Buyer power in mergers

Mergers

The Spanish Competition Authority clears a merger in Phase II with divestment remedies as modified by the Council of Ministries (Carrefour / Promodès)
PwC (Madrid)
The operation The merger involved Carrefour’s acquisition of most of the shares of Promodès. Both companies had multinational operations, and the Spanish competition authorities assessed the effects of the merger in Spain. Carrefour and Promodès are multinational companies based in France, with (...)

The German Competition Authority clears the acquisition of a business division active in the wholesale of sanitary, heating and air conditioning installations (Cordes & Graefe)
German Competition Authority (Bonn)
Bundeskartellamt clears acquisition of "bäderwelt" by Cordes & Graefe* The Bundeskartellamt has cleared the acquisition of "bäderwelt" of Praetner GmbH & Co. Handels KG by Cordes & Graefe KG. The business division "bäderwelt" in Freising is active in the wholesale of sanitary, heating (...)

The German Competition Authority clears a merger between component suppliers for the aerospace industry (Precision Castparts / Permaswage)
German Competition Authority (Bonn)
Merger of component suppliers to the aerospace industry cleared after intensive examination* Bonn, 24. October 2013: The Bundeskartellamt has cleared the acquisition of Permaswage Holding SAS registered in Les Clayes-sous-Bois, France, by Precision Castparts Corporation, Portland, USA, in (...)

The EU Commission approves an acquisition on the market for TV-broadcasting (Central European Media Enterprises / Time Warner)
Stanford University - Stanford Law School
European Commission approves the acquisition of Central European Media Enterprises by Time Warner* On 14 June 2013 the European Commission issued a press release stating that it approved Time Warner’s acquisition of Central European Media Enterprises (“CME”). According to the Commission, the two (...)

The German Competition Authority clears merger in the healthcare industry despite presumed market dominance and a presumed oligopoly, and applies a rather detailed economic analysis, in relation to the SIEC and the old dominance test (Fresenius Kabi / Fenwal)
Jones Day (Brussels)
The Bundeskartellamt cleared the merger between Fresenius Kabi and Fenwal following its Phase II investigation. The merger concerned the healthcare sector and, in particular, the market for blood transfusion technology and the manufacture of products used in blood collection, filtration and (...)

The German Competition Authority clears acquisition on the market for blood transfusion technology and manufacture of equipments used in blood collection, filtration and processing (Fresenius Kabi / Fenwal)
German Competition Authority (Bonn)
Bundeskartellamt clears acquisition of Fenwal by Fresenius* Bonn, 12 December 2012: The Bundeskartellamt has cleared the planned acquisition of Fenwal Holdings Inc by Fresenius Kabi AG. Both companies are active in blood transfusion technology and manufacture products used in blood collection, (...)

The UK Competition Commission gives a provisional clearance to the anticipated joint venture between in-flight catering services companies (Alpha Flight / LSG Lufthansa Service)
Herbert Smith Freehills (Brussels)
Introduction On 10 October 2011, the UK Office of Fair Trading (the «OFT«) referred the anticipated 50/50 joint venture between in-flight catering services companies Alpha Flight Group Limited («Alpha«) and LSG Lufthansa Service Holding AG («LSG«) to the Competition Commission (the «CC«), for an (...)

The European Commission conditionally approves a merger in the body and laundry care industries (Unilever / Sara Lee)
RBB Economics (London)
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RBB Economics (London)
Roll on demand estimation: the EC’s empirical analysis in Unilever/Sara Lee* The European Commission’s decision on Unilever/Sara Lee represents an important step in the use of merger simulations in assessing mergers, placing greater prominence on such analysis than in previous cases where this (...)

The European Commission clears the acquisition subject to conditions of the body and laundry care businesses of a US consumer goods company (Unilever / Sara Lee)
Main developments between 1 September and 31 December 2010* The European Commission cleared the planned acquisition subject to conditions of the body and laundry care businesses of Sara Lee Corp of the US by the Anglo Dutch consumer goods company Unilever on 17 November 2010. The Commission’s (...)

The European Commission publishes its clearance decision in the first merger case in many years where it relies on merger simulation to require remedies (Unilever / Sara Lee)
RBB Economics (Brussels)
Unilever/Sara Lee – The return of merger simulation?* In late January 2012, the Commission finally published the non-confidential version of its decision in Unilever/Sara Lee Body Care (adopted in November 2010). The decision, reached after a Phase II investigation, is notable because it marks (...)

The European Commission conditionally approves acquisition in the household and body care market (Unilever / Sara Lee)
Linklaters (Hong Kong)
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Cadwalader Wickersham & Taft (Brussels)
Imposing a broad remedy to address competition issues, the European Commission cleared Unilever‘s acquisition of Sara Lee‘s household and body care business on 17 November 2010. This merger decision is a reminder that the EC has the power to seek a remedy from merging parties that goes further (...)

The French Competition Authority clears a merger in the milk collection and manufacturing of cheeses sector (Sodiaal / Entremont)
French Competition Authority (Paris)
Press Release published on the official website of the French Competition Authority. The Autorité de la concurrence authorizes the purchase of the Entremont group by the Sodiaal agricultural cooperative.* The Autorité de la concurrence has just issued a decision in which it authorizes the (...)

The Latvian Competition Council adopts a decision permitting a merger between the leading national meat processing companies (Rīgas Miesnieks / Jelgavas gaļas kombināts)
Competition Council of Latvia
Binding Conditions Set on Merger of Meat Processing Companies* On 8 June 2010, the Latvian Competition Council (CC) adopted a decision permitting a merger between the leading meat processing companies in Latvia – JSC Rīgas Miesnieks and JSC Jelgavas gaļas kombināts. To ensure free choice for (...)

The French Competition Authority authorises the creation of a mutual insurance group company by three insurance companies (MACIF, MAIF & MATMUT)
French Competition Authority (Paris)
Press Release published on the official website of the French Competition Authority. The Autorité de la concurrence authorises the pooling of certain activities of the MACIF, the MAIF and the MATMUT.* In its decision of 2 June 2010, the Autorité authorised the creation of a mutual insurance (...)

The Latvian Competition Council approves acquisition by a holding company of a number of importers and distributors of alcoholic beverages after imposing conditions (SPV Distributor / MONO)
Kronbergs & Čukste
On June 19, 2009, the Latvian Competition Council adopted a decision conditionally clearing the acquisition of control over SIA „S.D.V.» , SIA „L.D.V.», SIA „MONO M», SIA „S.Alko» by SIA „SPV Distributor» (hereinafter «SPV Distributor»), notified on March 27, 2009. SPV Distributor is a holding company (...)

The German Federal Cartel Office backs further consolidation in the dairy sector by inter alia authorizing the creation of a marketing joint venture between two dairy companies (Humana / Nordmilch / JV)
Freshfields Bruckhaus Deringer (Berlin)
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Freshfields Bruckhaus Deringer
On 9 June 2009, the Federal Cartel Office (FCO) cleared the creation of a marketing joint venture between two dairy companies, Humana Milchindustrie GmbH (Humana) and Nordmilch AG (Nordmilch), that will pool sales of their respective dairy products. 1. Confirmation of settled market definition (...)

The German Competition Authority clarifies its approach towards an alleged oligopoly on the German retail petrol markets in a decision prohibiting the acquisition of 59 gas stations in Saxony and Thuringia (Total / OMV)
Dentons (Berlin)
In the decision of 29 April 2009, the German Federal Cartel Office (“FCO”) prohibited the proposed acquisition of OMV Deutschland GmbH’s (“OMV”) 59 petrol stations located in Saxony and Thuringia by Total Deutschland GmbH (“Total”). The FCO founded in its decision that the concentration to strengthen (...)

The Irish High Court overturns an NCA merger decision, finding the determination vitiated by material error in two respects, with particular focus on the significance of countervailing buyer power (Rye Investments)
Arthur Cox (Dublin)
On 19th March, 2009, the Irish High Court annulled the decision of the Irish Competition Authority (“ICA”) to block Kerry Group’s proposed acquisition of one its major competitors, Breeo Foods. Kerry’s acquisition of Breeo was notified to the ICA in March 2008. The proposal affected a number of (...)

The Irish High Court annuls the determination of the Competition Authority to block a merger in a landmark ruling (Kerry / Breeo)
London School of Economics
Notified acquisition Pursuant to sections 16 and 18 of the Competition Act 2002, which set out the duty to notify mergers or acquisitions which exceed stipulated thresholds to the Competition Authority (NCA), Kerry Group (Kerry) notified its intention to acquire Breeo Foods (Breeo) to the NCA (...)

The EU Commission conditionally clears a merger in the food retail industry (Rewe / Meinl)
European Commission - DG TRADE
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European Commission - DG TRADE
"Mergers: Recent developments and important decisions"* In Rewe/Meinl, the Commission had come to the conclusion that the take-over of the fourth largest Austrian foodretail chain by the market leader Rewe/Billa would create a dominant position of the parties on the Austrian food retail market (...)

The European Commission clears a complex merger of Dutch dairy cooperatives after an in-depth investigation (Friesland Foods / Campina)
RBB Economics (The Hague)
Introduction 1. On 17 December 2008, the European Commission cleared the merger of Dutch dairy cooperatives Friesland Foods and Campina after a Phase II inquiry. The case is likely to be one of the largest and most complex Dutch merger cases ever dealt with by the Commission, due to significant (...)

The European Commission clears, subject to conditions, a merger in the dairy products markets (Friesland Foods / Campina)
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European Commission - DG COMP (Brussels)
"Mergers: main developments between 1 September and 31 December 2008"* On 17 December the Commission cleared the proposed merger between Campina and Friesland Foods, both Dutch companies active in a range of dairy product markets, subject to conditions. The Commission’s in-depth investigation, (...)

The European Commission approves a merger to nearly monopoly with a questionable theory of harm and novel behavioural remedy (Friesland Foods / Campina)
Warwick Business School
Key Facts Of The Case Campina and Friesland Foods are the two largest dairy cooperatives in the Netherlands. Between them, prior to the merger, they produced 70% to 80% of all the raw milk procured in the Netherlands. In addition the firms processed the milk into fresh milk for drinking as (...)

The European Commission conditionally approves a merger between two Dutch dairy cooperatives (Friesland Foods / Campina)
Compass Lexecon (Brussels)
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Compass Lexecon (Brussels)
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European Commission - DG ECFIN
"Friesland Foods/Campina: a merger between two Dutch dairy cooperatives approved with a set of comprehensive remedies"* I. Introduction The Friesland Foods/Campinacase (M.5046), which concerned a full legal merger between the two leading Dutch dairy producers, covered the entire production (...)

The European Commission clears a merger between two major dairy cooperatives in the Netherlands, subject to remedies (Friesland Foods / Campina)
RBB Economics (Brussels)
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RBB Economics (Brussels)
I. Background In December 2008, the European Commission (EC) cleared the proposed merger between the two largest dairy cooperatives in the Netherlands: Friesland Foods and Campina. The clearance came after a Phase II investigation, subject to commitments offered by the parties. The EC (...)

The European Commission clears an acquisition in the shipbuilding construction sector (STX / Aker Yards)
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European Commission - DG COMP (Brussels)
"Mergers: main developments between 1 May and 31 August 2008"* In May the Commission approved the proposed acquisition of control of the Norwegian shipbuilder Aker Yards by STX of South Korea. After an in-depth investigation, launched in December 2007 the Commission concluded that effective (...)

The European Commission conditionally clears a merger in the human and animal healthcare sector (Schering-Plough / Organon BioSciences)
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European Commission - DG COMP (Brussels)
"Mergers: Main developments between 1 September and 31 December 2007"* On 11 October the Commission cleared the proposed acquisition of Organon BS of the Netherlands, a subsidiary of Akzo Nobel active worldwide in human and animal health, by the global pharmaceutical company Schering-Plough (...)

The EU Court of First Instance confirms the Commission’s decision to clear acquisition in the market for resins used for ink production (Apollo / Akzo Nobel IAR)
European Commission - DG COMP (Brussels)
"The Court of First Instance confirms clearance of the Apollo / Akzo Nobel IAR merger"* On 29 May 2006 the European Commission approved the acquisition by Hexion Specialty Chemicals (“Hexion”, USA), owned by the investment fund Apollo, of Akzo Nobel’s Inks and Adhesive Resins business (“IAR”, the (...)

The German Competition Authority finds that where customers have dual or multi sources, a high combined market share does not allow direct conclusions with regard to the creation or strengthening of a dominant position (KLA-Tencor / Therma-Wave)
Compass Lexecon
Summary The German Bundeskartellamt (‘FCO’) found that the proposed concentration does not lead to the creation or strengthening of a dominant position in the provision of thin-film metrology tools, despite the fact that the two parties to the transactions were the leaders in the relevant (...)

The Dutch Competition Authority clears merger of three cable operators (Cinven, Warburg Pincus International, Essent Kabelkom)
De Nederlandsche Bank (DNB)
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Smeets Van Empel advocaten (Amsterdam)
1. Introduction On 8 December 2006 the Dutch Competition Authority (Nederlandse Mededingingsautoriteit, hereinafter "NMa") cleared the proposed takeover of Essent Kabelkom B.V. ("Kabelkom") by Cinven Limited ("Cinven") and Warburg Pincus International LLC ("Warburg Pincus"). Both Cinven and (...)

The European Commission approves a merger in the ethylene oxide and ethylene glycol business (Ineos / Dormagen)
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European Commission - DG COMP (Brussels)
"Mergers — Main developments between 1 May and 31 August 2006"* The Commission cleared the proposed acquisition by the UK-based company, Ineos, of BP‘s Ethylene Oxide/Ethylene Glycol business in Dormagen, Germany. Ineos is a UK company active worldwide in the production, distribution, sales and (...)

The European Commission approves a merger in the manufacture of ethylene oxide and ethylene glycols illustrating the forward-looking nature of merger control analysis (Ineos / Dormagen)
European Commission (Brussels)
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European Commission - DG COMP (Brussels)
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European Commission - DG COMP (Brussels)
"Ineos/BP Dormagen: Illustrating the forward-looking nature of merger control analysis"* On 10 August 2006, the European Commission approved, after an in-depth investigation, the acquisition of BP’s ethylene oxide and ethylene glycol business, situated in Dormagen, Germany (“BP Dormagen”) by (...)

The Swedish Competition Authority clears a merger despite high market shares on several markets (Swedish Meats /Pärsons)
Vinge (Stockholm)
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Svea hovrätt (Swedish courts)
The concentration On 2 February 2006, the notification of the acquisition of sole control of SLP Pärsons AB (“SLP”) by Swedish Meats was completed. On 9 March 2006, the Swedish Competition Authority (the “SCA”) decided to initiate a special investigation of the concentration. Swedish Meats and SLP (...)

The European Commission conditionally clears a merger in the consumer goods production (Procter & Gamble/Gillette)
European Commission - DG COMP (Brussels)
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European Commission - DG ENER
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Council of the European Union
"Procter & Gamble/Gillette: the role of economic analysis in Phase I cases"* In July 2005, the European Commission has approved, subject to conditions, the acquisition of Gillette by Procter & Gamble. The merger creates one of the world’s biggest consumer goods producers with a combined (...)

The EU Commission conditionally clears the creation of two joint ventures resulting from French electronics company merging its space activities with Italian Defence and engineering company (Alcatel / Finmeccanica)
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European Commission - DG COMP (Brussels)
"Mergers — Main developments between 1 January to 30 April 2005"* The European Commission cleared the creation of two joint ventures resulting from the French electronics company Alcatel merging its space activities with those of Alenia Spazio and Telespazio, part of the Italian Defence and (...)

The UK Competition Commission stresses the importance of the counterfactual in addressing competition concerns in merger cases (Arcelor and Corus)
Norton Rose Fulbright (London)
On 10 February 2005, the UK Competition Commission (the “CC”) cleared the acquisition by Arcelor SA (“Arcelor”) of the sales and marketing units of the UK hot rolled steel sheet piling (HRSSP) business of Corus Group plc (“Corus”). At the same time, Corus exited the HRSSP market, closing down its (...)

The French Minister of Economy readopts its authorisation decision of the merger between two French home appliances manufacturers after it was quashed by the Administrative Supreme Court (SEB / Moulinex)
Herbert Smith Freehills (Paris)
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Tech Data
Background. When Moulinex was put into administration in 2001 competitor SEB was conditionally retained by the judicial administrators as the most suitable purchaser for Moulinex’ manufacturing sites and trading subsidiaries in France, Spain, Germany and several non-EU countries, subject to (...)

The French Competition Council concludes, based on an ex post assessment, that a merger in the small electric household equipment market does not reveal any competition concerns, confirming its earlier opinion (SEB / Moulinex)
Herbert Smith Freehills (Paris)
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Tech Data
I. Background When Moulinex was put into administration in 2001 competitor SEB was conditionally retained by the judicial administrators as the most suitable purchaser for Moulinex‘ manufacturing sites and trading subsidiaries in France, Spain, Germany and several non-EU countries, subject to (...)

The European Commission conditionally clears a merger between French and Canadian companies in the market for aluminium products (Pechiney/Alcan)
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European Commission - DG COMP (Brussels)
"Merger Control: Main developments between 1st September 2003 and 31st December 2003"* On 29 September the Commission cleared the proposed acquisition of French aluminium producer Pechiney by Alcan of Canada. The transaction was notified to the Commission on 14 August. Canada’s Alcan and (...)

The European Commission conditionally approves a merger in the market for haircare products (Procter & Gamble / Wella)
European Commission - DG COMP (Brussels)
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European Commission - DG COMP (Brussels)
"Merger control: main developments between 1st May and 31st August 2003"* On 30 July the Commission cleared the proposed acquisition by the American corporation Procter & Gamble of the German company Wella AG subject to a package of commitments. Procter & Gamble is an international (...)

The French Ministry of economics unconditionally authorises the proposed acquisition of a French home appliances manufacturer’s assets by a competitor under the failing firm defence (SEB / Moulinex)
Herbert Smith Freehills (Paris)
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Tech Data
Background. When Moulinex was put into administration in 2001 competitor SEB submitted, amongst others, an offer to purchase Moulinex ’ manufacturing sites and trading subsidiaries in France, Spain, Germany and several non-EU countries. SEB was conditionally retained by the judicial (...)

The French Competition Council advises that the proposed acquisition of the French assets of an appliance manufacturer by one of its competitors should be authorised unconditionally since it does not lead to a strengthening of a dominant position and falls under the failing firm defence (SEB / Moulinex)
Herbert Smith Freehills (Paris)
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Tech Data
The French Competition Council advises that the proposed acquisition by SEB of Moulinex’ French assets should be authorised unconditionally since it does not lead to a strengthening of a dominant position and, in any event, falls under the failing firm defence (SEB / Moulinex) Background. When (...)

The European Commission clears, subject to remedies, an acquisition in the terrestrial transport sector (Bombardier / ADtranz)
European Commission - DG ECFIN
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European Commission - DG COMP (Brussels)
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Financial Conduct Authority (FCA)
"Merger Control: Main developments between 1st January 2001 and 30th April 2001"* On 3 April the Commission decided to authorise the takeover of DaimlerChrysler‘s rail business division ADtranz by Bombardier of Canada, subject to commitments. As initially notified, the operation would have led (...)

The European Commission clears an acquisition in the markets for production and sale of power cables to energy utilities (Pirelli / BICC)
Service européen pour l’action extérieure (EEAS)
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Financial Conduct Authority (FCA)
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European Commission - DG COMP (Brussels)
"Merger Control: main developments between 1st May 2000 and 31st August 2000"* The Commission cleared the acquisition by Pirelli Cavi e Sistemi, the cable division of Italian Pirelli Group, of BICC General‘s power cable production plants in Italy and in Britain. BICC General will retain its (...)

The French Minister of Economics clears a merger in the retail sector following EU Commission’s referral subject to 34 stores divestment (Carrefour / Promodes)
French Competition Authority (Paris)
The operation Following the notification of the merger between Carrefour and Promodès, on 5 October 1999, the European Commission concluded, with regard to the supply market, that the operation was compatible with the Common Market, subject to the commitments given by Carrefour. At the French (...)

The European Commission conditionally clears a merger between two Danish co-operatives slaughterhouses (Danish Crown / Vestjyske Slagterier)
European Commission - DG TRADE
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European Commission - DG TRADE
"Mergers: Recent developments and important decisions"* In the case Danish Crown/Vestjyske Slagterier the Commission concluded that the operation would have led to the creation of a duopolistically dominant position of the parties together with another large Danish co-operative slaughterhouse. (...)

The European Commission clears, subject to remedies, a merger between Swedish and Finnish companies creating the largest integrated paper and board group in the world (Enso / Stora)
"Mergers : Recent Developments and Important Decisions"* In Enso/Stora, the Commission’s initial analysis suggested that oligopoly issues were likely to arise. The merging parties – Enso of Finland and Stora of Sweden, would together make the largest integrated paper and board group in the (...)

The European Commission authorizes the merger between two US civil and military aerospace companies raising the issue of international cooperation in antitrust matters (Boeing / McDonnell Douglas)
European Commission - DG COMP (Brussels)
"International co-operation in antitrust matters: making the point in the wake of the Boeing/MDD proceedings"* Faced with “global” cases antitrust authorities worldwide need to cooperate Global trade and competition have an impact on most of the policies carried out by Governments all over the (...)

The European Commission approves, subject to remedies, a merger between two US civil and military aerospace companies (Boeing / McDonnell Douglas)
European Commission - DG COMP (Brussels)
"Merger : Summary of the most important recent developments"* After an intensive five-month investigation, the Commission found that Boeing, a fully integrated civil and military aerospace company, already had a dominant position in the worldwide market for large commercial jet aircraft. (...)

The European Commission prohibits the acquisition by leading retail operator in the Netherlands of toys outlets (Blokker/Toys ‘R’ Us)
European Commission - DG COMP (Brussels)
"Merger : Summary of the most important recent developments"* On 26th June, the Commission decided that the acquisition by Blokker in February 1997, of the “mega” stores operated in The Netherlands by Toys ‘R’ Us would lead to the strengthening of Blokker‘s dominant position in the Dutch market of (...)

The EU Commission initiates a detailed investigation into the creation of a joint venture between US leading soft drinks company and Danish brewing company (Coca-Cola / Carlsberg)
European Commission - DG COMP (Brussels)
"Merger : Summary of the most important recent developments"* On 2nd May, the Commission decided to initiate a detailed investigation into the creation of a joint venture and the transfer of assets between The Coca-Cola Company and Carlsberg. In the first stage, the operation only affects (...)

The European Commission prohibits a merger in the daily consumer goods sector between two Finnish companies considering that the operation would likely create a dominant position (Kesko/Tuko)
European Commission - DG GROW
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European Commission - DG COMP (Brussels)
"Mergers - Summary of the most important recent developments"* On 20th November 1996 the Commission decided that the acquisition of Tuko by Kesko, two Finnish companies active in the sale of daily consumer goods in Finland, was incompatible with the common market. The Commission’s examination (...)

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