Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

On 13 September 2011, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) 139/2004 by which the undertakings Mitsubishi Corporation ("MC") and Sungwoo Hitech Company Limited ("Sungwoo") will acquire, within the meaning of Article 3(1)(b) of the Regulation, joint control of SUNGWOO HITECH s.r.o. ("Sungwoo CZ") and SUNGWOO HITECH Slovakia s.r.o. ("Sungwoo SK"). Sungwoo CZ and Sungwoo SK are currently wholly owned by the Sungwoo group. Post-transaction, MC will hold 25% of the shares and the Sungwoo group will hold 75% of the shares in both Sungwoo CZ and Sungwoo SK.

The business activities of the undertakings concerned are:

(i) For Sungwoo: development and production of metal components and assemblies for the automotive industry;

(ii) For MC: general trading activities in various industries, including energy, metals, machinery, chemicals, food and general merchandise; and

(iii) For Sungwoo CZ and Sungwoo SK: manufacturing and supply of flat-rolled steel components for the coachwork of light passenger vehicles.

In view of the absence of any substantial horizontal overlaps or vertical relations in the EU, the Notifying Parties submit that the Proposed Transaction will not give rise to competitive concerns.