A judge in Israel has stayed the proposed merger of Dor Alon Energy and Sonol Israel. According to GLOBES' Supreme court delays Dor Alon-Sonol merger, Judge Edna Arbel stayed the merger until the Supreme Court hears an appeal by Israel's Antitrust Authority.
The Dor Alon-Sonol merger was announced in September 2005. The Antitrust Authority opposed the merger, denying clearance. On appeal to the Restrictive Trade Practices Tribunal, the Tribunal approved the deal with conditions. This time, the Antitrust Authority appealed to the Supreme Court.
In staying the merger pending the appeal, Judge Arbel "noted the importance of the fact that the Restrictive Trade Practices Tribunal did not reject the arguments of the Antitrust Authority concerning reasonable concern about material damage to competition." She "largely agreed with the Antitrust Authority's economic analysis."
Things don't look good on this one . . . Stay tuned.
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