Brussels, 25/04/2002 (Agence Europe) - The European Commission has authorised a transaction in which German companies Howaldtswerke-Deutsche Werft AG (HDW) and Ferrostaal AG will acquire joint control of Hellenic Shipyards (HSY), Greek specialists in submarine construction. The acquisition forms part of the wider privatisation programme of the ETBA bank which controls 51% of stock in the HSY, alongside the 49% controlled by a co-operative of employees. The open tender was won by the HDW/Ferrostaal consortium and focuses on submarine activities. The Commission found that the operation will not have a significant impact upon competition in the German or world market because HSY activities in conventionally powered submarines are limited to the assembly of submarines which have been ordered by the Hellenic Navy from HDW. The Commission found no competition concerns in the Greek markets on which HSY is present either.