WRITTEN QUESTION No. 1917/98 by Graham WATSON to the Commission. Takeover bid for Christie's Auction House
C 50/114 Official Journal of the European Communities EN 22. 2. 1999 The guidelines will have to take into account Article 1 of the same proposal, which states that, in pursuing the Objectives of the Structural Funds, the Community is to promote the harmonious, balanced and sustainable development of economic activities. The guidelines will serve as a frame of reference for assessing plans presented by the Member States. (1) COM(98) 131final. (1999/C 50/165) WRITTEN QUESTION P-1917/98 by Graham Watson (ELDR) to the Commission (11 June 1998) Subject: Takeover bid for Christieís Auction House Will the Commission undertake an investigation into the proposal from the French investor, François Pinault, to buy Christieís, the UK Auction House. As will most of Mr Pinaultís acquisitions, Christieís will probably transfer from public to private ownership. Is this a matter of any concern to the Commission? Answer given by Mr Van Miert on behalf of the Commission (30 June 1998) The Commission is aware of the public offer by ArtØmis, an investment company chaired by Mr François Pinault, for the remainder of the shares in Christieís International Plc (Christieís) that it does not already own. The board of Christieís has recommended the offer to its shareholders. The Commission investigates, under Council Regulation (EC) 4064/89 (1) as amended › the so-called Merger Regulation › all mergers and takeovers which give rise to a concentration with a Community dimensioní as defined in the Regulation › which employs a test based on turnover. Such operations may only be implemented after notification to the Commission with full details, and there are penalties for failure to notify. The Commission examines notified operations to assess their compatibility with the common market. The Com- mission is required to declare incompatible those operations which are found to create or strengthen a dominant position as a result of which effective competition would be significantly impeded in the common market or a substantial part of it, and to prohibit them unless the parties modify them to make them compatible. Whether or not such an investigation can be made in the present case depends, therefore, on whether the transaction meets the turnover criteria in the Regulation. According to information received from the parties, however, it does not. Whether the shares in a company remain publicly quoted on a stock exchange after a change of ownership does not appear, in general, likely to have much, if any, effect on competition in the markets for goods and services in which that company operates. Consequently it is not considered likely to have a bearing on decisions as to compatibility. (1) OJ L 395, 30. 12. 1989. (1999/C 50/166) WRITTEN QUESTION E-1922/98 by Paul Rübig (PPE) to the Commission (18 June 1998) Subject: Third phase of SLIM It is pleasing that the Commission has recently embarked upon a new phase of the SLIM (Simpler Legislation for the Internal Market) initiative. Simpler European legislation is a significant parameter for improving the competitiveness of small and medium-sized businesses, in particular, in the internal market. Accordingly, the initiative to ádo less, but betterí also deserves wholehearted support