Margrethe Vestager News

Cargotec and Konecranes on Thursday won EU antitrust clearance for their 4.5-billion-euro ($5 billion) deal to create a global leader in industrial machinery after agreeing to divest some businesses.The companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, announced their tie-up in October last year.The European Commission said the companies' remedies addressed its concerns that the deal may hurt competition and lead to higher prices, confirming a Reuters story on Feb.

Hyundai Heavy Industries' proposed takeover of rival Daewoo Shipbuilding & Marine Engineering Co Ltd to create the world's biggest shipbuilder was hit with an EU veto on Thursday on concerns that the deal would hurt competition.Hyundai, one of the largest shipbuilders in the world, announced the deal in 2019 in part to tackle overcapacity in the sector.The shipyard, which sought EU antitrust approval for the takeover in November 2019, said it may challenge the EU prohibition and…

France has offered Italian shipbuilder Fincantieri's a one-month extension to its planned acquisition of French rival Chantiers de l'Atlantique, the finance ministry said in a statement sent to Reuters on Wednesday.State-controlled Fincantieri has accepted the proposal, a spokesman said.The agreement between France and Fincantieri was due to expire on Thursday, after repeated deadline extensions following competition concerns over the merger of two global leaders and the deal…

Gauging the market impact of Italian shipyard Fincantieri's bid for France's Chantiers de l'Atlantique is proving difficult and is likely to take some time, the European Union's antitrust chief Margrethe Vestager said on Tuesday.Italy sees the deal by Europe's largest shipyard as an opportunity to create a European industrial champion in the shipbuilding industry to better compete with rivals from Asia and other regions.EU antitrust enforcers, however, worry the deal between two global leaders in an already concentrated and capacity-constrained market could push up prices for cruise ships.The

The European Commission has approved a €600 million ($668.1 million) Finnish aid scheme to support maritime companies impacted by the coronavirus outbreak.The aid scheme will take the form of State guarantees on working capital loans and will be accessible to maritime operators that are essential for maintaining the security of supply to Finland during the coronavirus outbreak. The funds are intended to help these firms cover immediate working capital needs, maintain employment and have sufficient liquidity to continue their activities.

Italian shipyard Fincantieri has not offered any concessions to head off EU antitrust concerns about its planned bid for France's Chantiers de l'Atlantique, giving regulators no choice but to block the deal, people familiar with the matter said on Friday.A veto by European Competition Commissioner Margrethe Vestager would deal a serious blow to Italy's bid to create a European industrial champion in shipbuilding to better compete with Asian rivals.Fincantieri declined to comment.

Strict EU enforcement of competition rules prevents the development of the global champions necessary to compete with Chinese and U.S. companies, the head of shipping company Maersk warned in an interview."Is it really a good idea that we don't allow the creation of a European global champion? In doing so, we risk being outperformed by a Chinese company, over which the European Union has no influence," Maersk CEO Soren Skou told Danish business daily Finans.A Maersk spokeswoman confirmed his comments to Reuters.Skou is a member of the European Round Table for Industry (ERT)…

Italy's bid to create a European industrial champion in the shipbuilding industry faces hurdles after EU antitrust regulators said Fincantieri's bid for Chantiers de l'Atlantique would significantly reduce competition.The European Commission said the deal between two global leaders in an already concentrated and capacity-constrained market could push up prices for cruise ships as it began an investigation on Wednesday.Italy is hoping the deal will help Fincantieri, Europe's biggest shipyard…

Two European Commissioners will come by Amaliegade and Danish Shipping’s headquarters to discuss the most important points of the Danish maritime shipping agenda in EU in the coming years today.The Slovenian EU Commissioner for Transport, Violeta Bulc and her colleague, EU Commissioner for Competition, Margrethe Vestager will meet with Danish Shipping in Copenhagen.The two Commissioners will meet with, among others, Danish Shipping’s Director General and CEO Anne H. Steffensen and chairman Jacob Meldgaard."We are pleased that two strong Commissioners take the time to come by our house to discuss the challenges and opportunities Danish and European shipping will be facing in the coming years," says Anne H.

The European Commission has opened an in-depth investigation into German utility E.on's  takeover of certain assets from domestic Innogy, saying the transaction may lead to higher prices for consumers.The deal, which is worth a reported €43 billion ($48 billion at today's conversion rate), includes Innogy's distribution and consumer solutions business, as well as certain electricity generation assets.The Commission has concerns that the proposed acquisition may reduce competition in retail markets for electricity and gas in several Member States.Commissioner Margrethe Vestager, in charge of competition policy, said: “European households and business customers should be able to buy electricity and gas at competitive prices.

The European Commission has approved under EU State aid rules the extension of the existing Danish tonnage tax scheme to additional types of vessels.This will encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition.At the same time, Denmark will amend its existing scheme to ensure that it applies only to genuine maritime shipping activities by limiting revenues from non-core activities to an acceptable level.Commissioner Margrethe Vestager in charge of competition policy, said: "Denmark's revised tonnage tax scheme will help the shipping industry remain competitive on the global market. It will preserve jobs and promote high environmental standards in the maritime transport sector.

The European Commission (EC) said Wednesday that it had fined four maritime car carriers 395 million euros (U.S. $486.5 million). Four shipping companies – CSAV, K Line, NYK and WWL-Eukor – have been fined by the EC for collusion in operating a cartel on the car carrier trades, in breach of EU antitrust rules. All companies acknowledged their involvement in the cartels and agreed to settle the cases. Commissioner Margrethe Vestager, in charge of competition policy said:"The Commission has sanctioned several companies for colluding in the maritime transport of cars and the supply of car parts.The three separate decisions taken today show that we will not tolerate anticompetitive behaviouraffecting European consumers and industries.

The European Commission has conditionally approved under EU State aid rules the Maltese tonnage tax scheme for a period of 10 years. The scheme will ensure a level playing field between Maltese and other European shipping companies, and will encourage ship registration in Europe. Commissioner Margrethe Vestager, in charge of competition policy, said "Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the registration of ships in the EU, the scheme will enable the European shipping industry to keep up its high social and environmental standards”.

World No. 1 shipping company Maersk Line gained EU antitrust approval on Monday for its acquisition of Hamburg Sud (HSDG) after agreeing to pull the German company out from five consortia on trade routes to address competition concerns. The bid by Maersk, part of Denmark's A.P. Moller-Maersk , underscores the wave of mergers in an industry struggling with over-capacity and slowing global trade. Hamburg Sud will withdraw from the consortia on trade routes connecting northern Europe to central America…

The European Commission opened on Friday two investigations into whether tax exemptions for Belgian and French ports breach EU state aid rules. In France, the EU executive cited full corporate income tax exemptions for 11 ports, including Marseilles, Nantes and le Havre, while, in Belgium, a number of ports also enjoy privileged tax regimes, including Antwerp, Brussels and Ostend. "Ports play a key role in the EU's economy," European Competition Commissioner Margrethe Vestager said in a statement.

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance. The announcement confirms a Reuters report on April 21 about the impending approval. CMA CGM, the world's third-biggest container shipping company, is looking to strengthen its position against bigger rivals Maersk Line and Swiss-based Mediterranean Shipping Co (MSC). The European Commission said in a statement that its approval was conditional on CMA CGM's commitment to withdraw NOL from the G6 alliance, which competes with its own Ocean Three alliance.

The Dutch Finance Ministry said on Thursday it was "disappointed" with an EU Commission order to do away with corporate tax exemptions for six ports, including Rotterdam, Europe's largest. The measure puts the Netherlands at a disadvantage, the government said in a statement, calling on the Commission to ensure fair competition. European Union regulators told Dutch authorities on Thursday to scrap a corporate tax exemption for the ports and also ordered Belgium and France to align their port taxation systems with the bloc's state aid rules. "The Commission's decisions today regarding the Netherlands, Belgium and France make clear that if port operators generate profits from economic activities these should be taxed," European Competition Commissioner Margrethe Vestager said.

The European Commission has approved under EU state aid rules Finland's plans to grant €23 million to construct a small scale LNG terminal at Pori on Finland's west coast. The European Commission has concluded that Finland's plans to grant €23 million of public funding for the construction of a small scale LNG terminal at Pori, in the Satakunta region on Finland's west coast, are compatible with EU state aid rules. The project aims to encourage the use of LNG as fuel for ships, in place of fuel oils and liquefied petroleum gases. The Commission concluded that the project contributes to environmental protection and to the security of gas supply in Finland whilst maintaining competition in the Single Market.

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday. In the letter dated Nov. 27 to French junior transport minister Alain Vidalies, European Commission antitrust chief Margrethe Vestager said a takeover by Rocca would guarantee the required "economic discontinuity" between SNCM's old and new shareholders and clear the way for the Commission to withdraw its 2013 order that SNCM repay 440 million euros worth of illegal state aid. The ruling clears the way for SNCM majority shareholder Transdev, jointly owned by water and waste group Veolia and French state bank CDC, to sell SNCM.