiss region ga transmiss market supra region ga transmiss includ import natur ga foreign ga produc subsequ transport overland pipelin region ga compani region ga compani supra region ga compani suppli special rate industri custom electr gener local ga distribut compani supra region ga transmiss form separ market peculiar activ undertaken supra region ga compani entail import larg quantiti ga produc countri compani correspondingli long suppli contract produc instal requir import long distanc transport servic custom storag commiss consid separ relev downstream market ga suppli final consum local ga distribut compani suppli busi custom household system narrow low pressur pipelin investig case question approach divid market divis competit assess parti state activ group overlap field ga suppli final consum regard relev product market procedur commiss receiv submiss propos merger result strengthen ruhrga ag domin posit market supra region ga transmiss ground statement merger block import sale channel ruhrga competitor long distanc ga sector viag veba direct interest ruhrga activ downstream market subsidiari merger ruhrga perman enjoi access custom viag group compani held interest competit assess investig implic merger ruhrga posit market supra region ga transmiss relev geograph market past commiss consid ga market germani region market boundari defin demarc area reserv suppli compani entri forc version energi industri law origin agreement market boundari expir unlik electr sector liberalis led noteworthi structur german ga market ec direct intern ga market member state open market august date oper ga power station irrespect annual consumpt final consum consum million year quot elig custom quot free choos supplier market open figur rise annual minimum consumpt threshold fall million million associ agreement negoti ga sector line voluntari agreement regul transmiss electr sector negoti conduct industrieverband der kraftwirtschaft bundesverband der deutschen industri bundesverband der ga und wasserwirtschaft unlik electr sector access line scope competit transmiss import prerequisit competit met ga sector tradit suppli area parti agreement draft associ agreement reach half associ agre rudimentari text quot eckpunkt der verbändevereinbarung zum netzzugang bei erdga kei point associ agreement network access natur ga quot date march leav open issu practic implement transmiss fact suggest geograph market confin previous demarc region suppli area suppli compani own suppli pipelin exxon mobil assess question market supra region ga transmiss region nation left open expiri demarc agreement present case exact extent ga market left open debat competit assess remain matter conceiv boundari appli competit assess suppli ga final consum veba activ lower saxoni adjac area affili avacon subsidiari schleswag oper schleswig holstein gelsenwass oper ost westfalen lipp mecklenburg western pomerania affili thüga activ bavaria compani hold gasbetrieb emmendingen baden württemberg viag control bavarian ga distribut compani fränkisch ga lieferungsgesellschaft gasversorgung ostbayern repres south germani affili contiga form fulli own compani major hold take nation market basi veba market share amp lt sale twh parti assum market volum twh basi viag market share feder republ amp lt sale twh aggreg market share larg number compani compet suppli final consum creation strengthen domin posit market sector expect take nation market basi assess base region market confin suppli area ga suppli compani true subsidiari veba viag enjoi domin posit suppli area commiss consid market posit strengthen merger suppli area veba group compani part locat viag group compani harz region veba own avacon thüga minor hold individu municip undertak suppli area border gasversorgung thüringen veba affili contiga minor hold ground suppos minor hold amount control interest merger veba viag lead creation strengthen domin posit market suppli ga final consum supra region ga transmiss present compani structur veba exercis domin influenc ruhrga formal control quot bergemann pool quot term describ bergemann gmbh sharehold includ rag subsidiari hold capit gelsenberg ag gelsenberg ag pool share ruhrga sharehold bergemann gmbh pool arrang gelsenberg control vote bergemann agm vote bergemann sharehold reduc vote ruhrga concern rag share vote fall bergemann gmbh gelsenberg bergemann pool decid exercis vote right ruhrga agm major requir bergemann pool laid articl bergemann gmbh sharehold agreement decis relat vote agm affili compani requir qualifi major qualifi major affili compani rule ruhrga agm take decis simpl major save law articl associ provid articl articl associ mean account bergemann gmbh sharehold structur chang major ground veba enjoi sole joint control ruhrga directli indirectli order assess import competit angl viag particip compani suppli final consum commiss investig veba posit merger veba hold ruhrga supplier final consum commiss investig show ga suppli compani oper germani final consum market obtain ga compani tradit suppli area locat commiss consid make differ public util suppli final consum compani veba hold compani locat demarc area reserv thyssenga obtain ga thyssenga suppli contact extend year demarc agreement altern ga supplier found difficult past gain access compani serv final consum oper suppli area time agreement expir posit remain basic unchang altern ga supplier succeed win custom suppli spur line link supplier pipelin evid competit form transit arrang lack veba equiti particip municip undertak suppli final consum ruhrga deriv discern advantag vi vi competitor tradit supplier suppli area ask commiss compani veba hold oper demarc area ruhrga obtain ga sale final consum ruhrga competitor winga gmbh veba hold region suppli compani ruhrga direct hold past obtain suppli winga circumst insuffici evid suggest ga supplier veba hold close ruhrga competitor link veba ruhrga assess base assumpt geograph market ruhrga oper cover demarc area assum market larger nation scale similar consider appli concern competit equal unjustifi conclus expect domin posit market ga suppli final consum supra region ga transmiss creat strengthen steel distribut busi activ parti includ steel distribut veba activ interf group part stinn group quot stinn quot viag subsidiari klöckner amp ag quot klöckner quot distribut roll steel product flat long steel product stainless steel hot roll wide strip wire rod semi finish product fall scope treati establish european coal steel commun april subject special proceed case comp ecsc veba viag present proceed concern distribut product group tube bright steel wire product reinforc steel roof wall product aluminium ferrou metal relev product market steel distribut form separ product market manufactur steel product direct sell manufactur market distribut steel product broken type distribut agenc distribut stockhold streckengeschäft stockhold distribut streckengeschäft distribut channel germani final purchas conclud contract trader good order deliv directli produc final purchas precis market definit left open competit concern aris respect market definit accord previou commiss decis wide sold steel product divid separ product market case product group tube reinforc steel bright steel wire product roof wall product ferrou metal aluminium previou commiss decis tube distribut subdivid type tube market investig conduct commiss show vast major custom competitor subdivis left open individu type tube case commerci boiler structur precis tube form separ product market object plan merger aris competit ground market relev geograph market accord previou decis assum relev geograph market distribut steel product nation market investig case gave reason suppos differ unnecessari clarifi market extend nation market merger rise competit concern respect definit competit assess parti activ stockhold streckengeschäft distribut agenc distribut stockhold distribut overlap activ wire product stinn turnov product group parti oper princip germani neglig extent member state appli stinn firm market share germani amp lt entir market suppli steel member state deal aluminium ferrou metal germani activ parti overlap belgium franc unit kingdom netherland austria spain combin share entir market suppli steel case tube parti combin market share total german market tube stockhold distribut amp lt stinn amp lt klöckner amp lt tube distribut market broken tube type combin market share parti amp lt commerci tube stinn amp lt klöckner amp lt amp lt boiler tube stinn amp lt klöckner amp lt amp lt structur tube stinn amp lt klöckner amp lt amp lt precis tube stinn amp lt klöckner amp lt streckengeschäft distribut tube germani parti combin market share amp lt market stinn amp lt klöckner amp lt entir tube market subdivid tube type parti combin market share amp lt commerci tube stinn amp lt klöckner amp lt amp lt boiler tube stinn amp lt klöckner amp lt amp lt structur tube stinn amp lt klöckner amp lt amp lt precis tube stinn amp lt klöckner amp lt tube distribut market parti face numer power competitor vertic integr carl spaeter gmbh hoberg amp driesch gmbh amp löwe amp jaeger gmbh röhren und stahllag gmbh amp kg salzgitt stahlhandel gmbh thyssen schult gmbh market structur domin posit creat parti reinforc steel german market stockhold distribut reinforc steel parti combin market share amp lt stinn amp lt klöckner amp lt streckengeschäft amp lt stinn amp lt klöckner amp lt merger creat strengthen domin posit reinforc steel bright steel parti combin share presum german market distribut bright steel amp lt stinn market share amp lt parti estim volum market stockhold distribut bright steel tonn background parti aggreg market share amp lt stinn amp lt klöckner amp lt streckengeschäft distribut bright steel volum market put tonn klöckner market share amp lt stinn share aggreg market share depend market defin larg number partli vertic integr competitor suit creat domin posit parti roof wall product aluminium ferrou metal stinn margin presenc distribut roof wall product aluminium germani sale tonn klöckner part scarc present distribut ferrou metal approxim tonn stinn bare measur share market distribut roof wall product klöckner market distribut ferrou metal event aggreg market share klöckner stinn exce irrespect market defin merger creat strengthen domin posit area conclus view extrem small market share market share combin case keen competit face parti germani plan merger give rise competit concern area steel distribut summari light propos merger notifi form lead creation strengthen domin posit market electr chemic incompat common market oper eea vi commit offer notifi parti electr commit allai commiss concern propos merger veba viag made commit parti undertak divest sharehold veag veag own veba viag rwe sharehold energiebeteiligung hold consist bewag hew vew enbw sharehold parti undertak divest sharehold east german lignit produc laubag transfer right own mine east german lignit acquir sharehold veag veba hold share laubag viag bb braunkohl beteiligungsgesellschaft mbh hold remain bb turn own energiebeteiligung hold rheinbraun ag belong rwe rwe energi ag parti undertak guarante veag electr sale time merger clear decemb parti purchas electr market price veag extent purchas parti east german region supplier teag di avacon ost evm decemb purchas guarante includ oblig purchas refer quantiti abovement region supplier correspond load distribut equival guarante approxim twh januari purchas oblig relat quantiti smaller quantiti event increas sale region supplier compar sale parti offer procur larger part addit quantiti veag event loss sale region supplier purchas oblig reduc price roughli current market price energi network compon principl guarante market price decemb januari market price form basi price energi compon parti undertak divest sharehold bewag viag hold capit vote right veba hold capit vote right limit vote right virtu commit veba feder cartel offic septemb capit vote right held southern energi hold viag undertak divest share hold directli indirectli vew rwe merger rwe vew complet divest sharehold vew viag direct sharehold addit sharehold subsidiari contiga ballast compani energi verwaltungsgesellschaft evg hold share veba undertak divest direct sharehold hew veba indirectli hold capit vote right hew hold hew swedish compani sydkraft interest veba undertak termin exist allianc rwe rheinisch energi ag rhenag rhenag own rwe veba parti undertak amend month merger clear charg network germani price compon nation compon pf kwh rwe vew issu waiver time veba viag merger clear parti undertak follow suit forthwith parti undertak month merger clear electr price special contract custom distributor industri custom suppli network area kv broken network charg energi price meter read law renew energi sourc law cogener licens agreement turnov tax respect special contract custom suppli network area medium voltag level kv parti enter commit januari parti undertak amend month merger clear charg suppli balanc energi price kilowatt levi daili basi kilowatt hour rate charg parti undertak make interconnector german danish border addit capac amount mw veba hold overland rout denmark germani inter alia proportion transport amount mw basic transmiss capac mw order offer outsid addit transmiss capac amount mw veba undertak conclud agreement eltra statkraft eltra bui back mw transport part mw agreement sign statkraft convert financi agreement affect parti capac januari commit provis section viii commit electr commit divest sharehold veag laubag commiss veba viag agre commit deem fulfil rwe vew met oblig impos feder cartel offic proceed divest share vote right hold veag laubag lignit mine right hold länder feder cartel offic impos oblig safeguard veag sale preserv compani liquid oblig met commit respect associ agreement section vi electr commiss veba viag agre commit deem fulfil feder cartel offic impos oblig proceed oblig met assess commit propos packag commit link abovement commit rwe feder cartel offic ensur domin duopoli consist veba viag rwe rwe vew creat german market suppli electr interconnect level commit ensur major corpor link member duopoli sever elimin factor encourag parallel behaviour commit divest sharehold inter alia compet interconnect compani increas number signific competitor oper independ veba viag rwe vew commit market condit access german market improv initi posit exist potenti competitor group german market suppli electr interconnect level highli concentr merger increas level concentr result merger group enterpris longer compet effect underli market condit homogen product transpar market limit growth demand likewis favour parallel behaviour expect fair degre certainti market structur corpor link block form part divest sharehold veag mean import link rwe veba viag dissolv recit situat regard veag contribut block common interest peac parallel behaviour meant west german interconnect compani rwe veba viag stop compet veag tradit suppli area länder veag transmiss network situat look angl divest sharehold veag block lose essenti tool eastern part germani free competit tool time contribut maintain balanc west ultim entir german market divest veba viag rwe sharehold veag mean time veag independ competitor veag competit potenti longer includ block divest signifi fact post merger level concentr market remain basic veba viag merger veba market share increas exclud bewag veag posit veag occupi similar market posit viag share commit fulfil oper market independ supplier laubag largest lignit produc eastern germani supplier veag form econom unit order veag attain full signific oper independ block essenti control laubag hand independ entiti sharehold rhenag veba interest success rwe subsidiari commensur hold veba repres rhenag supervisori board privileg access inform corpor strategi subsidiari member duopoli divest abovement sharehold elimin essenti corpor link group compani mutual interest form hold steag municip electr undertak envia capac rwe subsidiari veba group compani thüga minor interest link lesser import point view risk parallel behaviour part block interconnect level steag fact electr produc rwe major own rag veag time result divest share held veba viag rwe vew independ supplier market inter alia reason extens tradit suppli area länder potenti limit parti rwe freedom manoeuvr give stiff competit commit account fact veag vertic integr suppli side demand side ensur veag oper outset competitor guarante access primari product lignit obtain laubag link dispos share veag laubag includ mine right need mine lignit acquir safeguard gener electr veag demand side quantit purchas guarante safeguard larg declin part veag current sale region supplier decemb decemb purchas guarante cover approxim current electr sale feder cartel offic proceed impos supplementari condit view safeguard sale present commit deem met suffici proport current sale guarante number year mention present contractu suppli relationship region supplier belong veba viag rwe vew group sale region supplier includ esag wemag interconnect power compani bewag base load gener capac extend veag sale basi veag free enter direct busi relationship local supplier industri special custom safeguard sale period year progress reduct start commiss opinion oper view sought suffici order veag difficult initi period year veag posit weak ow scale commit predominantli area invest power station capac veag power station modern europ provid veag low cost product base debt burden reduc depreci increas commit reason adequ mean safeguard convers lignit electr veag sale veag commit divest share veag supplementari commit link block rise greatest risk parallel behaviour cut time signific competitor place limit block price behaviour merger veba viag remov oper market commit independ oper market posit compar viag minu hold bewag veag market dispos veag date stock power station import facil interconnector germani poland creat opportun electr trader commit divest share vew prevent veba viag gain insight corpor strategi larg interconnect compani duopoli member rwe divest share bewag viag control southern energi likewis make compani independ supplier market suppli electr interconnect level time divest bewag divest share veag reduc viag competit potenti pass merger veba divest direct sharehold hew strengthen posit interconnect compani duopolist sharehold independ supplier fact veba minor interest swedish compani sydkraft minor interest hew alter competit assess indirect minor interest give entitl represent board hew control jointli swedish compani vattenfal citi hamburg minor sharehold posit afford privileg access inform leverag hew divest commit improv structur market suppli electr interconnect level sever import corpor link member duopoli link relev point view competit posit time creat competitor consider potenti veag competitor remov veba viag sphere influenc divest sharehold enabl domin influenc exercis compani market stage degre concentr market increas merger decreas condit competit suppli electr interconnect level improv commit block veba viag rwe vew enjoi advantag dint present trade zone set associ agreement ii veba viag rwe vew offset electr suppli avoid oblig pai compon interconnect compani suppli area trade zone electr trader scope offset suppli group seek individu opportun offset suppli electr supplier result veba viag rwe vew renounc payment compon competitor block longer suffer disadvantag henceforth suppli electr germani interconnect suppli area veba viag rwe vew pai compon waiv compon larg part germani lead dead letter network area oblig break electr price network charg energi price meter read greatli increas transpar case transmiss show cost item separ inhibit cross subsidis energi price compani network separ show network energi price make easier compar price parti rwe vew oper network make freer access supplier market stage time counteract consolid parti market posit interconnect level regard custom suppli network area veba viag ensur relev network oper furnish data broken form suitabl broken custom transmiss network oper parti enjoi advantag reason fact suppli balanc energi balanc energi gener provid transmiss network oper balanc area supplier oper power station balanc area electr suppli price charg transmiss network oper suppli balanc energi associ agreement ii market oper consider higher associ agreement exce signific margin cost provid energi toler band exceed amount charg base assumpt exceed month result offer calcul suppli balanc energi price kilowatt daili basi kilowatt hour rate price calcul reflect close cost aris recours balanc energi veba viag longer event consumpt fluctuat appreci advantag competitor number transmiss network oper interconnector german danish border capac mw mw reserv contract veba remain mw sold auction wish bui lower price electr scandinavia german danish interconnector interconnector experi capac bottleneck releas mw facilit access import scandinavia favour price level scandinavia increas competit pressur larg german interconnect compani commit improv condit market suppli electr interconnect level market oper compar foot chemic commit allai commiss concern propos merger market cyanur chlorid cc sodium dicyanamid parti made commit parti undertak offer sale compani skw trostberg product plant make hydrocyan acid cc transfer purchas forward period date clearanc merger phase parti offer sale altern compani cc product plant transfer hydrocyan acid product remain veba viag phase ii total date clearanc merger purchas found altern parti offer sale altern cc busi minu product facil phase iii busi compris entir commerci cc includ custom list order hand increas capac phase ii iii requir commiss consent parti undertaken initi phase last date clearanc merger offer sale compani sodium dicyanamid product plant entir commerci technic manufactur sale sodium dicyanamid transfer purchas found period sodium dicyanamid busi altern offer sale custom list order hand purchas depend suppli hydrocyan acid chlorin cyanid cc sodium dicyanamid deliveri guarante period year reduct made event statutori ban hydrocyan acid product drastic cut quantiti upstream product cc sodium dicyanamid procur purchas assess commit propos commit elimin overlap merger caus market cc sodium dicyanamid prevent strengthen domin posit market ultim commit offer respect cc ensur potenti custom altern sourc suppli make big contribut suppli market skw transfer entir hydrocyan acid product unit plant process acid cc ensur degussa continu viabl competitor guarante competitor greatest degre independ prefer solut propos commit divest sodium dicyanamid product plant sodium dicyanamid busi rule cooper skw trostberg potenti competitor degussa strengthen skw domin posit stagger commit time enabl solut found sale asset line divest prove imposs adopt decis articl notifi merger veba ag viag ag condit commit notifi parti set annex decis fulfil except commit refer section vi subparagraph electr sector compat common market eea agreement articl decis address veba aktiengesellschaft benningsenplatz düsseldorf viag aktiengesellschaft briennerstraß münchen brussel june commiss mario monti member commiss oj correct version oj oj oj turnov calcul basi articl merger regul commiss notic calcul turnov oj turnov gener januari calcul averag ecu exchang rate convert euro basi case iv edf london electr case iv edf south western electr case iv edf loui dreyfu case comp fortum elektrizitätswerk wesert custom group compris custom quot tariff custom quot prior liberalis suppli accord gener tariff btoelt gener suppli condit avbeltv european transmiss system oper repres union coordin product transmiss electr ucpt etso studi propos implement cross border tariff year march intern exchang electr rule propos european transmiss system oper case iv fortum elektrizitätswerk wesert bgbl articl direct preliminari examin commiss inform associ reserv associ agreement ii standpoint articl ec treati reach provision conclus compon system lead discrimin individu custom transmiss servic commiss foreign supplier electr discrimin point consortium agreement bayernwerk ag preussenelektra ag rwe energi ag august iwr stromtarifrechn www stromtarif de focu heft pp seq websit preussenelektra www preussenelektra de central european power index iea energi polici iea countri germani review www iea org pub review file germani germ htm case comp vattenfal hew part text edit ensur confidenti inform disclos part enclos squar bracket figur estim basi amount suppli degussa lonza period longer produc sodium dicyanamid take account lonza consumpt volum trade tpa commiss notic definit relev market purpos commun competit law case comp exxon mobil case comp exxon mobil oj case comp exxon mobil sourc beb busi report bgw statist decis decemb case iv krupp thyssen riva falck tadfin ast decis august case iv klöckner aru decis februari case iv usinor cockeril sambr decis april case iv thyssen handel mannesmann handel decis februari case iv ecsc usinor cockeril sambr decis april case iv ecsc thyssen handel mannesmann handel decis april case iv thyssen handel mannesmann handel decis februari case iv usinor cockeril sambr case iv thyssen handel mannesmann handel annex ec merger control proceed veba viag comp commit respect electr veag laubag veag own veba pe viag bag rwe sharehold energiebeteiligung hold consist bewag hew vew enbw sharehold laubag lignit produc veag supplier veba pe hold share laubag viag bag bb braunkohl beteiligungsgesellschaft bb mbh hold remain bb own energiebeteiligung hold consist bewag hew vew ev rheinbraun ag wholli own rwe rwe energi ag mine interest leas laubag own laubag west german sharehold proport hold laubag plan merger veba viag grant clearanc merger control legisl ahead parti undertak divest share hold veag laubag affili acquir point time limit point time divest share laubag parti divest lignit mine right affili hold laubag direct acquir laubag share laubag veag merg share laubag divest veba viag undertak dispos result interest period point acquir veag share acquir viabl exist prospect competitor veba viag rwe independ unconnect group financ assur long term track record point build develop subject divest veag laubag merg form activ forc rival veba viag market stage acquir commiss express prior approv acquir consortium undertak member consortium approv commiss advanc accord provis veag privatis agreement articl thereof june complet partial resal parti share veag singular univers transfer parti requir prior approv treuhandanstalt successor bundesanstalt für vereinigungsbedingt sonderaufgaben share veag laubag sold merger clear veba viag irrevoc transfer power dispos subject divest truste divest truste effect sale account veba viag sound commerci principl divest truste subject oblig veba viag choos acquir share veag laubag person appoint rwe vew accord oblig impos merger control proceed feder cartel offic appoint veba viag merger clear choic divest truste mandat approv advanc commiss divest truste monitor complianc veba viag divest oblig relat veag laubag enter vi vi commiss report commiss regular interv progress made sale particip sale negoci posit individu matter commiss request make suggest parti sale speed process agre list potenti acquir good time commiss commiss time phase date clearanc veba viag merger irrevoc transfer divest truste power dispos veag laubag share divest divest share period reason cite parti parti heard decis parti appli commiss extens divest period subject furnish proof except circumst control commiss exercis discret decid extens total divest period limit applic extens submit month expiri relev period month merger clear veba viag renounc right aris bayernwerk pe rwe consortium agreement august veba viag undertak appoint merger clear agreement commiss truste secur truste exercis veba viag vote right veag laubag transfer secur truste term refer agre commiss exercis vote right transfer secur truste principl bound instruct measur involv result substanti financi burden veba viag event capit increas truste exercis vote right agreement veba viag clearanc grant member supervisori board veag laubag appoint veba viag resign repres board share veag laubag divest remain supervisori board member resign member supervisori board veag laubag appoint forthwith veba viag right propos vote right exercis secur truste newli chosen supervisori board member member manag board employe veba viag rwe compani affili therewith member manag board veag laubag likewis member manag board employe veba viag rwe compani affili therewith except made case real properti compani bpr energi geschäftsbesorgung gmbh berlin loan agreement veag sharehold financi resourc veag dispos order guarante liquid veag continu exist assur time veba viag give special termin right abovement agreement veba viag declar prepar guarante veag electr sale extent purchas effect east german region supplier teag di avacon ost evm veba viag decemb obtain parti electr veag market price point guarante annual amount breakdown year determin purchas region suppli compani decemb parti undertak purchas refer quantiti abovement region supplier subsequ year start januari purchas oblig reduc irrespect rule point year compar initi quantiti quantiti electr veag suppli compani balanc law renew energi sourc count sale volum promis event increas sale abovement region suppli compani compar sale veba viag offer procur larger part addit quantiti veag addit subject abovement adjust rule appli increas area abovement east german region suppli compani oper electr network event loss sale abovement region suppli compani oblig reduc shortfal purchas oblig ad purchas quota quarter market price defin year june electr price energi cost network cost compon roughli current market price guarante electr price appli month share veag transfer parti month conclus contract acquisit event decemb network cost compon count veag price roughli current market price adjust network cost compon cost veag account associ agreement ii electr sale area cover east german region suppli compani time veag transfer owner expiri purchas price rule roughli current market price appli fall sale abovement region suppli compani area oper electr network level sale due direct indirect suppli veag compani affili veag price roughli current market price adjust quantiti electr accord rule subsequ applic point ii ii initi phase point appli electr purchas price split energi compon network cost compon charg network cost compon determin veag publish network tariff collect accord principl associ agreement ii subsequ agreement applic statutori provis charg energi compon determin period expiri price rule roughli current market price point price energi compon adjust line market price market price appli market price notifi veag quarter reimburs addit payment result price adjust account retrospect veba viag requir notifi price certifi auditor veba viag depart price adjust rule reach agreement acquir share veag laubag iii balanc remuner right oblig law renew energi sourc law cogener remain unaffect purchas period calcul averag price weight quantiti concern offset suppli law renew energi sourc account ii bewag viag bag hold capit vote right bewag veba pe hold capit vote right southern energi hold sei hold capit vote right limit vote right base commit pe letter septemb feder cartel offic ownership remain capit vote right wide dispers plan veba viag merger grant clearanc merger control legisl ahead veba viag undertak period refer point divest parti sharehold bewag point acquir exist compani independ unconnect veba viag rwe possess financi resourc proven expertis enabl maintain develop bewag activ forc competit veba viag acquir commiss express prior approv acquir consortium undertak member consortium approv commiss advanc divest place merger clear veba viag irrevoc transfer power dispos subject divest truste divest truste choic divest truste mandat approv advanc commiss divest truste effect sale account veba viag sound commerci principl veba viag undertak appoint merger clear agreement commiss truste secur truste exercis veba viag vote right bewag transfer secur truste term refer agre advanc commiss consortium agreement appoint subject sei consent veba viag empow secur truste subject sei consent exercis right consortium agreement exercis vote right transfer secur truste principl bound instruct measur involv result substanti financi burden veba viag truste exercis vote right agreement veba viag agreement essenti fulfil commit section viii member bewag supervisori board appoint veba viag resign repres share bewag divest remain supervisori board member resign supervisori board member appoint forthwith veba viag right propos vote right exercis secur truste newli chosen supervisori board member member manag board employe veba viag rwe compani affili therewith member bewag manag board likewis member manag board employe veba viag compani affili therewith parti appli commiss amend commit divest share bewag prove divest effort case appoint member supervisori board proce member bewag manag board member manag board employe veba viag compani affili therewith iii vew viag hold bag iaw share vew subsidiari contiga share ballast compani energi verwaltungsgesellschaft evg turn hold share vew evg reciproc pre emption right agre favour sharehold vew plan merger veba viag grant clearanc merger control legisl ahead parti undertak sell parti point abovement direct indirect sharehold vew time limit point vew merg rwe expiri time limit point parti undertak dispos result share period acquir point acquir exist compani independ unconnect veba viag acquir commiss express prior approv vew merg rwe commiss vigil ensur compani remain activ competitor sale place merger clear veba viag irrevoc transfer power dispos subject divest truste divest truste choic divest truste mandat approv advanc commiss divest truste effect sale account veba viag sound commerci principl divest place merger clear veba viag undertak transfer exercis vote right confer direct indirect sharehold vew truste secur truste choic secur truste mandat approv commiss exercis vote right transfer secur truste principl bound instruct measur involv result substanti financi burden veba viag truste exercis vote right agreement veba viag agreement essenti fulfil commit section viii member vew supervisori board appoint viag resign supervisori board member appoint forthwith veba viag right propos vote right exercis secur truste newli chosen supervisori board member member manag board employe veba viag compani affili therewith member vew manag board likewis member manag board employe veba viag compani affili therewith provis composit vew supervisori manag board appli rwe merger rwe vew complet share vew divest iv hew veba preussenelektra pe hold share vote right hew plan merger veba viag grant clearanc merger control legisl ahead veba viag undertak sell parti point abovement sharehold hew time limit acquir exist compani independ unconnect veba viag rwe acquir commiss express prior approv sale place merger clear veba viag irrevoc transfer power dispos subject divest truste divest truste choic divest truste mandat approv advanc commiss divest truste effect sale account veba viag sound commerci principl divest place merger clear veba viag undertak transfer exercis vote right confer direct sharehold hew truste secur truste choic secur truste mandat approv commiss veba viag empow secur truste subject consent hgv sydkraft exercis right consortium agreement exercis vote right transfer secur truste principl bound instruct measur involv result substanti financi burden veba viag truste exercis vote right agreement veba viag agreement essenti fulfil commit section viii member hew supervisori board appoint veba resign supervisori board member appoint forthwith veba viag right propos vote right exercis secur truste newli chosen supervisori board member member manag board employe veba viag rwe compani affili therewith member hew manag board likewis member manag board employe veba viag compani affili therewith rhenag rwe energi ag hold share rhenag rheinisch energi ag veba ag thüga ag hold rwe energi ag thüga ag conclud consortium agreement respect interest rhenag plan merger veba viag grant clearanc merger control legisl ahead veba viag undertak ensur exist corpor relationship rwe energi ag thüga ag hand rhenag dissolv merger clear share held rwe acquir veba viag thüga event divis ownership time limit appli sell share parti acquir independ unconnect veba viag acquir commiss express prior approv corpor relationship dissolv merger clear commiss requir veba viag transfer exercis vote right confer sharehold rhenag truste secur truste choic secur truste mandat approv commiss subject consent rwe veba viag entrust truste appoint task exercis right consortium agreement exercis vote right transfer secur truste principl bound instruct measur involv result substanti financi burden veba viag truste exercis vote right agreement veba viag appoint secur truste member rhenag supervisori board appoint veba resign supervisori board member appoint forthwith veba viag right propos vote right exercis secur truste newli chosen supervisori board member member manag board employe veba viag rwe compani affili therewith member rhenag manag board likewis member manag board employe veba viag compani affili therewith vi associ agreement ii veba viag undertak amend month merger clear charg network germani price compon nation compon provid associ agreement ii cross interzon boundari pf kwh publish form abovement period time veba viag merger clear rwe vew notifi renunci veba viag immedi follow suit veba viag undertak month merger clear special contract custom suppli network area kv electr price broken network charg energi price meter read law renew energi sourc law cogener licens agreement turnov tax special contract custom suppli network area medium voltag level kv appli januari parti publish inform form abovement month period regard custom suppli network area veba viag ensur relev network oper furnish data broken form suitabl broken custom regard charg suppli balanc energi parti undertak amend month merger clear price price kilowatt levi daili basi kilowatt hour rate charg publish inform form abovement period vii germani denmark interconnector veba pe hold overland rout denmark germani inter alia transport amount mw allow loss total interconnector capac mw outsid offer addit transmiss capac mw capac sold auction exist physic exchang electr electr busi statkraft pe abandon replac offset system plan merger veba viag grant clearanc merger control legisl ahead veba viag undertak conclud eltra statkraft agreement eltra bui back mw transport serv underpin statkraft pe electr suppli agreement price previous paid pe amount made meantim part mw agreement sign statkraft convert financi agreement affect parti capac futur reason attribut veba viag agreement conclud veba viag appli commiss extens time limit commiss decid applic extent capac futur viii common supplementari provis supplementari provis appli parti undertak safeguard full econom subject divest divest complet case veag laubag bewag parti behav corpor asset reduc normal busi relat mainten fix asset technic commerci compet staff secur truste exercis vote right transfer accord principl ensur parti confidenti inform obtain market relat busi activ undertak sharehold divest essenti purpos fulfil present commit inter alia determin undertak purchas price negoti commiss veba viag agre observ time limit relat divest oblig relev time limit bind contract subject divest conclud acquir provid commit appli full oper concern carri consent parti commit divest sharehold veag laubag commiss veba viag agre commit deem fulfil rwe vew met oblig impos feder cartel offic proceed divest share vote right hold veag laubag lignit mine right hold länder feder cartel offic impos oblig safeguard veag sale preserv compani liquid oblig met commit relat associ agreement section vi commiss veba viag agre commit deem fulfil feder cartel offic impos oblig proceed oblig met truste task complet divest subject divest concern implement commit respect chemic cyanur chlorid plan merger grant clearanc merger control legisl ahead veba viag undertak divest exist worldwid cyanur chlorid busi skw trostberg ag merger clear veba viag undertak offer sale phase clearanc merger exclus subject divest defin submit commiss week expiri report step effect sale stage reach outcom sale negoti subject divest compani transfer hydrocyan acid product plant cyanur chlorid product plant skw trostberg staff technic need manufactur hydrocyan acid commerci technic need manufactur sale cyanur chlorid purchas procur technic auxiliari servic electr steam water suppli sewag dispos workshop wast dispos made pool münchsmünster industri park term pool member veba viag requir purchas suppli hydrocyan acid purchas sodium dicyanamid plant refer section ii sodium dicyanamid plant sold oblig agre favour veba viag effort made phase veba viag succe find purchas subject divest defin section commiss agreement offer sale phase start merger clear end expiri period merger clear exclus subject divest defin section subject divest defin subject divest compani transfer cyanur chlorid product plant staff commerci technic need manufactur sale cyanur chlorid veba viag undertak suppli compani period year hydrocyan acid extent make full cc product capac price annual weight averag prime cost exist cyanur chlorid product plant purchas entitl prime cost verifi independ auditor commun purchas seller verifi weight annual averag prime cost remain bound duti discret vi vi purchas cost compon purchas seller challeng establish bind forc arbitr parti submit month commun auditor presid cologn chamber trade industri applic appoint arbitr notifi parti applic week advanc arbitr decid conclus appeal decis applic submit abovement period commun arbitr deem bind parti suppli oblig ceas appli hydrocyan acid product stop virtu law ceas appli earliest expiri period consecut year annual hydrocyan acid purchas fall tonn year time rate work hydrocyan acid plant fall purchas accept oblig mention section ii suppli purchas sodium dicyanamid plant hydrocyan acid sodium dicyanamid plant sold oblig appli favour veba viag purchas procur technic auxiliari servic electr steam water suppli sewag dispos workshop wast dispos made pool münchsmünster industri park term pool member veba viag submit commiss week end phase report step effect sale stage reach outcom sale negoti effort merger clear veba viag succe find purchas subject divest defin subject divest commiss agreement cyanur chlorid busi subject divest consist commerci cyanur chlorid includ custom list order hand veba viag undertak suppli purchas commiss order basi period year tonn cyanur chlorid year price product cost cost hydrocyan acid need product process fix weight annual averag prime cost hydrocyan acid exist product plant purchas entitl prime cost verifi independ auditor commun purchas seller verifi weight annual averag prime cost remain bound duti discret vi vi purchas cost compon sentenc point appli analog suppli oblig ceas appli hydrocyan acid product stop virtu law ceas appli earliest expiri period purchas cc fall tonn year time rate work hydrocyan acid plant fall ii sodium dicyanamid plan merger grant clearanc merger control legisl ahead veba viag undertak divest exist sodium dicyanamid busi skw trostberg ag merger clear veba viag undertak offer sale phase clearanc merger exclus subject divest defin submit commiss week expiri report step effect sale stage reach outcom sale negoti subject divest consist sodium dicyanamid product plant commerci technic need manufactur sale sodium dicyanamid hydrocyan acid product plant sold accord section veba viag undertak suppli purchas sodium dicyanamid plant period year hydrocyan acid requir form need current sodium dicyanamid product exist sodium dicyanamid product plant price annual weight averag prime cost exist product plant purchas entitl prime cost verifi independ auditor commun purchas seller verifi weight annual averag prime cost remain bound duti discret vi vi purchas cost compon sentenc point appli analog suppli oblig ceas appli hydrocyan acid product stop virtu law ceas appli earliest expiri period purchas annual hydrocyan acid fall quantiti time rate work hydrocyan acid plant fall purchas procur technic auxiliari servic electr steam water suppli sewag dispos workshop wast dispos made pool münchsmünster industri park term pool member effort phase veba viag succe find purchas subject divest defin section veba viag commiss agreement offer sale immedi subject divest defin section subject divest defin subject divest consist commerci sodium dicyanamid busi includ custom list order hand skw trostberg undertak suppli purchas commiss order basi period year tonn sodium dicyanamid year price product cost cost hydrocyan acid need product process fix weight annual averag prime cost hydrocyan acid exist product plant purchas entitl prime cost verifi independ auditor commun purchas seller verifi weight annual averag prime cost remain bound duti discret vi vi purchas cost compon sentenc point appli analog suppli oblig ceas appli hydrocyan acid product sodium dicyanamid product stop virtu law purchas sodium dicyanamid fall tonn year purchas compani set view manag bui iii subject divest refer section ii acquir purchas iv veba viag undertak ensur subject divest refer section ii manag merger undertak ensur corpor asset reduc prior sale normal busi relat mainten fix asset technic commerci compet staff agreement commiss veba viag appoint independ truste mandat requir commiss approv monitor fulfil oblig commiss behalf truste ensur cc sodium dicyanamid busi continu oper independ merger separ cc sodium dicyanamid activ retain veba viag subject influenc part veba viag end truste invit gener meet meet supervisori manag board skw trostberg successor deal cc sodium dicyanamid activ skw trostberg truste report commiss request consid observ suggest addit measur commit cc sodium dicyanamid fulfil veba viag appoint merger clear agreement commiss independ truste mandat requir commiss approv veba viag inform attempt effect sale accord section ii truste report commiss merger clear truste appoint accord section iv person veba viag ensur sale subject divest refer section ii place power dispos remain subject divest transfer irrevoc truste appoint accord section iv utmost carri divest owner behalf sound commerci principl autonom commit predetermin minimum price choic purchas independ unconnect veba viag requir commiss approv commiss veba viag agre veba viag observ time limit relat divest oblig bind contract respect subject divest conclud time limit laid acquir concern truste task complet divest subject divest concern implement