EU approves Abu Dhabi MAR, ThyssenKrupp Marine deal
The deal combines some of their civil and naval ship-building and repair operations.
September 1, 2010 8:37 by Reuters
Abu Dhabi MAR Group and ThyssenKrupp Marine Systems won EU regulatory approval on Tuesday for a deal that combines some of their civil and naval ship-building and repair operations.
Abu Dhabi MAR, which owns shipyards in Germany and the United Arab Emirates, and ThyssenKrupp Marine, a division of Germany’s ThyssenKrupp AG, notified the European Commission of their plans in July 2010.
“The concentration does not raise any competition concerns,” the European Commission said in a statement.
“In the markets for building naval ships, Abu Dhabi MAR is not active in Germany, Sweden and Greece, where ThyssenKrupp Marine Systems traditionally has had strong positions.”
Under the deal, Abu Dhabi MAR will buy Thyssen’s civil ship building business. The two firms will also create a joint venture in the naval ship-building business, but it will not include submarines.
(Reporting by Juliane von Reppert-Bismarck)