European Commission Clears Take Over of HDW

Friday, May 31, 2002
The European Commission has authorized the proposed acquisition of the German submarine producer Howaldtswerke-Deutsche Werft (HDW) by the American banking company, Bank One Corporation. The Commission's investigation confirmed that the operation will not create anti-competitive effects, as the transaction will not result in any overlaps between the parties' activities in the European Union. The Commission's careful investigation has also failed to establish any links between Bank One and any US defense group with respect to the acquisition of HDW nor were there any indications that other companies were involved in the financing of the acquisition. Under an agreement notified to the Commission on April 25 for regulatory clearance under the European Union's Merger Regulation, Bank One will, through its wholly-owned subsidiary HDW Holding, acquire 75% minus one share in HDW. The remaining shares will be held by Babcock Borsig. As usual, the Commission carefully examined the companies' activities in the EU and concluded to the absence of overlaps, given that neither Bank One nor its subsidiaries are present in any of HDW's sector activities in the Union. In the course of the review, the Commission also carefully examined whether Bank One was linked to any US defense group or whether the acquisition was being financed by companies other Bank One, but it could not establish any such links.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1036 sec (10 req/sec)