On September 23, 2019, the CCI approved Icahn Enterprises L.P. ('IEP LP'), American Entertainment Properties Corp. ('AEP'), and IEH FMGI Holdings LLC's ('IEH') acquisition of 25.02% of the shareholding in Federal-Mogul Goetze (India) Limited ('FMGI').1 The acquisition was proposed to be made from public shareholders of FMGI under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011.
IEP LP is a publicly traded master limited partnership formed in Delaware, USA. It is a holding company engaged in a diverse range of business activities including those relating to investment, automotive, energy, food packaging, metals, real estate, and home fashion. AEP is a limited liability corporation incorporated under the laws of the United States. It is an indirect wholly owned subsidiary of IEP LP, and is engaged in business activities relating to investment, energy, automotive, metals, real estate, and home fashion. IEH is a wholly owned subsidiary of AEP created specifically for the acquisition of shares in FMGI. FMGI is an Indian listed company engaged in the manufacturing and sale of automotive components.
The CCI noted the absence of horizontal and vertical overlaps between the business activities of the parties, and was of the opinion that the combination was not likely to raise any AAEC. Accordingly, the CCI granted its approval to the combination.
1. Combination Registration no. C-2019/08/679.
Published In:Inter Alia Special Edition- Competition Law - November 2019 [ English
Date: November 11, 2019
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.