EC approves Cargill’s acquisition of Italian barge operator

EC approves Cargill’s acquisition of Italian barge operator    The European Commission has approved the proposed acquisition of Italian river barge operator Pagnan by U.S. agricultural commodities shipper Cargill.
   “There are no horizontal overlaps between the parties as Cargill does not own any assets relating to inland water transport of agricultural commodities in Italy or elsewhere in the EEA (European Economic Area),” the EC said in a statement released today.
   Pagnan has used all of its barges to provide inland water transport services to Cargill.
   In addition, the EC noted that there is very little demand for barge transport in Italy by other agricultural commodities shippers. For example, only 5 percent to 10 percent of oilseed is transported by waterway in Italy. The rest is moved by road or rail transport.
   “Should demand emerge from other customers in Italy, companies wishing to enter the market would only have to procure assets similar to those currently operated by Pagnan,” the EC said.