Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of Picard Groupe by Aryzta and Lion Capital, (Aug 11, 2015)
Organizations Mentioned:Aryzta AG | Carneau Frè | InVivo Group | Lion Capital LLP | Picard Groupe SAS | Société agricole cooperative d’Eure-et-Loir | res Eurogazon
By Linda O’Brien, J.D., LL.M.
The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of joint control over Picard Groupe SAS of France by the investment fund Lion Capital LLP of the United Kingdom and Aryzta AG of Switzerland, the EC announced yesterday. The transaction was examined under the normal merger review procedure.
Picard sells its own brand of frozen food in specialized shops mainly in France. Aryzta is a Swiss-based holding company active in various food businesses and, through the Aryzta Food Group and its subsidiaries, in the manufacture and supply of frozen bakery products. The Commission concluded that the proposed acquisition would not raise competition concerns because there are no overlaps between the companies' activities. Moreover, given Aryzta's low market share in the upstream market, Picard's competitors will continue to have sufficient access to frozen bakery products and Aryzta's competitors will have sufficient alternative customers which purchase frozen food products.
Carneau acquisition. The EC also announced that it has approved under the EU merger regulation the acquisition of joint control over Carneau Frères Eurogazon by the InVivo Group and Société agricole coopérative d'Eure-et-Loir (SCAEL), all of France. Carneau produces seeds. InVivo is active in agriculture, animal nutrition and health, and food distribution. SCAEL manufactures seeds and gardening products and trades cereals. The companies' activities overlap in the development, production, and supply of certain categories of seeds in a number of European Union member states. The EC concluded that the proposed acquisition would not raise competition concerns given the companies' moderate combined market position and the presence of a number of strong players developing, manufacturing, and supplying these categories of seeds in all relevant countries. The transaction was examined under the simplified merger review procedure.
Companies: Picard Groupe SAS; Aryzta AG; Lion Capital LLP; Carneau Frères Eurogazon; InVivo Group; Société agricole cooperative d’Eure-et-Loir
News: AcquisitionsMergers Antitrust