Mergers: European Commission clears acquisition of control over a joint venture by Daimler and Geely
The European Commission has approved, under the EU Merger Regulation, the acquisition of control over a newly created joint venture by Daimler AG of Germany and Geely Technology Group Co., Ltd. (“Geely”) of China.
The joint venture will be active exclusively in China in the field of ride-hailing services, starting in the premium segment with a small fleet of luxury cars serving commercial customers, public entities and private customers.
Daimler is globally active in the development, manufacturing and distribution of automotive products, mainly passenger cars, trucks, vans and buses. Geely is an automobile manufacturer engaged in the production and sales of passenger vehicles worldwide.
The Commission concluded that the proposed acquisition would raise no competition concerns, because the joint venture will be active in China and has no foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.