Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of GE’s European vehicle fleet leasing business by BNP Paribas, (Oct 9, 2015)

By Linda O’Brien, J.D., LL.M.

The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of the European vehicle fleet leasing business of General Electric Capital Corporation (GE) of the United States by Arval Service Lease SA, a subsidiary of BNP Paribas SA of France, the EC announced today.

This transaction consists of the sale of several companies owned by GE that offer fleet leasing services in several European countries. Arval Service Lease also offers vehicle fleet leasing and management services in Europe. The Commission concluded that the proposed acquisition would raise no competition concerns because of its limited impact on the market structure.

Koninklijke Ten Cate-Gilde/Parcom Fund merger. The EC has also cleared under the EU merger regulation the acquisition of joint control over Koninklijke Ten Cate by Gilde Fund IV and Parcom Fund IV, all of the Netherlands. Koninklijke Ten Cate is a supplier of advanced textiles and composites, geosynthethics and artificial grass. Both Gilde Fund IV and Parcom Fund IV are private equity funds investing mainly in medium-sized companies. The EC concluded that the proposed acquisition would raise no competition concerns, in particular because there are no overlaps between the activities of Gilde Fund IV and Parcom Fund IV and their portfolio companies and those of Koninklijke Ten Cate N.V.

VTTI-Vitol merger. Additionally, the acquisition of VTTI by the Vitol Group, both of the Netherlands, has been approved by the EC under the EU merger regulation. VTTI owns and operates storage terminals for oil products worldwide and a bitumen processing facility in Antwerp of Belgium. Vitol trades commodities and financial instruments relating, in particular, to the oil and gas sector. The companies' activities overlap in the provision of oil products storage terminals and the production of refined products, in particular bitumen. The Commission concluded that the proposed acquisition would raise no competition concerns, given the companies' moderate combined market positions and the presence of a number of strong players providing storage terminal facilities for oil products and producing bitumen.

All of the above transactions were examined under the simplified merger review procedure.

Companies: General Electric Capital Corporation; BNP Paribas SA; Koninklijke Ten Cate; VTTI; The Vitol Group

News: AcquisitionsMergers Antitrust