EU Approves ABN Amro Purchase of Sole SpA Sep 12, 2003

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The European Union Commission (EU) approved on Friday the purchase by Dutch financial services giant ABN Amro Holding NV of compressor manufacturer Sole SpA.

Financial details were not disclosed.

ABN Amro is acquiring Italian financial holding Applied Components Companies SpA, which controls Sole, an Italian manufacturer of electric motors and compressors for domestic and commercial appliances such as refrigerators, dishwashers, and dryers.

In July, Sole acquired Electrolux AB's subsidiary Electrolux Compressors. The purchase included Zanussi Elettromeccanica.

Sole was previously controlled by venture capital fund Dresdner Kleinwort Capital, which is part of Allianz AG Holding's Dresdner Bank.

Sole employs 4,100 people among its three plants in Italy, Spain, and Austria, and in two joint ventures in China. Its 2002 sales amounted to SEK 2.8 billion (approx. U.S. $346.6 million).

The deal was approved under the Commission's simplified antitrust procedure. This clears mergers or acquisitions after 1 month if no objections are raised by third parties. (Dow Jones)

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