28 August 1998: The European Commission said it has cleared the acquisition by Belgian glassmaker Glaverbel of the European flat glass activities of US-based PPG Industries Inc.
The Commission said i…
28 August 1998: The European Commission said it has cleared the acquisition by Belgian glassmaker Glaverbel of the European flat glass activities of US-based PPG Industries Inc. The Commission said in a statement that even after the acquisition of PPG“s business Glaverbel will remain the third largest supplier of glass, after Saint Gobain and Pilkington. Earlier this week, Glaverbel said in a statement its acquisition had been approved, saying the transaction was expected to close on 31 August. The Commission said all flat glass markets, especially those for raw flat glass and automotive glass, are highly concentrated, with the three leading suppliers holding 75% of the market or more. “Therefore the Commission has examined whether the notified operation may lead to the creation of a joint dominant position of the leading suppliers,” the Commission statement said. “However, no indication of anti-competitive parallel behaviour was found.” It said prices for glass had been steadily declining for 10 years and market entries had happened or were about to happen.