The European Commission (EC) has delivered a decision to Končar that the future joint investment between Končar and Siemens Energy Group is compatible with the EU internal market and the Agreement on the European Economic Area, Končar reported.
– The European Commission on February 3 of this year delivered to Končar d.d. a decision that the future joint investment between Končar and Siemens Energy Group, which will focus on the production of boilers for energy transformers, is compatible with the EU internal market and the Agreement on the European Economic Area – the announcement states.
The decision was made under the regulation on the control of concentrations between undertakings and the Agreement on the European Economic Area. This, it is emphasized, has obtained the last of the necessary approvals for concentration in accordance with the applicable legislation in the markets where Končar and Siemens Energy Group are present. Končar announced that it will continue to inform the investment public about all significant facts related to the implementation process of the joint venture between Končar and Siemens Energy Group.
Let us recall, Končar and Siemens Energy signed a joint venture agreement in mid-July last year, or cooperation in the form of a company named Končar – Transformer Boilers, whose activity will be the production and sale of transformer boilers. The goal of the cooperation between the two partners is to establish a jointly owned company in which Končar will be the majority owner with 60 percent, while Siemens Energy will hold a 40 percent stake. As part of the project, as was said at the time, Končar plans to build a plant for the production of transformer boilers in Sesvetski Kraljevec.
