UPDATE 1-German cartel office extends GM, Peugeot review
* Antitrust review enters three-month Phase II stage
* To focus on impact alliance has on car parts makers
* GM says extension does not mean office has concerns
DUESSELDORF/FRANKFURT, Germany, July 4 (Reuters) - The German federal cartel office plans to examine more closely the alliance between General Motors, its German unit Opel, and France's Peugeot to look at its effect on car parts suppliers.
The Phase II review and could take as long as three months to complete, a spokesman for the cartel office said on Wednesday.
He added that a second examination was necessary since the initial one-month review was simply not long enough to study the likely effects the link-up would have on a broad number of parts suppliers.
"The Bundeskartellamt explicitly stated that the continued review process did not mean that they see any competition law issues," a GM spokesman said, referring to the cartel office.
"The process could take as long as the end of September, but the companies will continue to fully cooperate with the authorities to allow the Bundeskartellamt to reach a decision earlier," he added.
GM and Peugeot said late in February that they hoped the alliance would lead to at least $2 billion in annual savings shared evenly between the two within about five years from joint purchasing, logistics and the joint development and production of vehicles and parts.
On Monday, GM signed a deal to transfer the bulk of its European logistics operations to Peugeot unit Gefco starting next year in the first stage of the partnership.
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.