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

Type: Summary of press conference   Reference: I-075159   Duration: 10:02:23  Lieu:
End production: 07/11/2012   First transmission: 07/11/2012
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.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Arrival of Antoine Colombani, Spokesperson of Joaquín Almunia, Vice-President of the EC in charge of Competition 00:00:03
10:00:08 SOUNDBITE by Antoine Colombani (in ENGLISH) saying that the European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Inoxum, the stainless steel division of ThyssenKrupp, by Outokumpu; this approval is conditional upon the divestiture of Inoxum's stainless steel production facility in Terni, Italy. 00:00:28
10:00:36 Cutaway of the audience 00:00:03
10:00:40 SOUNDBITE by Antoine Colombani (in ENGLISH) saying that this merger will create the number one stainless steel producer in the world; the Commission had concerns that this merger would restrict competition in the production of cold rolled stainless steel products in Europe which are actually the most widely used products in this field; so, according to the results of the EC's investigation, the merger, as initially notified, would have likely led to price increases in this market which could have harmed both the final consumers and the competitiveness of the many European industries that use stainless steel as an input. 00:00:49
10:01:29 Cutaway of the audience 00:00:03
10:01:33 SOUNDBITE by Antoine Colombani (in ENGLISH) saying that to remedy these concerns Outokumpu offered significant commitments, namely the divestment of a fully integrated standalone production and distribution business; this business is made of the Terni plant and several distribution centres in Europe. 00:00:24
10:01:58 Cutaway of cameramen 00:00:05
10:02:03 SOUNDBITE by Antoine Colombani (in ENGLISH) saying that the Commission's conditional approval ensures that the new market leader which will rise from this merger will continue to face a sufficient competitive constraint to the benefit of consumers and businesses in Europe. 00:00:19
10:02:23 Antoine Colombani leaving the press room 00:00:04
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