EU clears Bridgestone's acquisition of Bandag

Brussels - The European Commission has cleared the proposed acquisition of the US company Bandag by Bridgestone Americas Holding Inc, also of the US. The EC said in a statement, "After examining the operation the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it."

The statement continued, "The main horizontal overlap occurs between the parties with regard to the retreading business, particularly the supply of retreading material to independent businesses active in the re-treading of tyres. However, the Commission's examination of the proposed merger showed that the horizontal overlaps between the activities of Bridgestone and Bandag are limited and that the transaction would not lead to major structural changes on the re-treading market. The combined firm would continue to face strong, effective competition from companies such as Michelin, Goodyear and Kraiburg."

Following the announcement, Standard & Poor's said it would change its S&P MidCap

400 index. The company said S&P REIT Composite constituent Equity One Inc. will replace Bandag Inc.

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Press release from EC

Press release from S&P