Brussels, 19 January 2023
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Hitachi Construction Machinery Co., Ltd. (‘HCM’), Itochu Corporation (‘Itochu’) and Tokyo Century Corporation (‘Tokyo Century’) , all of Japan.
The joint venture will offer financing services related to HCM products and non-HCM products. HCM manufactures and sells construction and transportation machinery and other machines and devices. Itochu is a trading company for various products from across a wide range of industries. Tokyo Century provides a variety of financing services, including financial and operating leasing services and installment sales with regard to a variety of equipment.
The Commission concluded that the proposed transaction would raise no competition concerns, given that the joint venture has negligible actual and foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.10981.
Source – EU Commission