Greece begins a new chapter following the conclusion of its stability support programme
Greece has successfully concluded a three year European Stability Mechanism (ESM) stability support programme with its place at the heart of the euro area and European Union secured. The successful conclusion of the programme is a testament to the efforts of the Greek people, the country’s commitment to reform, and the solidarity of its European partners. A total of €61.9 billion in loans have been provided to Greece under this stability support programme on the basis of implementation of a comprehensive and unprecedented reform package. This stability support programme took a coordinated approach to tackle longstanding and deep-rooted structural issues that contributed to Greece experiencing an economic crisis. These transformative reforms have laid the foundations for a sustainable recovery, putting in place the fundamental conditions needed for sustained growth, job creation and sound public finances in the years to come. European Commission President Jean-Claude Juncker said: “The conclusion of the stability support programme marks an important moment for Greece and Europe. While their European partners have demonstrated their solidarity, the Greek people have responded to every challenge with a characteristic courage and determination. I have always fought for Greece to remain at the heart of Europe. As the Greek people begin a new chapter in their storied history, they will always find in me an ally, a partner and a friend.” A full press release can be found here. Factsheets on the stability support programme are available here.
June 2018 compared with May 2018 – Production in construction up by 0.2% in euro area – Up by 0.6% in EU28
In June 2018 compared with May 2018, seasonally adjusted production in the construction sector increased by 0.2% in the euro area (EA19) and by 0.6% in the EU28, according to first estimates from Eurostat, the statistical office of the European Union. In May 2018, production in construction grew by 0.3% in the euro area and by 1.2% in the EU28.
Full text available on EUROSTAT website
Mergers: Commission clears the creation of a joint venture by Porsche and Schuler
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Dr. Ing. h.c. F. Porsche AG (“Porsche”) of Germany, belonging to the Volkswagen group and Schuler AG of Germany belonging to the Andritz group. The joint venture will build and operate a metal press plant in Germany. The Volkswagen group is active globally in the manufacture and supply of motor vehicles and their components through several companies including Porsche, as well as related financing and insurance services. Schuler is active in forming technology and offers presses, automatization solutions, tools, know-how and services worldwide to the metal and automotive industry. The Commission concluded that the proposed acquisition would raise no competition concerns given the joint venture’s limited activities within the European Economic Area . The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.9007.
Mergers: Commission clears acquisition of joint control over Aptean Public Sector, Superion and TriTech by Bain Capital and Vista
The European Commission has approved under the EU Merger Regulation the acquisition of joint control over the public sector business of Aptean Parent Company Sarl (“Aptean Public Sector”), Superion LLC and TriTech Software Systems Inc by Bain Capital Investors LLC and Vista Equity Partners Management LLC (“Vista”), all of the United States. Aptean Public Sector, Superion and TriTech are all providers of enterprise software solutions. Bain Capital and Vista are private equity investors. The Commission concluded that the proposed acquisition would not raise competition concerns, because Aptean Public Sector, Superion and TriTech have negligible actual and foreseen activities within the EEA. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.9039.
Mergers: Commission clears acquisition of Sellbytel by KKR
The European Commission has approved, under the EU Merger Regulation, the acquisition of Sellbytel Group GmbH, Invires GmbH, Righthead GmbH, all of Germany and Sellbytel Group SA of Spain (together the “Sellbytel Group”) by Webhelp SAS of France, which is controlled by Kohlberg Kravis Robert & CO.L.P (“KKR”) of the United States. The Sellbytel Group provides IT services and is primarily active in the provision of business process outsourcing services. Webhelp is an IT provider that is also primarily active in the provision of business process outsourcing services. KKR is an investment firm with activities in a variety of industries. The Commission concluded that the proposed transaction would raise no competition concerns as the overlap between the companies’ activities is very limited. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.9011.