EU clears acquisition of Harman by Samsung

The European Union (EU) regulators gave the green light to the acquisition of Harman International Industries of the United States, by Samsung of South Korea, it was announced on Friday.

The proposed acquisition would raise no competition concerns because of the relatively low market shares and the existence of many strong competitors in the product markets concerned, said the European Commission, the EU's executive arm which oversees competition policy.

The activities of the parties overlapped in several product areas, such as, headphones, audio home systems, speakers and DVD recorders. Some of Samsung's memory integrated circuits were also destined for the automotive industry and used in Harman's automotive products, the Commission said.

Harman designs and engineers software products and solutions for automakers, consumers and enterprises worldwide, while Samsung is a global electronics company active in consumer electronics, information technology and mobile communications and device solutions. Endit