EC Statement: Mergers - Commission approves joint venture between ECE and Metro for supply of property management services in Germany
( October 26, 2011, 12:45 GMT | Official Statement) -- MLex Summary: The European Commission has cleared plans by ECE and Metro to set up a joint venture for the supply of property management services in Germany.Full statement follows.
Mergers: Commission approves joint venture between ECE and Metro for supply of property management services in Germany
Brussels, 26 October 2011 - The European Commission has approved under the EU Merger Regulation the creation of a joint venture between the German commercial property manager ECE and Metro Asset Management Services (MAMS), a subsidiary of the German Metro Group, for the provision of retail property management services. The Commission examined the impact of the transaction, particularly in Germany, and concluded that ECE and the joint venture would continue to face sufficient competition from other providers of retail property management services.
This is the first time the Commission has examined the market for retail property management services in a merger investigation. The proposed transaction leads to horizontal overlaps between the activities of the joint venture and its parent ECE in Germany and will reinforce ECE's leading position for the provision of retail property management services in Germany. The Commission received a complaint from a competing retail property management services provider....
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