Pirelli Cable Business Sale Gets EU Approval

The European Commission has approved Goldman Sachs’ acquisition of Pirelli’s engery and telecomms cable businesses. The commission found that no company controlled by Goldman Sachs is engaged in the EU in the same markets as those in which the acquired businesses are active, and therefore will not impede competition. In addition the commission observed that the acquired businesses face strong competition from companies such as Corning and DrakaComteq.