The European Commission has cleared a proposed fleet management joint venture between Fiat-controlled company Fidis, and Sei, run by Italian electrical group ENEL.
The venture will provide long-term rental of light and heavy vehicles and fleet management services in Italy.
The Commission found that the operation 'raises no competition concerns in the Italian markets at stake'.
'The present transaction will not allow the joint venture to exercise any form of undue market power as market entry barriers are low and other relevant players, such as Arval, Axus, GE Capital Services and Europcar, will remain active on the relevant markets.
'Fidis and Sei will contribute to the joint venture ownership of cars and light commercial vehicles, together with associated long-term rental contracts.
'The concentration does not result in any significant overlap,' it added.
The Italian leasing and rental market is expected to grow at a faster rate than most north-European fleet markets over the next few years. (October 2001)