EU Commission approves TTC's acquisition of trading firm CFAO
BRUSSELS Nov 14 (Reuters) - EU competition regulators gave Japanese conglomerate Toyota Tsusho Corp (TTC) the go-ahead on Wednesday for its acquisition of trading company CFAO.
The European Commission, which acts as competition watchdog for the 27-member country European Union, said it had no concerns about the acquisition of CFAO, which distributes vehicles and medicines in Africa and French overseas territories.
The Commission said in a statement it had looked at the impact of the deal on the Toyota vehicle parts market in French Guiana.
"...If the merged entity tried to raise its prices or cut back on supplies of Toyota spare parts to independent repairers, the latter would be able to source Toyota spare parts from other readily available channels in metropolitan France or other neighbouring countries, such as Suriname or the Caribbean," the Commission said.
In July, Toyota Tsusho Corp acquired a 29.8 percent stake in CFAO held by luxury and retail group PPR and later launched a tender offer for the trading company. (Rex Merrifield, Brussels newsroom)