ECC Greenlight MCA Buyout

The European Community Commission last week cleared Matsushita Electrical Industrial Co.’s takeover of MCA Inc., saying the buyout was unlikely to put Matsushita in a dominant position, which would seriously impede competition in the EC. According to the Dow Jones, the EC said this is the first conglomerate merger the commission has completed. Had the Commission opposed the buyout, it could have blocked or altered the merger in the EC.

Under merger law, any company with EC sales worth more than 250 million European currency units and total revenues of more than five billion European currency units a year must notify the commission if it is planning to link up with another concern which might adversely affect competition.

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