According to news agency Lusa, the request for the Competition Authority’s ruling was made a little more than three weeks ago, when the affiliate Atalaya La Tejita notified the acquisition of exclusive control over the shopping centre. The decision not to oppose was taken this Tuesday by the Competition Authority.
On the Competition Authority’s page note, it can be read that «on the 31st of March 2020, the Competition Authority’s executive board (...) decided to take the position of not opposing the concentration (...), since it is not susceptible of creating significant impediments to competition within the market».
However, the Covid-19 pandemic may delay the conclusion of the operation, as recently reported by Spanish newspaper El Economista, based on market sources.
Spanish group Mazabi – through its subsidiary Atalaya La Tejita – should use this operation to enter the Portuguese market. Madeira Shopping has 100 stores spread across 26.600 sqm and 1.060 parking spots. Sonae Sierra not only owns the asset together with Estevão Neves and APG, as is in charge of its management.