GERMANY: Trevira Sale To DB Subsidiary Cleared By EC
DB Industrial Holdings, subsidiary of the Deutsche Bank, and DBG unit Mopla have bought Trevira GmbH in Frankfurt. DB Industrial Holdings has a portfolio of shares in both public and private businesses that amounts to over DM45m. The European Commission said on Friday it had cleared the plans by to buy man-made fibres firm Trevira.The deal was cleared under the Commission's new simplified procedure for vetting mergers, under which non-controversial deals are automatically given the go ahead after one month if no one raises any competition concerns.Trevira was sold by the Dutch company European Fiber Industries BV, which bought Trevira from Hoechst two years ago. The sale still has to be approved by the European Monopolies Commission."We look on Trevira as a very valuable company, which has clearly shown its ability to earn money by concentrating on speciality products," said Axel C. Pfeil, who leads the DB investor board. "DB will, with the existing management, strengthen Trevira's business strategy and will increase the business's profitability in the next three to five years." Ulrich Huwe, Trevira's director, said: "Under the new owner Trevira will increase focus on specialities more aggressively. We will expand our position in new markets and will from now on start conquering markets outside Europe."
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