European Commission (EC) officials have approved, through the EU Merger Regulation, the creation of a joint venture by Stena Rederi of Sweden, part of the Stena Sphere and Glovis Europe of Germany, controlled by Hyundai Glovis.
The joint venture will mainly operate short-sea transport services on Pure Car and Truck Carrier (PCTC) vessels in Europe. Stena Rederi supports the shipping activities of its parent company Stena by providing shipbuilding, crewing and technical services.
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Glovis Europe provides logistics services for finished vehicles and parts, as well as supporting global deep-sea activities of parent company Hyundai Glovis, an integrated global logistics and distribution company.
The Commission concluded the proposed acquisition would raise no competition concerns, because of limited activities of the joint venture and absence of horizontal overlap or vertical relationship between its activities and those of its parent companies in the European Economic Area.
The transaction was examined through the simplified merger review procedure.
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