Brussels, 31/05/2002 (Agence Europe) - The European Commission has authorised the American company, Bank One Corporation, to acquire the German submarine manufacturer Howaldtswerke-Deutsche Werft (HDW). Specialised in financial services, Bank One controls companies of other sectors such as the wholesale trade of metals and minerals, the manufacture of measuring instruments and the production of machines and tooling for rubber work. A major maker of traditional propulsion submarines, HDW also builds ships and ensures the transformation and repair of submarines and other craft. Its current shareholders are Babcock Borsig, Preussag and BayernFinanz. According to the agreement notified to the Commission, Bank One will be acquiring a 75% stake less one share in HDW, while the balance will be in the hands of Babcok Borsig. The Commission has not noted any overlap of activities as neither Bank One nor its subsidiaries are present in any of HDW's activities in the EU.