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

A restructuring of the debt of Nylstar N.V. (“NYLSTAR”) and its group companies has been commenced on 6 March 2007 (“the Restructuring”) – this is intended to lead to a debt-for-equity swap so that the holders of debt in the various NYLSTAR group companies will swap their debt for equity. As a result of the Restructuring, Bear, Stearns International Limited (“BEAR STEARNS”) will assume sole control of NYLSTAR within the meaning of Article 3(1)(b) of Council Regulation No. 139/2004 of 20 January 2004 (the “Merger Regulation”).

BEAR STEARNS is a global investment banking, securities and investment management firm that provides a wide range of banking, securities and investment services to a substantial and diversified client base that including corporations, financial institutions, governments and high net-worth individuals. BEAR STEARNS operates in three principal segments - capital markets, global clearing services and wealth management.

NYLSTAR is a European company active in the nylon textile yarn industry. NYLSTAR was established in 1993 as a joint venture by Rhodianyl Snc and SNIA S.p.A., and is specifically involved in the production and distribution of polyamide textile yarn. Polyamide has a wide range of applications including sportswear, hosiery and underwear. NYLSTAR currently employs around 2,000 employees (at least 1800 of whom are based in Europe).