The European Commission has cleared POSCO Holdings and JSW Steel to jointly acquire two Indian companies — Saffron Resources Private Limited and POSCO Maharashtra — under the EU Merger Regulation.
The deal gives POSCO Holdings, based in South Korea, and India’s JSW Steel joint control of Saffron Resources and POSCO Maharashtra (PMH), the Commission said.
The transaction relates primarily to the steel sector, according to the organisation.
Review carried out under simplified procedure
The Commission said it found the acquisition would not raise competition concerns because it would have a limited impact on the European Economic Area — the EU plus Iceland, Liechtenstein and Norway.
The case was assessed under the Commission’s simplified merger review procedure, it added.
Further details are published in the Commission’s competition case register under case number M.12449, according to the Commission.
