Company News, 2004-12-01, 01:00 AM
Statement by ThyssenKrupp regarding EU approval of shipyards merger
In compliance with European competition rules, ThyssenKrupp has registered the merger of the shipyards of ThyssenKrupp and HDW with the EU Commission. We expect the EU Commission to declare its approval before the end of December. The shipyards merger can then be consummated in January 2005 as scheduled.
As instructed by the German government, ThyssenKrupp only registered the merchant shipbuilding part of the new shipyards alliance with the EU Commission. Following consultation with the government, information was also provided on the naval shipbuilding part.
The procedure at the European Commission is following the normal course. Additional questions from the Commission are replied to promptly by the parties involved. Objections raised by the company Elefsis, a competitor of the Greek HDW subsidiary HSY in the area of surface vessel construction, have led to additional formal inquiries with the Greek government and the parties involved. The examination of the formal inquiries is expected to result in a short extension to the review process.
ThyssenKrupp AG has merely stated that, given suitable conditions, it could imagine participating in a European shipyards alliance in the future. This does not mean that any such alliance is imminent or has already been agreed by the parties involved. An alliance of this kind would, in any event, also have to be registered separately with the EU for review and approval.
Corporate Central Bureau/Public Relations
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