Brussels, 28/08/2000 (Agence Europe) - As we pointed out earlier, the European Commission has approved the proposed concentration between German undertakings E.ON and Allianz Capital Partner, allowing Allianz Partner GmbH (ACP) to participate in control of Schmalbach-Lubeca (SLAG), a company operating in the packaging industry.
The operation comes within the framework of E.ON reorganisation, resulting from the merger between conglomerates Veba and Viag. Before selling SLAG, E.ON will first of all acquire the shares held by external SLAG shareholders, via its subsidiary AV Packaging GmbH (AVP). It will then take over joint control of the whole with Allianz Partner.
The Commission approved the move given that there is no longer overlapping of activities, as no company within the Allianz group is active in the packaging sector. Furthermore, Allianz's powerful position on the credit insurance market will not have any particular impact on SLAG's activities.