GET: Groupe Eurotunnel SA: Groupe Eurotunnel to Challenge Competition
Commission Provisional Findings
UK Regulatory Announcement
The Competition Commission has today, 19 February 2013, announced its
provisional findings in relation to the acquisition by GET SA (Paris:GET) of
assets previously owned by SeaFrance and the creation of a new competitor in
the cross-Channel market, MyFerryLink.
Eurotunnel is not surprised at the position of the Competition Commission, but
will challenge the provisional findings which conclude that the addition of
the new operator, MyFerryLink, would be detrimental to competition and could
lead to an increase in prices.
Eurotunnel contends that, since the favourable opinion given by the French
Competition Authorities in 2012, it would appear the existing ferry operators
in the Short Straits market have sought to use the process initiated by the
British Competition Authorities to protect their own interests from new
entrants and increased competition.
Eurotunnel considers that the acquisition of the ex SeaFrance ships, nine
months after that company ceased all operations, and the creation of a new
competitor in the cross-Channel marketplace, MyFerryLink, constitutes an
increase in competition and brings additional choice for customers.
This sentiment is supported in the Competition Commission's summaries of
hearings with cross-Channel customers, using both ferry and Tunnel services
themselves, and which are published on its own website. ^1
Speaking at the Group’s Headquarters this morning, Jacques Gounon, Chairman
and Chief Executive Officer of Groupe Eurotunnel SA said: “Eurotunnel intends
to continue to work with the Competition Commission to allay the concerns
raised by existing ferry operators and to demonstrate that the creation of
MyFerryLink is a good thing for the market as it is both pro-customer and
Eurotunnel Press Contact:
For media enquiries contact John Keefe Consultant on + 44 (0) 1303 284491
For investor enquiries contact Michael Schuller on +44 (0) 1303 288749
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