Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC clears acquisition of Johnson Controls’ Global WorkPlace Solutions by CBRE Group, (Aug 14, 2015)
Organizations Mentioned:Apax Partners LLP | Apax Partners, LP | Banco Bilbao Vizcaya Argentaria S.A. | Banco Bilbao Vizcaya Argentaria, SA | CBRE Group, Inc. | Ferrero | Global WorkPlace Solutions | Johnson Controls | Johnson Controls, Inc. | RFS Holland Holding | Thorntons | Volkswagen Credit Compañ | Volkswagen Financial Services AG | a Financiera S.A. | í
By Edward L. Puzzo, J.D.
The European Commission (EC) has approved under the European Union (EU) Merger Regulation the acquisition of certain assets of Johnson Controls, Inc., known as Global WorkPlace Solutions (GWS), by CBRE Group, Inc., it was announced on August 12. Both firms are based in the U.S. GWS provides facilities management services and CBRE Group is active in real estate services. The Commission concluded that the proposed acquisition would raise no competition concerns, because of its limited impact on the market structure (case number M.7613).
Volkswagen Credit Compañía Financiera. Separately, the EC announced on August 13 its approval of the acquisition of joint control over Volkswagen Credit Compañía Financiera S.A (VCCF) of Argentina by Volkswagen Financial Services AG of Germany (VWFS) and Banco Bilbao Vizcaya Argentaria S.A. of Spain (BBVA). VWFS coordinates the worldwide financial services activities of the Volkswagen Group in Europe, Asia-Pacific, Mexico and South America. BBVA is active in a range of financial and non-financial services, including banking, pension and insurance in various European Economic Area (EEA) countries, Mexico, South America and USA. VCCF provides financial services to the automotive industry in Argentina. The Commission concluded that the proposed transaction would raise no competition concerns because VCCF has no activities in the EEA (case number M.7672).
Thortons. The EC announced on August 14 its approval of the acquisition of Thorntons of the United Kingdom by Ferrero of Luxembourg. Thorntons manufactures and sells chocolate confectionery and other sweet products, mainly in the United Kingdom and Ireland. Ferrero is active worldwide in the manufacturing and supply of chocolate confectionery and other sweet products, as well as in the procurement and supply of edible nuts. The companies' activities overlap in the manufacturing and supply of chocolate confectionery and other sweet products in the United Kingdom and Ireland. The Commission concluded that the proposed acquisition would raise no competition concerns, given the companies' moderate combined market position resulting from the proposed transaction and the presence of a number of strong players providing chocolate confectionery and other sweet products in all relevant countries (case number M.7692).
RFS Holland Holding. Finally, the EC also announced on August 14 its approval of the acquisition of RFS Holland Holding of the Netherlands by Apax Partners LLP (AP) of the U.K. AP is an investment advisory services company to private equity funds investing in a range of industry sectors. RFS Holland Holding is an online retailer, predominantly active in the Netherlands, through its subsidiaries Wehkamp, FonQ and Create 2 Fit. The Commission concluded that the proposed acquisition would raise no competition concerns because the overlaps between the companies' activities are limited (case number M.7700).
Companies: Johnson Controls, Inc.; Global WorkPlace Solutions; CBRE Group, Inc.; Volkswagen Credit Compañía Financiera S.A.; Volkswagen Financial Services AG; Banco Bilbao Vizcaya Argentaria S.A.; Thorntons; Ferrero; Apax Partners LLP; RFS Holland Holding
News: AcquisitionsMergers Antitrust