Brussels, 28 October 2022
The European Commission has approved, under the EU Merger Regulation, the acquisition of Tenneco Inc. (‘Tenneco’) by Apollo Management, L.P. (‘Apollo’), both of the US. Tenneco is a manufacturer and global supplier of components for motor vehicles. Apollo is active in global asset management and portfolio investments. Through its portfolio company MAFTEC Co. Ltd (‘MAFTEC’) of Japan, Apollo is active in the manufacture and supply of various products made of polycrystalline alumina fiber wool (‘PCW’), including substrate supporting mats, which are used by Tenneco as an input for the manufacture of automotive exhaust systems. The Commission concluded that the proposed acquisition would raise no competition concerns, given that MAFTEC is not an important supplier of substrate supporting mats made of PCW. The transaction was examined under the normal merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10712.
Source – EU Commission