German Federal Minister of Economics and Energy overrides the prohibition of a slide-bearing business joint venture for environmental policy reasons

The decision German Economics Minister Peter Altmaier granted a ministerial approval for the Miba/Zollern joint venture which was previously prohibited by the Federal Cartel Office. The authorisation is subject to R&D investment commitments. The Austrian company Miba AG (“Miba”) and Germany-based Zollern GmbH & Co. KG (“Zollern”) plan to merge their hydrodynamic plain bearing production activities in an Austria-based joint venture in which Miba would hold 74.9% and Zollern 25.1%. The slide be