Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 24.11.2022  
C(2022 ) 8726 final  
PUBLIC VERSION  
ACEK Group (Incl Gonvarri)  
C/ San Vicente nº 8, Edificio Albia  
48001  Bilbao, Vizcaya  
Spain  
The Majority Shareholders  
Vilharjeva cesta 44  
1000 Ljubljana  
Slovenia  
Subject : Case M. 10949 - GONVARRI  / MAJORITY SHAREHOLDERS / HIDRIA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 28 October 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which Gonvarri 
Corporación Financiera, S.L., A (‘Gonvarri’, Spain ), controlled by ACEK Desarrollo y 
Gestión Industrial, S.L.  (‘ACEK Group’, Spain) and Inovatis d.o.o., Ladis d.o.o., Alex 
Luckmann and Rafis d.o.o. (together the ‘Majority Shareholders’, Slovenia) will 
acquire  within the meaning of Article 3(1)(b) and 3(4) of  the Merger Regulation  joint 
control of H & R d.d. Družba za upravljanje z naložbami A (‘Hidria’, Slovenia), 
currently controlled by the Majority Shareholders . The concentration is accomplished 
by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 Gonvarri is active in steel services, material handling, and precision tubes and 
metal structures, while Gestamp Automoción, which like Gonvarri is also part of 
the ACEK group, is active wor ldwide in automotive com ponents ,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be  used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 428, 10.11.2022 , p. 45-46. 

2  The Majority Shareholders are mainly active as shareholders of Hidria , 
 Hidria produces a range of automotive a nd industrial products.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls w ithin the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .