Zf Friedrichshafen Ag
Case brief
What is this about?
In an interim order regarding a combination between ZF and WABCO, the Competition Commission initially refused an extension for the First Divestiture Period. Upon reconsideration and hearing, with ZF citing pandemic and third-party delays, the Commission granted an extension of time for divestment beyond the initial deadline, subject to a progress report.
What did the court decide?
Extension granted for the First Divestiture Period beyond the initial deadline, pending review of interim progress by February 28, 2021.
What the court decided
PUBLIC VERSION
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2019/11/703
04.01.2021
Notice filed under Section 6(2) of the Act by ZF Friedrichshafen AG
CORAM
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi Member
Order
Background
- On 7th November 2019, the Competition Commission of India received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) from ZF Friedrichshafen AG ( ZF / Acquirer ) regarding its proposed acquisition of WABCO Holdings Inc. ( WABCO ) (hereinafter, ZF and WABCO are collectively referred to as “ Parties ”). The Parties entered into a Business Transfer Agreement (BTA) dated 28.03.2019, pursuant to which ZF will acquire 100% shares in WABCO, via its indirect wholly owned subsidiary Verona Merger Sub Corp ( Proposed Combination ).
Issues for consideration
2 issues framed by the court
Whether the Competition Commission was justified in initially refusing to extend the First Divestiture Period for ZF's divestment of Brakes India.
Whether the Commission was correct to subsequently grant an extension of time for divestment upon review of ZF's submissions.
Parties & counsel
- applicant
ZF Friedrichshafen AG
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
All orders in this case
2 orders share this CNR
- Order 1 — this page
- Order 2
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