GET: Groupe Eurotunnel SA: Groupe Eurotunnel Expresses Incomprehension Regarding Competition Commission Provisional Findings

  GET: Groupe Eurotunnel SA: Groupe Eurotunnel Expresses Incomprehension
  Regarding Competition Commission Provisional Findings

UK Regulatory Announcement


The Competition Commission has reaffirmed its competence by considering that
Groupe Eurotunnel (Paris:GET) took over SeaFrance and that this takeover falls
under the Merger Act. As a result, the Competition Commission has concluded
that it has no reason to change its opinion and that MyFerryLink must cease
operations, even though MyFerryLink provides a new and appreciated proposition
for consumers.

As a reminder, The Competition Appeal Tribunal found unanimously against the
original decision by the Competition Commission. In accordance with British
procedure, the Commission has published an initial report to enable the
parties involved to comment. The Competition Commission must publish its
decision relating to Groupe Eurotunnel’s acquisition of three ferries from the
defunct maritime operator, SeaFrance, in July 2012 and the creation of
MyFerryLink, at the beginning of May.

Groupe Eurotunnel confirms that SeaFrance ceased operations in November 2011
and was liquidated six months before it acquired the ferries and leased them
to an independent operating company, the SCOP. Groupe Eurotunnel cannot
understand how it is possible to acquire a company six months after it has
ceased to exist and nine months after the closure of all operations. Groupe
Eurotunnel also points out that the decision of the Competition Commission is
completely contradictory to that expressed previously by the French
competition authorities.

Groupe Eurotunnel emphasises that over the past two years the market has in no
way been negatively affected by MyFerryLink. On the contrary statements by a
competitor confirming that it would have to leave the Short Straits are, in
the light of the evidence from public statements about their financial
strength and ambitions to expand, entirely incredible.

To conclude, if prior to its final decision the Competition Commission does
not wish to review its perspective on the competition which exists across the
Strait of Dover in the light of the current reality, and not based on
suppositions from two years ago, Groupe Eurotunnel will withdraw its ferries
from the Channel.

Eurotunnel Press Contact:
For UK media enquiries contact John Keefe on + 44 (0) 1303 284491
For investor enquiries contact Michael Schuller on +44 (0) 1303 288749


Groupe Eurotunnel SA
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