Background
Acquisition of sole control of Piaggio by Morgan Grenfell controlled by Deutsche Bank. Morgan Grenfell is a UK investment company, while Piaggio is an Italian company active in the manufacture and sale of two, three and four-wheeled motor vehicles.
Assessment
Neither Morgan Grenfell nor any of its controlled companies are active in the sectors in which Piaggio operates. In view of the absence of overlap in the parties’ activities, and of Piaggio’s market position under any relevant market definition, the Commission cleared the operation. (Case n° COMP/M.1754, Decision of 01/12/99).
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