EU Commission approved the joint acquisition of Magazine zum Globus AG by Austrian Signa Group and Thai Central Group

The European Commission has approved, under the EU Merger Regulation, the joint acquisition of Magazine zum Globus AG (“Globus”) of Switzerland (owner supermarket chain MIGROS) by the Signa Group (comprised of SIGNA Retail Selection AG of Switzerland and SIGNA Prime Selection AG of Austria) and Harng Central Department Store Ltd. (“Central Group”) of Thailand.

Globus operates department and other (fashion) stores across Switzerland. Signa Group is active in retail, including through various department stores in Germany (“GALERIA Karstadt Kaufhof”) and Belgium and furniture stores in Austria, as well as real estate primarily in Austria and Germany. Central Group is active in merchandising, real estate, retailing, hospitality and restaurants primarily in Southeast Asia. In the European Economic Area (EEA), it is active in the retail sector in Italy, Denmark and in Germany through the premium department stores of The KaDeWe Group. The Commission concluded that the proposed transaction would raise no competition concerns given that Globus has no, or negligible, actual or foreseen activities within the EEA. The operation was examined under the simplified merger review procedure.