[autom.vertaling] De Commissie verdiept sonde in de gezamenlijke controle van Franse lagersmaker SNFA door INA/FAG en verzekeraar AIG (en)

The European Commission has decided to open an in-depth inquiry into the proposed acquisition of the French anti-friction bearings maker SNFA by the German company INA Holding Schaeffler KG (INA) and the US international insurance company American International Group (AIG). The proposed transaction would bring together the first and second largest suppliers of machine tool precision bearings in Western Europe and would also create a powerful force in aerospace bearings. The Commission will examine during its in-depth investigation whether the elimination of SNFA as an independent rival could significantly impede competition in the markets concerned.

SNFA is a French company specialised in the design, production, distribution and marketing of precision anti-friction bearings, in particular for aerospace and machine tool industries.

Under an agreement notified to the Commission on 22 September, INA, through its subsidiary FAG Kugelfischer Georg Schäfer AG (FAG), and AIG would hold joint control in the French company through a newly created joint venture.

INA Holding is the ultimate holding company of the INA Group, which is active world-wide in the development, production and sale of precision components for the automotive and other industries, including anti-friction bearings. FAG, acquired by INA in October 2001, is active also on a world-wide level in the design, manufacture and sale of a wide range of anti-friction bearings and individual components thereof.

Both INA/FAG and SNFA manufacture and sell anti-friction bearings used in a number of different applications, ranging from machine tool spindles to aircraft engines. AIG has no presence in this industrial sector.

The Commission's initial one-month review focussed on precision bearings, in particular angular contact ball bearings (ACBBs), mainly used in machine tool spindles i.e. metal cutting machines used in machining centres or in machinery destined for the furniture, textile, paper and other industries. It also looked at the position of the main customers of these products. Precision bearings are bought by spindle manufacturers (Original Equipment Suppliers or OES) and machine tool producers (Original Equipment Manufacturers). These customers use precision bearings in their machine tools, which they sell to different industrial customers (e.g. wood working companies or canning factories, etc.). But precision bearings are also bought by independent dealers, who concentrate on the sale of replacement bearings to smaller OES/OEMs (the "independent after-market" or IAM).

Given the specific purchasing patterns and requirements of these two customer groups, the Commission's preliminary conclusion is that these two groups have to be assessed separately and that OEM/OES markets are Western European in scope while the IAM markets may even be national.

INA/FAG and SNFA will become by far the largest supplier of precision ball and roller bearings used for machine tool applications -- a market where the main three/four players already account for over two thirds of the total sales. The Commission's initial probe appears to indicate significant market entry barriers and customers with limited buying power.

With regard to aerospace bearings, the operation would create an even stronger force by merging the first and third largest suppliers to European aero-engine manufacturers. After the merger, INA/FAG/SNFA, on the one hand, and SKF on the other, would supply almost 80% of the European market. Although aerospace customers are often multinational companies with considerable buyer power, the elimination of SNFA currently raises concerns that price competition, innovation and other aspects could suffer as a result.

The Commission will seek during its extended review to deepen and refine its knowledge and definition of the market to conclude whether or not the acquisition would raise serious competition concerns. The opening of an in-depth probe -- which lasts four months -- does not prejudge the outcome of the investigation itself.