ArcelorMittal can buy Galvex Estonia: EU

March 12th, 2008 - 4:21 pm ICT by admin  

Brussels, March 12 (IANS) The European Union has cleared the proposed acquisition by the world’s largest steel producer ArcelorMittal of Galvex Group of Estonia, which makes galvanized steel products. The European Commission, the EU’s executive arm, found after investigation that the proposed merger would not act as a brake on competition in Europe, or in any substantial part of it, EuAsiaNews reported Wednesday.

This has highlighted the key role of the European Union (EU) authorities in regulating company mergers and acquisitions, to ensure competition across the 27-nation EU single market.

Both ArcelorMittal and Galvex are active in the market for galvanized strip and coils. But given that Galvex’s share in the European market is a mere 0.5 percent, the proposed acquisition would not reduce competition.

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