Terex and Fantuzzi had cited Fantuzzi’s financial problems when arguing for the deal to be allowed. In a description of the deal, released on 17 October by the commission, the companies argued that, “The proposed concentration consists of two separate and simultaneous transactions, by which Terex will acquire sole control over Fantuzzi Group. From Terex’s point of view, the proposed concentration provides a good opportunity for growth and diversification into different areas of business.
“From the point of view of the seller (Fantuzzi Industries S.a.r.l.), the economic rationale is strictly connected with the restructuring of the group since its financial situation is currently very serious and could lead to bankruptcy, and the current shareholder is not in a position to implement the recapitalisation of the group.”
The commission’s decision, announced on 19 November, said, “Fantuzzi Group is active in the manufacturing of container handling equipment through its subsidiaries. Terex manufactures a broad range of equipment for the construction, infrastructure development, quarrying, recycling and surface mining industry. With respect to container handling equipment, it is active only in the reach stackers’ segment.
“The commission’s examination of the proposed transaction showed that the horizontal overlap between the parties’ activities is limited and that they would continue to face several strong, effective competitors with significant market shares. The commission therefore concluded that the proposed acquisition would not raise competition concerns.”
