Extracts from the EC Midday press briefing by Antoine Colombani, Spokesperson of Joaquín Almunia, on the approval by the EC, subject to conditions, of Outokumpu's acquisition of Inoxum
On 7 November 2012, Antoine Colombani, Spokesperson of Joaquín Almunia, Vice-President of the EC in charge of Competition, held a press briefing on the approval by the European Commission, subject to conditions, of Outokumpu's acquisition of Inoxum.
Following an in-depth review, the EC has cleared under the EU Merger Regulation the proposed acquisition of Inoxum, the stainless steel division of ThyssenKrupp of Germany, by the Finnish stainless steel company Outokumpu. The approval is conditional upon the divestiture of Inoxum's stainless steel production facility in Terni, Italy. The Commission had concerns that the combination of the two largest suppliers of cold rolled steel products would have given the merged entity the power to raise prices. The commitments offered address these concerns. SHOTLIST