CELEX: 32017M8655
Language: en
Date: 2017-12-21 00:00:00
Title: Commission Decision of 21/12/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8655 - KKR / LS MTRON / LS AUTO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                     
                  
               
               Brussels, 21.12.2017
            
            
               C(2017) 9120 final
            
            
            
               To the Notifying Parties
            
            
               Subject:Case M.8655 – KKR / LS MTRON / LS AUTO
                  Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004
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                and Article 57 of the Agreement on the European Economic Area
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               Dear Sir or Madam,
            
            
               1.On 29 November 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings KKR & Co. L.P. (United States) and LS Mtron Ltd (South Korea), controlled by LS Corporation (South Korea), acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the undertaking LS Automotive Corp (South Korea), controlled by LS Mtron Ltd (South Korea). KKR & Co. L.P. (United States) acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of LS Mtron copper foil and flexible copper clad laminate ("the Businesses", South Korea), controlled by LS Mtron Ltd (South Korea). The concentration is accomplished by way of a purchase of shares.
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               2.The business activities of the undertakings concerned are:
            
            
               -KKR is a global investment firm, which invests in companies in a variety of sectors.
            
            
               -LS Mtron is active in the manufacture and sale of industrial machinery, electricity and electronics, circuit materials, and auto parts. LS Mtron’s major products include tractors, injection molding machines, track shoes, connectors/antenna, copper foil, auto parts, ultra-capacitor, and flexible copper clad laminate.
            
            
               -LS Auto is an automotive component manufacturer. It operates three main businesses in the auto part industry: Human Machine Interface (switches, lamps), Body Control Systems (sensors to monitor and control electronic accessories) and Mechatronic Components (relays and ABS coiling housing). 
            
            
               -The Businesses are active in the manufacture and supply of copper foil and flexible copper clad laminate.
            
            
               3.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) and 5(b) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
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               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 application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
            
            
               For the Commission
            
            
               (Signed)
            
            
               Johannes LAITENBERGER
                  Director-General
            
            
         
         
            
                  
                     (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 416, 06.12.2017, p. 25.
               
               
                  
                     (4)
                  
                  
                      
                           OJ C 366, 14.12.2013, p. 5.