The Portuguese Competition Authority (AdC) has announced the opening of a Phase II investigation into the merger involving Linde Portugal, S.A. and Acaíl, S.A. This decision comes after preliminary findings suggested that the merger could significantly impede competition in the national market.

Linde Portugal is part of the global Linde group, which supplies industrial and medical gases across various sectors. In Portugal, it also provides home healthcare services through its subsidiary, Linde Saúde, Lda. Acaíl operates similarly, supplying industrial and medical gases and offering home healthcare services, including respiratory care and clinical monitoring.

The investigation has raised concerns about potential horizontal effects in the markets for packaged industrial gases, medical gases, and home respiratory care services. The merger could eliminate the competitive pressure currently exerted by Linde and Acaíl on each other. Additionally, there are worries about vertical foreclosure effects, particularly regarding the wholesale supply of gases to competitors in downstream retail markets that depend on Linde and Acaíl for their supply.

It is important to note that the decision to open a Phase II investigation does not imply a final ruling on the merger. The AdC will conduct further investigations and may either allow the merger to proceed, possibly with commitments from the parties, or prohibit it if it is deemed to significantly harm competition and consumer interests.