IP/10/1530
Brussels, 18 November 2010
Mergers: Commission clears acquisition of industrial group Dyson by Lloyds TSB Bank and Svenska Handelsbanken
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the industrial group Dyson of the UK by Lloyds TSB Bank and Svenska Handelsbanken. After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Dyson Group is the holding company of a group of companies active in the manufacture and sale of alumina fibre, insulation components for automotive catalytic converters and exhaust systems, ceramic metering nozzles, tin oxide electrodes and ceramic blocks for use in glass manufacture.
The operation arises in the context of a capital restructuring of Dyson. Lloyds TSB Bank and Svenska Handelsbanken are both lenders to Dyson. After the restructuring, the two banks will have joint control over Dyson.
The proposed transaction does not raise any competition concerns because Lloyds TSB Bank and Svenska Handelsbanken do not control any company with activities in the same markets as Dyson or on related markets.
The transaction was notified to the Commission on 12 October 2010. More information on the case will be available at:
http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=2_M_5942
