Viet Nam clears proposed economic concentration by LG Electronics Inc., AppleMango Co., Ltd., and Speel Co., Ltd
In August 2022, Vietnam Competition and Consumer Authority (VCCA) received a full and valid economic concentration notice from LG Electronics Inc., AppleMango Co., Ltd., and Speel Co., Ltd.
Accordingly, LG Electronics Inc. intends to acquire 100% of Speel Co.electric, vehicle Ltd's charger business through its subsidiary AppleMango Co., Ltd,. Pursuant to Clause 4, Article 29 of the Competition Law, the transaction between LG Electronics Inc., AppleMango Co., Ltd., and Speel Co., Ltd. is defined as an economic concentration in the form of acquisition.
Some information about enterprises participating in economic concentration:
- LG Electronics Inc. was founded in Korea, with primary operations in Home Appliances, Automotive Component Solutions, Enterprise Solutions, and Optical, Base Materials.
- AppleMango Co., Ltd. was founded in Korea, where it manufactures electrical cabinets used in power distribution or control. LG Electronics Inc. acquired a 60% stake in AppleMango Co., Ltd. and made it a subsidiary of LG Electronics Inc.
- Speel Co., Ltd. is a Korean company operating in 04 main business segments: Electric vehicle chargers, electrical work & sockets, household electronic switches, sensor equipment.
In October 2022, the Ministry of Industry and Trade announced that economic concentration between LG Electronics Inc., AppleMango Co., Ltd., and Speel Co., Ltd. is not prohibited under Article 30 of the Competition Law 2018.