Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 25.2.2020  
C(2020 ) 1209 final  
PUBLIC VERSION  
 To the notifying parties  
Subject : Case M .9768  – OFL / TRENITALIA / ILSA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 4 February 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which the  
undertakings Treni talia S.p.A. (“Trenitalia”, Italy); owned by Ferrovie dello Stato 
Italiane S.p.A. , and Operador Ferroviario de Levante, S.L. (“OFL”, Spain), belonging 
to the Befemar Group  acquire within the meaning of Article 3(1)(b) and 3(4) of the 
Merger Regulation join t control over the who le of the undertaking Intermodalidad de 
Levante, S.A. (“ILSA”, Spain)  by way of purchase of share s.3 
2. The business activities of the undertakings concerned are:  
 for Trenitalia: an Italian railway company active in long distance and local 
passenger transport and international passenger transport;  
 for OFL: a Spanish company that is dedicated mainly to the provision of asset 
management activities and services related to passenger transport . OFL is 
indirectly controlled by Mr. Carlos Bertomeu, who also indirectly co -controls Air 
Nostrum, active in passenger air transport ; 
 for ILSA: a Spanish company which will be dedicated to the provision of all types 
of passenger railway transport services in the context of the liberalisation of the 
railway sector in Spain and in the rest of the European Union.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 46, 11.02.2020 , p. 13. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .