Brussels, 27/10/2000 (Agence Europe) - The European Commission has authorised Italian automotive components firm Magneti Marelli SpA (a fully-owned Fiat subsidiary) to acquire sole control of MM Automotive Lighting Busness (MALB), a joint enterprise created in May 1999 with the German group Robert Bosch GmbH. The new undertaking, equally held by the two partners, made a turnover of EUR 740 million in 1999 and employs 6,140. The operation comes within the more general framework of a restructuring operation whereby Magneti Marelli, specialised in the production and marketing of lamps and levelling controls, acquires sole control of Seima Italiana SpA, a company also operating in the automotive lighting business. The move had been cleared by the Commission in May 2000 (see EUROPE of 31 May, p.11). During the following phase, the acquisition of sole control of MALB, Magneti Marelli will transfer all the shares that it owns in Seima to MALB. Due to this, Magneti Marelli participation in MALB will rise from 50% to 75%, with Bosch keeping a minority stake which will not be accompanied by voting rights.
The Commission approved the operation, considering that this change in shareholders will not entail a real increase in Magneti Marelli market power or substantial market changes.