The European Commission has approved, under the EU Merger Regulation, the joint venture of Stena Rederi of Sweden, part of the Stena Sphere, and Glovis Europe of Germany, controlled by Hyundai Glovis of South Korea.
The joint venture will mainly operate short-sea transport services on Pure Car and Truck Carrier (PCTC) vessels in Europe.
Commenting about this decision, the European Commission explained that:
The proposed acquisition would raise no competition concerns, because of the limited activities of the joint venture and the 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 under the simplified merger review procedure
Stena Rederi supports the shipping activities of its parent company Stena by providing shipbuilding, crewing and technical services.
Glovis Europe provides logistics services for finished vehicles and parts, and supports the global deep-sea activities of its parent company Hyundai Glovis, an integrated global logistics and distribution company.
