(CercleFinance.com) – The European Commission announces that it has authorized the acquisition of Tenneco by Apollo Management, both in the United States.
Tenneco is a global manufacturer and supplier of automotive components.
Apollo is active in global asset management and portfolio investments.
Through its holding company MAFTEC Co. Ltd (‘MAFTEC’) of Japan, Apollo is engaged in the manufacture and supply of various polycrystalline alumina fiber wool (‘PCW’) products, including substrate backing mats, which are used by Tenneco as an input for manufacturing automotive exhaust systems.
The Commission concluded that the proposed acquisition would not raise competition concerns, as MAFTEC is not a significant supplier of PCW substrate support mats.
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