August 7 (SeeNews) - The European Commission said on Tuesday it has cleared the acquisition of sole control of Slovenia's white goods manufacturer Gorenje by China's Hisense Group.
The Commission found that the proposed transaction would raise no competition concerns given the companies' limited combined market positions and the fact that a number of competitors would remain in the market post-transaction, it said in a statement.
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The transaction was examined under the EC's simplified merger review procedure.
On May 28, Slovenia's securities market agency, ATVP, issued a permit to Hisense for a takeover bid for 24,424,613 Gorenje shares, minus the 8,050,014 shares that the acquiring party already held.
Hisense informed the agency that between May 29 and June 26 the takeover bid was accepted by 5,165 shareholders, who held a total of 15,254,871 GRVG shares, representing 62.46% of all Gorenje shares.
In May, Gorenje selected Hisense as the best bidder in a tender for a strategic partner.
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