Published on March 29, 2014
CASE COMP/M.2220 GENERAL ELECTRIC/HONEYWELL Yılmaz Yamaç EU Business Law
Regards Having regard to - the Treaty establishing the European Community - the Agreement on the European Economic Area - the opinion of the Advisory Committee on Concentrations
On 5 February 2001, the Commission received the notification of a proposed concentration pursuant to Article 4 of Regulation (EEC) No 4064/89 On 1 March 2001, the Commission decided in accordance with Article 6(1)(c) of the Merger Regulation and Article 47 of the EEA Agreement to initiate proceedings in this case.
Parties General Electric, is an American multinational conglomerate corporation incorporated in New York and headquartered in Connecticut in the United States. Honeywell International is an American multinational conglomerate company
The Operation “General Electric 2000 Merger Sub, Inc.” As a result, Honeywell will become a wholly owned subsidiary of GE.
Concentration GE will exchange shares of GE stock for each outstanding share of Honeywell stock. All shares of Honeywell common stock will be cancelled, retired and cease to exist. As a result of this acquisition, GE will acquire sole control of Honeywell giving rise to a concentration within the meaning of Article 3(1)(b) of the Merger Regulation.
Conclusion – The US Side In the US, proposed mergers are reported to the Antitrust Division of the Department of Justice (DOJ). The DOJ typically focuses on horizontal dimensions of mergers. In this merger, the DOJ approved it with minor changes on 2. May, 2001
The EC based formally its decision to block the merger on two pillars The strengthening of the GE dominant position The creation of a dominant position European Commission had taken an active interest in merger review Conclusion – The EU Side
After several observation and meeting EC has made desicion: Combined GE/Honeywell would be a major player in aircraft engines. Conclusion – The EU Side
The proposed merger incompatible with the common market pursuant to Article 8(3) of the Merger Regulation. The concentration by which GE Company acquires control of the undertaking Honeywell is declared incompatible with the common market and with the EEA Agreement. Conclusion – The EU Side
Thanks for your attention
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