On February 16, 2018 –and further to previous news on the subject-, the Colombian Antitrust Authority (SIC in Spanish) authorized the sale of the lubricants business from ExxonMobil to Terpel.
However, decided to confirm its purchase objection between Terpel and ExxonMobil (related to the fuel sales business), thereby authorizing the transient transfer of the fuel business from the second firm to a third-party acquirer (which interveners will have no relationship), who will be responsible for the later sale of the fuel business, to guarantee the preservation of effective competition.
The Acquirer of ExxonMobil stations will have to comply with the requirement of having proven experience in the development of activities in the fuel business. The transition cannot be longer than 9 months, where the final purchaser will be determined.
