Commission approves acquisition of part of Honeywell's friction material business by rival Federal-Mogul, subject to conditions
16 June 2014
The Commission has cleared the proposed acquisition of the European part of Honeywell's friction material business by another large US friction material manufacturer, Federal-Mogul Corporation.
Both companies produce friction material, in particular brake pads for trucks and passenger cars.
In these segments, both companies have a strong presence in the EEA for original equipment and original equipment spare parts (OEM/OES).
The clearance is conditional upon the divestment of the OEM/OES business at a German and a French factory producing brake pads for commercial and light vehicles.
The Commission had concerns that the transaction, as originally notified, would have significantly reduced competition in these markets in the EEA.
The commitments offered by Federal-Mogul address these concerns.
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Commission approves revised restructuring plan for NCG following sale to Banesco Group
20 June 2014
The Commission has concluded that the sale of the Spanish bank NCG Banco to Banesco Group and proposed amendments to its restructuring plan were in line with EU state aid rules.
The sale will facilitate an orderly resolution of the bank, without resulting in additional state aid to NCG or the buyer.
The proposed amendments do not endanger the restoration of NCG's long-term viability nor do they increase the risk of competition distortions in the Single Market.
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