EU Gives Green Light to Stena-Hyundai Glovis Joint Venture
- Business & Finance
The European Commission has approved the creation of a joint venture by Swedish Stena Rederi, part of Stena AB, and German Glovis Europe, which is controlled by South Korean Hyundai Glovis.
As informed, the joint venture will mainly operate short-sea transport services on pure car and truck carrier (PCTC) vessels in Europe.
“The commission concluded that the proposed acquisition would raise no competition concerns, because of the limited activities of the joint venture and the absence of horizontal overlap or vertical relationship between its activities and those of its parent companies in the European Economic Area,” the European Commission said after examining the transaction.
Stena Rederi supports the shipping activities of its parent company Stena by providing shipbuilding, crewing and technical services.
Glovis Europe provides logistics services for finished vehicles and parts and supports the global deep-sea activities of its parent company Hyundai Glovis, an integrated global logistics and distribution company.