“The EC concluded that the transaction does not pose a threat to competition given the availability of alternative product suppliers in the countries where both companies operate,” the agency said in a statement.
As per the agreement, Arcelik and Whirlpool will establish a new business to which Arcelik will give its consumer electronics, air conditioning, big and small home appliance, and European large home appliance assets. With Whirlpool owning 25% and Arcelik owning 75% of the new business, its annual sales will surpass €6 billion.
Arcelik owns the Beko and Grundig home appliance brands, whereas Whirlpool is the owner of the Hotpoint and Indesit brands.
source: reuters.com
