commiss decis januari set measur order restor condit effect competit pursuant articl council regul eec case comp tetra laval sidel notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis octob pursuant articl regul eec declar concentr sidel sa tetra laval bv incompat common market function eea agreement undertak concern opportun make view object rais commiss regard opinion advisori committe concentr regard final report hear offic case fact implement concentr commiss receiv notif pursuant articl regul eec merger regul propos concentr tetra laval sa franc belong tetra laval bv tetra netherland hold compani tetra laval group privat held group compani propos acquir mean articl merger regul control french compani sidel sa sidel public bid announc march accord french law bid uncondit articl merger regul implement public bid notifi commiss accord articl regul provid acquir exercis vote right attach secur question pursuant bid approxim million share repres outstand sidel share tender tetra laval sa addit share tetra laval sa acquir approxim million share sidel open market individu purchas major sharehold result tetra hold sidel share implement propos concentr decis pursuant articl merger regul octob commiss adopt decis pursuant articl merger regul declar concentr sidel tetra incompat common market function eea agreement prohibit decis reason set prohibit decis commiss conclud notifi concentr creat domin posit market pet polyethylen terephthal packag equip sbm stretch blow mould machin sensit product segment liquid dairi product juic nectar fruit flavour drink tea coffe drink sensit product strengthen domin posit asept carton packag equip asept carton eea result effect competit significantli imped common market eea procedur articl merger regul concentr effect virtu public bid tetra acquir sidel share concentr declar incompat common market function eea agreement pursuant articl merger regul result tetra implement concentr declar incompat common market function eea agreement commiss novemb tetra statement object pursuant articl merger regul articl commiss regul ec decemb notif time limit hear provid council regul eec control concentr undertak statement object commiss consid virtu articl merger regul order separ undertak divestitur tetra sharehold sidel adopt measur restor condit effect competit pend full separ undertak tetra repli statement object write decemb tetra sidel present view oral hear held decemb ii analysi articl merger regul pursuant except provid articl merger regul suspensori oblig provid articl tetra acquir sidel share public bid launch march subsequ share purchas tetra implement concentr concentr declar incompat common market function eea agreement commiss decis octob pursuant articl merger regul tetra implement concentr declar incompat common market function eea agreement decis consequ effect prohibit decis found notifi concentr creat strengthen domin posit result effect competit significantli imped common market declar concentr incompat common market concentr prohibit commiss implement commiss pursuant articl merger regul quot requir undertak asset brought separ action order restor condit effect competit quot restor condit effect competit primari concern proceed pursuant articl merger regul text scheme merger regul requir remov residu structur impedi effect competit relev market aris prohibit concentr articl envisag situat concentr prohibit commiss implement restor effect competit principl effect mean separ undertak asset brought prohibit transact appli articl merger regul commiss regard principl proportion principl dictat commiss face option divestitur structur restor condit effect competit requir articl commiss choic adopt restrict option regard proportion commiss consid legitim interest undertak concern pursu primari commun interest restor condit effect competit give effect prohibit decis includ interest acquir undertak tetra natur preserv invest acquir undertak sidel minimis period uncertainti face continu oper independ entiti imposit unduli disrupt oner measur light order restor condit effect competit pursuant articl merger regul circumst present case order separ tetra sidel basi principl separ mean effect final divestitur part tetra sharehold sidel ensur condit effect competit restor retain sidel independ viabl competitor divestitur result sidel regain full independ tetra tetra retain minor stake interest sidel imped restor condit effect competit divestitur place promptli period order safeguard sidel viabil effect ensur restor condit effect competit transit period pend divestitur tetra appoint truste monitor divestitur process minimis tetra influenc sidel separ tetra sidel effect final divestitur tetra sharehold sidel prohibit decis commiss found notifi concentr creat strengthen domin posit result effect competit significantli imped common market eea declar concentr incompat common market eea agreement concentr implement commiss conclud order separ undertak brought prohibit transact order restor condit effect competit pursuant articl merger regul harm condit competit particip tetra sidel imped restor condit effect competit divestitur tetra sharehold sidel ensur condit effect competit restor remov direct structur financi link tetra sidel tetra maintain sharehold sidel competit behaviour influenc condit competit undertak market activ effect presenc tetra sidel capit hinder develop sidel market question tetra decis sharehold particip sidel influenc competit posit market question tetra disput separ undertak tetra disput prompt divestitur inter alia basi tetra view competit harm tetra argu quot virtual competit present busi quot horizont overlap parti tetra view concern justifi prompt divestitur tetra claim commiss concern quot conglomer quot natur direct link compani lead anti competit result tetra link effect remov imposit hold separ truste ensur harm competit commiss share tetra view prohibit decis found competit concern set prohibit decis core area horizont overlap parti low capac sbm machin barrier technolog asept pet fill machin area parti direct competitor prohibit decis found signific vertic link parti sidel supplier sbm machin pet equip consid recit tetra potenti buyer equip downstream convert activ tetra divest sbm machin busi preform busi express desir divest busi formal bind commit event divestitur place tetra retain signific activ barrier technolog pet asept fill equip kei area penetr pet sensit product market sidel direct competitor tetra content horizont potenti vertic competit relat compani commiss concern relat interplai carton pet packag equip market set detail prohibit decis commiss analysi respect base event take place todai tetra sidel invest heavili barrier technolog pet asept technolog promot growth pet futur strateg decis todai tetra carton busi face continu face increas competit pressur sidel activ neighbour close relat antagonist market sidel strategi state compani press releas contribut significantli rapid growth pet asept packag fruit juic liquid dairi product erod lead predomin carton packag market segment competit concern requir effect final prompt separ tetra sidel remedi action pursuant articl merger regul order restor condit effect competit exist hold separ truste tetra suggest repli statement object short transit period regard structur measur design guarante restor condit effect competit final manner long term sell sidel concern effect final divestitur consist sale sidel concern chang statu scope current rang activ weaken viabil effect competitor market question supervis manner sidel dispos ensur restor condit effect competit sidel core activ split sold separ retain tetra sidel restor independ viabl effect competitor market place core activ split sold separ retain tetra commiss prior approv activ asset sidel viabil effect method divestitur suitabl buyer regard principl proportion tetra request flexibl commiss consid tetra allow choos principl divest sharehold sidel long divestitur ensur perman manner condit effect competit restor method divestitur chosen ensur tetra sidel separ perman final manner imped restor condit effect competit aris mainten creation direct indirect structur financi link compani long restor condit effect competit imped tetra choos method divestitur tetra refloat sidel share sell share industri buyer compani activ packag sector buyer financi institut tetra decid sell share subject commiss prior assess approv order maximis chanc success outcom divestitur process shortest period time tetra ensur divestitur process structur method chosen remain open type buyer industri buyer financi institut precondit set limit potenti number buyer divestitur tetra sharehold sidel made independ viabl buyer buyer subject commiss approv sale stock exchang flotat parti independ unconnect tetra directli indirectli affili member group result parti hold sidel share buyer buyer fulfil quot purchas standard quot set remedi notic paragraph buyer viabl entiti independ unconnect tetra possess financi resourc proven expertis incent maintain develop sidel activ competit forc divestitur final principl divestitur restor condit effect competit final perman manner divestitur mechan artifici legal structur enabl tetra bui back share point time depend eventu outcom litig compani function effect uncertainti eventu owner share final divestitur structur enabl tetra regain control sidel point time distort sidel competit behaviour transit period sidel unabl make strateg decis major invest signific acquisit take account fact point time tetra regain control compani sidel effect remov market place independ player durat transit period sidel manag view maximis short term take long term view buyer unfett freedom action sidel effect remov market target acquisit instanc industri buyer bui sidel share transit period restrict allow tetra regain control confirm tetra oral hear conclus light forego commiss conclud order separ undertak separ place mean effect final divestitur tetra sharehold sidel ensur condit effect competit restor maintain sidel independ viabl competitor divestitur consist sale sidel concern chang statu scope current rang activ compani weaken viabil effect competitor market question tetra allow choos principl divest sharehold sidel long divestitur ensur final perman manner condit effect competit restor divestitur mechan mechan legal enabl tetra bui back share ensur tetra retain minor sharehold financi interest sidel imped restor condit effect competit tetra maintain allow retain minor sharehold sidel confer decis influenc sidel lead ordin competit behaviour undertak tetra believ disproportion prevent retain minor sharehold notifi transact merger regul commiss jurisdict articl prevent tetra retain minor stake sidel tetra view retent minor stake lead anti competit effect concern commiss horizont natur retent minor sharehold tetra maintain invest commiss consid tetra view assess light primari concern articl merger regul restor condit effect competit commiss consid circumst present case basi inform retent minor sharehold imped restor condit effect competit disproportion effect target compani minor sharehold hinder prospect sale imped restor condit effect competit object restor condit effect competit dictat tetra allow retain level sharehold hinder sidel saleabl independ effect viabil market imped restor condit effect competit exist minor sharehold tetra enjoi minor protect right french law sharehold give tetra influenc manag compani directli stake give tetra legal right prevent chang statu sidel public compani minor quot squeez quot forc purchas remain share french law major sharehold end public bid obtain capit vote right benefici smooth manag sale sidel confirm sidel benefit deriv squeez share de list influenc stock market owner restructur sidel report justifi strategi financi market rais financ see fit tetra retain squeez fact minor sharehold belong dispers number buyer appar unwil sell share retent minor stake tetra rule possibl squeez eventu owner sidel exist minor sharehold tetra make sidel attract acquisit target hinder prospect divestitur resal sidel emphasis hear view sidel retent tetra minor stake make sale remain share held tetra difficult potenti buyer trade buyer understand acquir share tetra present minor sharehold sale sidel share full sharehold tetra sidel attract sale share enabl buyer share quot squeez quot remain dispers minor sharehold wish tetra allow retain minor stake potenti number buyer limit exclud number buyer commiss stage requir tetra refrain set precondit sale sidel share deter potenti buyer limit post sale option squeez import recognis divestitur result situat major sharehold larger minor sharehold tetra disproportion influenc result superior abil form vote coalit jointli control outcom gener assembl tetra float share whilst keep minor sharehold hold largest proport share influenc compani disproportion sharehold addit tetra sell share financi buyer financi buyer bui pure invest purpos tetra sharehold depth market knowledg potenti influenc tetra greater actual sharehold incent tetra minor sharehold chang result tetra financi interest sidel financi interest give tetra receiv proport profit stream gener sidel oper invest absenc sharehold sidel tetra seek profit maximis outcom sole basi expect profit stream gener oper retain stake sidel tetra account expect revenu stream gener financi interest sidel action affect sidel profit stream incent tetra compet chang result minor sharehold tetra interest increas decreas carton price induc increas switch pet custom tetra captur increas carton profit retain custom compens loss carton profit switch custom benefit proport increas sidel profit result increas demand pet strategi attract absenc sharehold sidel high level concentr close relat market carton pet equip tetra sidel enjoi domin strong posit facilit strategi minor hold give rise vertic concern tetra convert hdpe bottl quot hole wall quot arrang tetra suppli custom bottl produc adjac locat directli custom product line experi carton hdpe provid similar servic produc pet bottl tetra potenti client sidel sbm high capac machineri enabl tetra suppli custom sensit product hole wall arrang tetra hold minor sharehold sidel incent favour purchas sidel machin hole wall activ tetra posit carton custom potenti pet custom sensit product major player convert provis pet bottl hole wall arrang produc sensit product purchas sidel significantli boost sidel sale whilst time foreclos sidel competitor suppli tetra sbm machin increas sidel strong posit substanti rais market posit point domin sbm competitor foreclos suppli tetra tetra success captur signific number origin carton custom hole wall oper substanti part market foreclos context tetra content horizont vertic competit relat compani anti competit effect aris minor sharehold correct addit horizont concern leverag concern aris interplai carton pet tetra continu retain pet hdpe activ make direct horizont competitor sidel provid possibl vertic relationship sidel tetra retain low capac sbm machin busi preform busi appar readi commit divestitur divestitur effect addit tetra retain plastic activ asept pet fill machin pet barrier technolog hdpe activ conclus basi factual inform conclud tetra allow retain minor sharehold sidel retent imped restor effect competit hinder prospect success divestitur tetra retain econom incent refrain competit sidel engag exclus vertic relat sidel prompt divestitur period commiss consid tetra divest sharehold sidel prompt final manner ensur restor effect competit set time period divestitur commiss regard primari commun interest restor effect competit pursuant articl merger regul commiss regard tetra interest minimis potenti financi loss aris speedi divestitur sidel share current market condit sidel interest avoid unduli disrupt oner measur statement object commiss consid period month neg effect competit fact prolong period uncertainti irrepar harm sidel effect viabl competitor tetra contest prompt divestitur period month set statement object tetra argu commiss propos disproportion preced commiss regard tetra invest penalis tetra compli french law commiss regard tetra appeal prohibit decis tetra view prevent commiss impos final divestitur tetra appeal decid final tetra propos altern divestitur structur restor competit effect proportion commiss propos prefer commiss propos prompt divestitur period proportion accord relev preced harm condit effect competit prompt restor condit effect competit discuss commiss consid prompt divestitur prevent irrepar damag condit effect competit long term interim structur propos tetra suffici guarante sidel effect viabil result signific weaken competit long transit structur propos tetra addit anti competit effect aris structur financi link exist tetra side sidel function share hand truste face uncertainti eventu owner oper tight control supervis truste commiss unabl access capit market unfett make signific acquisit target acquisit sidel ti artifici long term legal structur inspir confid distort compani futur decis behaviour structur hold separ truste constant monitor inher suitabl short transit period pend clear final divestitur commiss consid strong reason divestitur place final prompt manner order prevent irrepar damag condit effect competit consid tetra request longer period preserv invest consid sidel posit minimis transit period uncertainti conclud period divestitur ensur restor condit effect competit tetra maintain allow year period divestitur tetra base argument proportion preserv tetra invest tetra commiss account current market condit result destruct tetra invest quick sale order note primari concern articl merger regul restor competit incompat decis minimis tetra loss aris factor commiss control import secondari consider tetra maintain commiss confus divestitur remedi notic voluntari order divestitur articl merger regul principl establish year commiss experi assess propos remedi encapsul remedi notic extent relev context proceed articl merger regul establish principl viabil propos purchas prefer structur behaviour remediesand remedi restor competit final perman manner evid relev event clear commiss extens power articl merger regul context articl proceed role limit discuss accept remedi parti fact tetra claim remedi divestitur cover secondari asset argument favour decis measur articl decis definit articl decis greater urgenc restor condit effect competit imped prohibit transact tetra claim year divestitur period line commiss practic tetra refer case clear commiss commit guin grand metropolitan alcan alusuiss knp buhrmann guin grand metropolitan commiss allow month divestitur whiski brand alcan alusuiss commiss allow month extens month knp buhrmann month extens month tetra view closest preced volvo rvi commiss allow volvo divest minor sharehold scania tetra maintain volvo rvi competit concern horizont current case base looser conglomer concern evid preced concern minor sharehold clearanc decis sanction divestitur period year propos tetra special circumst articl decis prohibit implement public bid special obstacl speedi dispos acquir undertak concern free stand entiti virtu articl merger regul integr busi oper acquir undertak closest preced tetra discuss repli divestitur order pursuant articl case blokker toi quot quot kesko tuko case divestitur period rang month tetra provid except reason commiss depart practic case period length propos tetra depriv commiss prohibit decis effet util harm sidel competit tetra assert commiss initi propos month period divestitur conform preced correct preserv tetra eur billion invest sidel tetra maintain commiss propos statement object divestitur tetra entir sharehold sidel month destroi tetra invest sidel tetra due current unfavour market condit sidel weak econom perform tetra view commiss order quick divestitur destroi tetra invest commiss essenc quot penalis quot tetra compli french rule oblig launch uncondit bid tetra maintain french rule possibl condit bid creat conflict requir merger regul tetra penalis tetra view merger regul explicitli deal situat articl analog drawn articl regul recognis parti transact maintain full invest transact review articl merger regul commiss account object avoid caus unnecessari unreason loss affect parti order show extent potenti loss face tetra firm auditor ernst amp young calcul sidel current ernst amp young made present oral hear confidenti sidel ernst amp young calcul basi publicli inform sidel present share give total tetra sharehold tetra bid eur share cost total excess eur billion result tetra claim forc sale period month destroi invest sidel tetra acknowledg hear ernst amp young valuat worst case scenario probabl tetra obtain higher price sidel privat sale commiss examin valuat provid ernst amp young conclud appear overli pessimist valuat light discount cash flow calcul carri tetra financi advis prior public bid customari prudenc interpret outcom forward exercis financi valuat commiss conclud absenc dramat industri interim period year fair sidel stand basi investor estim share rang share commiss paid attent tetra argument preserv tetra invest sidel commiss consid primari concern articl merger regul commun interest restor condit effect competit tetra interest avoid financi loss great import overrid primari object articl flexibl provid articl merger regul recognis short period time pend commiss investig except circumst except gener rule suspensori effect merger transact preserv acquir invest consider appli automat period commiss decis declar concentr incompat common market articl simpli envisag separ merg undertak action requir merger implement declar compat common market order restor condit effect competit fact circumst face tetra financi loss suffer inher natur uncertainti affect merger transact natur uncertainti part prevent merger control system launch bid tetra awar french rule commun rule awar risk prohibit decis expos financi loss made clear tetra intern document discuss possibl prohibit decis commiss addit tetra oblig enter transact precis decid follow launch uncondit public bid articl merger regul possibl provid except gener suspensori rule articl respons consequ includ financi transact remain undertak concern essenc articl compani wish acquir list target possibl launch uncondit public bid oblig compani follow rout whilst french rule tetra unnecessarili rigid allow launch condit public bid tetra explor legal structur order minimis potenti risk addit tetra enter transact full awar uncertainti risk independ calcul decid pai substanti premium sidel share member state hear point gener slow economi impact sidel valuat compani clear tetra paid substanti premium sidel share trade eur prior public bid tetra offer eur sidel share event tetra decis pai substanti premium sidel share launch public bid march fact tetra decid enter transact uncertainti risk entail prevent commiss carri duti merger regul review transact compat common market case found incompat remedi action pursuant articl clear tetra suffer financi loss magnitud claim commiss conduct valuat sidel view tetra achiev higher price sidel present commiss oral hear nonetheless commiss care tetra preserv invest commiss consid period divestitur tetra find suitabl buyer sidel reason price action annul prevent commiss seek effect remedi articl merger regul principl divestitur restor condit effect competit final perman manner tetra maintain commiss power impos final prompt divestitur pre empt tetra seek annul prohibit decis prejudg outcom annul action action success tetra divest share lost invest unabl bui back share tetra irrepar harm result tetra suggest commiss prevent order tetra divest share final manner commiss share tetra view decis pursuant articl merger regul order prompt divestitur affect tetra seek annul prohibit decis tetra attack decis judgement render commiss decis pursuant articl tetra believ commiss articl decis irrepar harm pre empt outcom action decis tetra seek annul articl decis court justic suspend effect argument tetra make argument urg court suspend forthcom articl decis valid argument commiss duti adopt articl decis place order restor condit effect competit context observ damag allegedli suffer tetra larg exclus financi threaten solvenc tetra pure financi damag lead insolv consid constitut irrepar harm tetra posit accept result situat appeal incompat decis implement concentr depriv incompat decis effet util prevent commiss take action restor condit effect competit pursuant articl merger regul action annul decis declar implement concentr incompat automat suspensori effect contrari gener principl articl treati state gener quot action brought court justic suspensori effect quot addit tetra posit result unjustifi discrimin implement public bid concentr implement public bid acquir compani benefit allow preserv share pend appeal final tetra view accept interest target compani penalis face long period uncertainti pend appeal tetra view accept distort competit sidel irrevers harm extend uncertainti sidel face long period time harm sidel irrepar distort competit circumv commiss prohibit decis conclud tetra appeal prohibit decis prevent commiss adopt measur order restor condit effect competit pursuant articl merger regul order final divestitur tetra sharehold sidel tetra propos restor condit effect competit accept repli tetra argu commiss propos speedi divestitur justifi tetra quot divestitur quot propos restor condit effect competit proportion tetra essenti propos tetra allow divest sharehold sidel year appeal decid order invest preserv tetra event allow retain minor sharehold tetra allow transit period hold share order put place propos structur result transit period year time hold separ truste ensur sidel independ long transit period year pend final divestitur tetra propos structur design tetra ensur sidel viabil independ restor condit effect competit accord articl merger regul year tetra divest share independ parti exercis call option recov share case appeal success initi transit period appoint hold separ truste immedi prior commiss articl decis tetra propos appoint quot hold separ quot truste hold separ truste ensur sidel run effect independ tetra tetra exercis vote right interfer sidel oper tetra view sidel strong independ manag team ensur sidel function effect pend divestitur initi period tetra allow legal hold share transfer truste subsequ year transit period quot divestitur quot option tetra propos enter quot divestitur quot option structur transit year pend final divestitur independ parti tetra retain bui back share call option appeal success structur present commiss detail oral hear tetra financi advis rothschild ii iii iv tetra propos restor condit effect competit tetra maintain quot divestitur quot structur meet full requir articl merger regul proportion commiss propos prompt final divestitur tetra quot divestitur quot structur legal remov abil control sidel tetra tetra control sidel share transit period sidel amount capit oper expans structur interfer sidel abil rais fund tetra invest sidel preserv structur offer suffici incent sidel grow commiss approv final purchas year quot divestitur quot structur compat commiss preced show parti control divestitur process structur accept principl addit tetra argu sidel remain independ appoint hold separ truste similar structur function effect market place influenc interfer tetra tetra maintain sidel independ manag ensur sidel effect market final sidel suffici resourc fund busi result long transit period result uncertainti hinder sidel develop sidel share tetra view sidel confirm write oral hear long transit period necessarili entail uncertainti hinder proper develop sidel custom voic concern compani futur sidel uncertainti singl greatest damag sidel abil compet effect sidel confirm transit arrang involv truste uncertainti eventu owner compani complex damag sidel allow long sidel state complex carri increas risk unforeseen problem lend misunderstand sidel custom greater scope competitor dissemin damag rumour sidel stabil sidel urg commiss avoid interim arrang invas imped restor sidel posit impair sidel flexibl financ abil dispos core asset sidel urg commiss shortest period buyer found sidel view month suffici find buyer sidel think month period month commiss paid attent studi carefulli quot divestitur quot structur propos tetra light tetra argument structur enabl tetra preserv invest commiss consid structur propos restor condit effect competit evid quot divestitur quot structur real divestitur transit arrang akin truste arrang includ legal transfer share truste main purpos structur preserv tetra invest preserv tetra regain control sidel unspecifi point time appeal success structur tetra retain bui back sidel share quot call option quot appeal success tetra benefici owner share stake sidel futur financi perform addit call option enabl tetra continu presenc sidel sidel eventu owner indetermin point futur tetra confirm hear purpos call option enabl bui back share case appeal success propos long transit period quot owner quot sidel share financi institut unfett freedom action sell share due tetra call option complex financi mechan prevent free sale rothschild tetra financi statement relat likelihood divestitur industri buyer transit period anti competit effect outlin transit structur creat precis kind uncertainti sidel confirm irrepar harm sidel oper long transit period year know ultim sharehold share sidel oper tight control supervis truste commiss sidel ti artifici legal structur inspir confid distort compani futur decis behaviour structur hold separ truste constant monitor inher suitabl short transit period pend clear final divestitur addit fact tetra retain import financi interest sidel perform distort effect tetra competit behaviour preced tetra support argument transit divestitur structur accord commiss practic relev preced vivendi seagram canal tetra reli relev similar structur tetra propos structur case incompat decis interest divest minor sharehold tetra refer preced support view long year transit period involv call option give quot divest quot compani bui back share tetra acknowledg quot clear real preced commiss practic type divest propos tetra laval outlin quot conclus quot divestitur quot propos put forward tetra adequ restor condit effect competit entail great uncertainti complex hinder sidel develop function viabl competitor addit propos accord relev commiss preced justif tetra propos year period transit structur commiss consid tetra argument appeal preserv invest overrid primari concern restor condit effect competit restor principl place promptli consid tetra request longer period preserv invest consid sidel posit necess minimis transit period uncertainti commiss consid period circumst commiss prepar subject prior approv structur enabl tetra preserv invest extent structur imped restor condit effect competit structur includ form limit credit financi arrang payment structur enabl tetra preserv invest provid structur imped restor condit effect competit jeopardis sidel viabil effect mainten creation direct indirect structur financi link compani structur principl limit durat appoint independ truste transit period commiss consid separ undertak place ensur condit effect competit restor long term disrupt condit effect competit minimis transit period pend divestitur implement prohibit concentr transit period transit period preced restor condit effect competit articl decis measur implement concentr exercis vote right attach share acquir addit share prior approv commiss pend divestitur tetra refrain action omiss preserv full econom viabil market competit sidel tetra carri act natur alter legal statu natur scope rang activ industri commerci strategi invest polici sidel appoint independ truste order restor condit effect competit transit period articl decis pend divestitur period tetra continu maintain sharehold sidel tetra appoint independ truste invest bank manag consult auditor subject prior approv commiss truste appoint promptli event dai adopt decis truste independ tetra directli indirectli affili member group possess qualif carri task expos conflict interest truste remuner imped independ effect fulfil mandat truste mandat subject commiss approv ensur independ effect truste mandat includ provis enabl truste fulfil duti essenti mandat provid truste power independ monitor divestitur tetra sharehold sidel independ viabl buyer buyer subject commiss approv sale stock exchang flotat parti independ unconnect tetra directli indirectli affili member group result parti hold sidel share truste mandat includ power truste sell share minimum price period divestitur expir truste exercis vote right attach tetra sharehold sidel subject prior approv commiss truste power manag effect tetra sharehold sidel ensur sidel oper effect competitor relev market truste ensur statu rang activ sidel alter weaken sidel competit posit market question truste provid written report commiss inform commiss progress divestitur process monitor oper manag sidel transfer share truste tetra contest commiss propos appoint independ truste power monitor sidel independ viabil exercis vote right attach share tetra acknowledg truste appoint propos appoint hold separ truste immedi decis prior decis tetra maintain transfer share truste consid sale constitut final divestitur place pass time limit set propos tetra refer articl decis blokker kesko tuko remedi notic support argument parti requir divest perform divestitur blokker kesko tuko transit divestitur period limit month divestitur truste appoint monitor truste appoint kesko tuko remedi notic envisag divestitur truste divestitur period envisag initi period expir transfer share truste contribut restor condit effect competit minimis tetra influenc transit period transfer share result monitor transit period fluid independ manag sidel possibl flexibl issu vote share exercis right attach share transfer share truste entail harm tetra sidel tetra provid argument transfer problemat reason tetra enter suitabl agreement transfer share truste pend final divestitur addit quot divestitur quot propos suggest tetra includ transfer share commiss consid prefer tetra transfer share truste practic conclus light forego commiss consid tetra appoint independ truste invest bank manag consult auditor subject prior approv commiss conclud prefer tetra transfer share truste practic truste mandat subject commiss approv ensur independ effect truste mandat includ provis enabl truste fulfil duti monitor sidel independ manag effect tetra sharehold sidel ensur sidel oper effect competitor relev market conduct divestitur tetra sharehold sidel iii conclus light fact concentr sidel tetra declar incompat common market function eea agreement octob implement light reason set conclud order tetra separ sidel divest sharehold sidel addit measur order restor condit effect competit pursuant articl merger regul set annex decis order separ tetra sidel basi principl separ mean effect final divestitur tetra sharehold sidel ensur condit effect competit restor retain sidel independ viabl competitor divestitur result sidel regain full independ tetra tetra retain minor stake sidel interest sidel imped restor condit effect competit divestitur place promptli period month order safeguard sidel viabil effect ensur restor condit effect competit transit period pend divestitur tetra appoint truste monitor sidel independ ensur sidel viabil effect conduct divestitur process order measur set decis commiss paid regard principl proportion tetra request flexibl measur allow preserv tetra invest sidel request measur appoint truste unduli oner disrupt extent measur achiev effect object sought pursuant articl merger regul restor condit effect competit adopt decis articl order restor condit effect competit tetra laval bv order separ sidel sa accord provis annex decis articl decis address tetra laval bv amsteldijk lh amsterdam netherland brussel januari commiss mario monti member commiss oj correct version oj oj oj oj oj seventh ninth recit preambl merger regul import note respect tetra sidel undertak concern proceed specif right grant merger regul regul ec implement regul sidel quot involv parti quot mean articl implement regul impos oblig commiss inform sidel content proceed sidel express view write oral respect manag sidel specif heard commiss pursuant articl merger regul part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk principl establish commiss notic remedi accept council regul eec commiss regul ec remedi notic oj page paragraph remedi notic paragraph remedi notic paragraph tetra repli paragraph commiss decis octob oj commiss decis march publish oj commiss decis oj commiss decis septemb commiss decis june oj commiss decis februari oj remedi notic paragraph repli paragraph note meet commiss servic repres tetra held januari discuss decis advisori committe januari tetra propos oral subsequ write remov quot call option quot element propos structur meet commiss servic repres tetra held januari discuss decis advisori committe januari tetra propos oral subsequ write remov quot call option quot element propos structur commiss consid remov call option structur desir remov commiss object propos set paragraph decis commiss concern uncertainti limit sidel face structur fact tetra option retain indirect legal benefici interest sidel remain valid commiss decis octob repli paragraph repli paragraph repli paragraph annex full origin text condit oblig refer articl consult commiss websit http europa eu int comm competit index en html