Green light for Oaktree. Because in these hours the Competition and Market Authority (AGCM) has decided not to start the investigation into Oaktree’s takeover of exclusive control over Inter and its subsidiaries, following the failure to compensate Steven Zhang for not paying his debt of 395 million euros to the Californian fund.
Calcio e Finanza reports it which explains how the acquisition occurred through the exercise of the rights relating to the fixed-rate bonds guaranteed and insured by the American fund in 2021, when it had lent approximately 275 million to the former Nerazzurri president. The deadline was set for May 20, 2024: after this deadline, Oaktree decided to take exclusive control of Inter, with indirect ownership of 99.6% of the share capital of Inter and its subsidiaries.
According to the Antitrust, the operation does not hinder competition in the markets concerned, as it does not involve the creation or strengthening of a dominant position. In fact, Oaktree has had the blessing of the Italian authorities to take control of Inter, without having to sell the asset. In the coming weeks, the decisions of the fund will be better understood, as it is dealing with the closing of the last balance sheet with ownership in the hands of Steven Zhang for almost the entire financial year.