Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of Genworth LPI by AXA, (Oct 29, 2015)
Organizations Mentioned:AXA S.A. | Delphi Automotive | Genworth Financial Inc. | HellermannTyton Group plc
By Linda O’Brien, J.D., LL.M.
The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of part of the insurance business of Genworth Financial Inc. of the United States by AXA S.A. of France, the EC announced today.
Specifically, AXA will take over five Genworth companies. Both AXA and the Genworth companies provide life and non-life insurance and reinsurance. The Commission concluded that the proposed acquisition would not raise competition concerns because the overlaps between the companies' activities are either not significant or the increment resulting from the transaction is very limited.
HellermannTyton-Delphi merger. Additionally, the acquisition of HellermannTyton Group by Delphi Automotive, both of the United Kingdom, has been approved by the EC under the EU merger regulation. HellermannTyton manufactures and supplies cable management solutions for the automotive, electrical, and telecommunication sectors. Delphi manufactures and supplies automotive components mainly relating to the electrical architecture, powertrain, and safety systems of vehicles to original equipment car manufacturers.
The Commission concluded that the proposed acquisition would raise no competition concerns because the companies' activities only overlap to a very limited extent in the same markets. The EC also assessed a vertical relationship that arises as HellermannTyton produces automotive fixings and other types of cable management solutions that are used as an input for automotive wiring harnesses manufactured by Delphi. The Commission found that the combined entity will have only limited shares in these markets and will continue to face significant competitors at both levels of the supply chain.
Both of the above transactions were examined under the simplified merger review procedure.
Companies: Genworth Financial Inc.; AXA S.A.; HellermannTyton Group plc; Delphi Automotive
News: AcquisitionsMergers Antitrust