EU approves Stena joint venture
The European Commission has approved the establishment of a joint venture between Stena Shipping, a part of Stena AB, and German Glovis Europe, which is operated by the South Korean company Hyundai Glovis. The joint venture will mainly revolve around operating shorter routes by RoRo vessels.
“The commission came to the conclusion that the partnership will not lead to competitive problems due to the joint ventures limited amount of activity and the lack of overlap in its activities and its parent companies in the European Economic Area," the Commission wrote following an examination of the transaction.
Stena Rederi supports its parent company Stena’s activities in areas such as shipbuilding, recruitment and technical services. Glovis Europe will be in charge of providing the logistics for new vehicles and spare parts and supports the global activities of its parent company Hyundai Glovis, which is considered an integrated global logistics and distribution company.