WRITTEN QUESTION No. 1917/98 by Graham WATSON to the Commission. Takeover bid for Christie's Auction House
Date: 1998-06-11
Institutions: European Parliament, WATSON
Subjects: auction sale, dominant position, economic concentration, restriction on competition, takeover bid, turnover

C 50/114

Official Journal of the European Communities

EN

22.2.1999

The guidelines will have to take into account Article 1 of the same proposal, which states that, in pursuing the
Objectives of the Structural Funds, the Community is to promote the harmonious, balanced and sustainable
development of economic activities. The guidelines will serve as a frame of reference for assessing plans
presented by the Member States.

(1) COM(98) 131final.

(1999/C 50/165)

WRITTEN QUESTION P-1917/98

by Graham Watson (ELDR) to the Commission

(11 June 1998)

Subject: Takeover bid for Christie(cid:146)s Auction House

Will the Commission undertake an investigation into the proposal from the French investor, Fran(cid:231)ois Pinault, to
buy Christie(cid:146)s, the UK Auction House.

As will most of Mr Pinault(cid:146)s acquisitions, Christie(cid:146)s will probably transfer from public to private ownership. Is
this a matter of any concern to the Commission?

Answer given by Mr Van Miert on behalf of the Commission

(30 June 1998)

The Commission is aware of the public offer by ArtØmis, an investment company chaired by Mr Fran(cid:231)ois Pinault,
for the remainder of the shares in Christie(cid:146)s International Plc (Christie(cid:146)s) that it does not already own. The board
of Christie(cid:146)s has recommended the offer to its shareholders.

The Commission investigates, under Council Regulation (EC) 4064/89 (1) as amended › the so-called Merger
Regulation › all mergers and takeovers which give rise to a concentration with a (cid:145)Community dimension(cid:146) as
defined in the Regulation › which employs a test based on turnover. Such operations may only be implemented
after notification to the Commission with full details, and there are penalties for failure to notify. The
Commission examines notified operations to assess their compatibility with the common market. The Com-
mission is required to declare incompatible those operations which are found to create or strengthen a dominant
position as a result of which effective competition would be significantly impeded in the common market or a
substantial part of it, and to prohibit them unless the parties modify them to make them compatible.

Whether or not such an investigation can be made in the present case depends, therefore, on whether the
transaction meets the turnover criteria in the Regulation. According to information received from the parties,
however, it does not.

Whether the shares in a company remain publicly quoted on a stock exchange after a change of ownership does
not appear, in general, likely to have much, if any, effect on competition in the markets for goods and services in
which that company operates. Consequently it is not considered likely to have a bearing on decisions as to
compatibility.

(1) OJ L 395, 30.12.1989.

(1999/C 50/166)

WRITTEN QUESTION E-1922/98

by Paul R(cid:252)big (PPE) to the Commission

(18 June 1998)

Subject: Third phase of SLIM

It is pleasing that the Commission has recently embarked upon a new phase of the SLIM (Simpler Legislation for
the Internal Market) initiative. Simpler European legislation is a significant parameter for improving the
competitiveness of small and medium-sized businesses, in particular, in the internal market. Accordingly, the
initiative to (cid:145)do less, but better(cid:146) also deserves wholehearted support.