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Notiziario Marketpress di
Mercoledì 24 Novembre 2004
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Pagina1 |
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MERGERS: COMMISSION APPROVES PLANNED ACQUISITION OF APRILIA BY PIAGGIO SUBJECT TO CONDITIONS |
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Brussels, 24 November 2004 - The European Commission has authorised, under the Eu Merger Regulation, the proposed acquisition of Aprilia S.p.a. By Piaggio & C. S.p.a. Subject to a condition intended to safeguard competition and hence the interests of European consumers in the Italian market for small scooters, where the two motorbike producers are strongest. The transaction had raised serious doubts that competition might be reduced to the detriment of Italian customers of scooters with engines up to 50cc. However, Piaggio allayed these doubts by offering to supply its most advanced 50cc engine to all producers that express an interest. Last August the Italian company Piaggio & C. S.p.a., which produces scooters and motorbikes, announced the takeover of Aprilia S.p.a, a company operating in the same sector which is based near Venice, Italy. The takeover was notified to the Commission in October under the Eu Merger Regulation.. Piaggio is the fourth largest European manufacturer of two wheeled vehicles, with a market share in value of 10% in the Eu, behind the market leaders Honda and Yamaha, both with around 18%, and Suzuki with 12%. Piaggio is the European market leader in the segments of scooters, with a marginal presence in the motorbike market). Piaggio’s main brands are “Piaggio”, “Vespa”, “Gilera” and “Derbi” Aprilia, is a smaller scooter and motorcycle producer with a more mixed portfolio, and some popular brands in motorcycles (Aprilia and Guzzi). The Commission’s analysis covered numerous European countries, and focused on the markets for scooters and for small motorbikes, where the activities of the two companies overlap. The Commission concluded that in all the countries of the Eu other than Italy, as well as in Italy with respect to the market for scooters above 50cc, no competition concerns arise from the operation. Aprilia is not considered a strong player outside Italy.in all these markets it appears that, post-merger, there will remain a number of competitors which are very well established and capable of exerting a strong competitive constraint over the merging entity. These are primarily the Japanese manufacturers Honda, Yamaha and Suzuki, which have a significant market position, a broad portfolio, a strong brand image, supported by massive investments in marketing, as well as their own distribution network. However, the analysis highlighted competition problems as regards the Italian market for scooters and mopeds with an engine up to 50cc. This market is rather limited in size, and has shrunk considerably in the past ten years. However, it caters for a very specific group of consumers (teenagers between 14 and 16 years who are forbidden by law to drive bigger motorbikes). The Commission found that the merger between market leader Piaggio and number two Aprilia could impede effective competition in Italy. Indeed, the merged entity would control a big portion of the supply to the Italian market, through a considerable number of well-known brands (Piaggio, Vespa, Gilera, Aprilia) and models equipped with a state of the art 50cc 4 stroke engine produced by Piaggio. To allay the Commission’s doubts, Piaggio undertook to supply the 50cc 4 stroke engine at commercial terms to other market players that wish to equip their models with such an engine. The Commission considers that this commitment will restore competition.
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