The Federal Economic Competition Commission (Cofece) has established conditions for the sale of 13 power plants of the Spanish company Iberdrolawith the objective of guaranteeing competition in the electricity generation market in Mexico.
Cofece conditioned the federal government in the purchase of the 13 Iberdrola plants to the fact that they operate independently and in the market.
These conditions are aimed at buyers, requiring them to operate the plants independently and avoid exchanges of strategic information between competitors.
The authorization of the operation, initially notified by Mexico Infrastructure Partners FF, SAPI de CV (MIP) and the National Infrastructure Fund (FONADIN) to acquire the electric power generation plants of Iberdrola Generación México, SA de CV and its subsidiaries, is conditional on compliance with these measures.
The main objective is to guarantee that the economic competition of the market is not affected by the transaction, said the autonomous body.
The conditions imposed by Cofece include the reduction and maintenance of FONADIN's investment by a maximum of 51 percent, the appointment of an independent professional administrator to make operational decisions, and the implementation of controls to avoid conflicts of interest in the administration of the companies. floors.
In addition, the appointment of an independent compliance officer is required to verify and ensure the absence of exchange of sensitive information between competitors.
The directors and people in charge of the operation of the plants may not have positions in competitors or have been public servants in the last four years.
These conditions, which are valid for 10 years, will be supervised by Cofece to ensure compliance. In case of non-compliance, the sanctions provided for in the Federal Economic Competition Law.
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