27.6.2009   

EN

Official Journal of the European Union

C 147/11

1.

The Advisory Committee considers that the transaction constitutes a concentration within the meaning of Article 3(1)(b) of the EC Merger Regulation.

A minority abstains.

2.

The Advisory Committee agrees with the Commission that the notified operation has a Community dimension within the meaning of Articles 1 and 4 of the EC Merger Regulation.

A minority abstains.

3.

The Advisory Committee agrees that for the purpose of the present case the product market definition should be delineated as follows:

A minority abstains.

4.

The Advisory Committee agrees that for the purpose of the present case the geographic markets for the construction of commercial ships and for the manufacturing of ship engines are world wide.

A minority abstains.

5.

The Advisory Committee agrees that given the absence of horizontal overlaps the proposed transaction will not have as direct result the strengthening of Aker Yard's position in the construction and supply of cruise ships.

A minority abstains.

6.

The Advisory Committee agrees that the elimination of STX as a potential competitor in the construction and supply of cruise ships would not have a significant anti-competitive effect.

A minority abstains.

7.

The Advisory Committee agrees that the financial position of STX is not such as to render the merged entity dominant on the market for construction of cruise ships, regardless of whether the financial instruments mentioned by the complainant constituted past or current subsidies by the South Korean State.

A minority abstains.

8.

The Advisory Committee agrees that even if evidence existed that the merged entity is likely to receive subsidised production financing in the future as alleged by the complainant it is unlikely to significantly increase the financial strength of the merged entity for the reasons elaborated in the decision.

A minority abstains.

9.

The Advisory Committee agrees that for cruise ships, buyers are large and sophisticated and are likely to have, in the current market structure, the ability to mitigate any anti-competitive behaviour post merger.

A minority abstains.

10.

The Advisory Committee agrees that the proposed transaction will not lead to a significant impediment to effective competition for cruise ships and ferries together, and for ferries separately.

A minority abstains.

11.

The Advisory Committee agrees that the proposed transaction will not lead to a significant impediment to effective competition for product tankers.

A minority abstains.

12.

The Advisory Committee agrees that the vertical relationships created by the proposed transaction will not lead to a significant impediment to effective competition in the various markets for commercial vessels, and in the cruise ship and ferries markets in particular.

A minority abstains.

13.

The Advisory Committee agrees that the proposed transaction will not lead to a significant impediment to effective competition in shipping services.

A minority abstains.

14.

The Advisory Committee agrees with the Commission that the proposed concentration should be declared compatible with the common market and the functioning of the EEA Agreement.

A minority abstains.