EU clears Bally’s takeover by Texas Pacific

(AP) -- The European Commission on Monday cleared the acquisition of Switzerland's exclusive Bally shoemaker by the United States-based Texas Pacific Group after finding the operation did not raise competition concerns in the European Union.

(AP) — The European Commission on Monday cleared the acquisition of Switzerland’s exclusive Bally shoemaker by the United States-based Texas Pacific Group after finding the operation did not raise competition concerns in the European Union.

“Bally is a well-known manufacturer of high-fashion items such as clothes, shoes and accessories, but TPG has no activities in these sectors in the European Union,” a statement by the EU executive body said.

The diversified Swiss industrial group Oerlikon-Buehrle announced in August it was selling Bally to Texas Pacific for an undisclosed amount of money. It said Bally’s current management would remain.

Bally, which was founded in 1851, manufactures fashion accessories and high-price shoes, which it sells through its worldwide network of more than 400 stores. It has been in long-term decline despite attempts by a succession of managements to revive its fortunes.

The shoemaker has been for sale for several months by Oerlikon-Buehrle.

Texas Pacific, a private investment partnership based in San Francisco and Fort Worth, Texas, has a wide range of interests ranging from telecommunications and airlines to fashion firms and microchip makers.

It is credited with turning around Ducati, Italy’s biggest motorcycle manufacturer.

The EU Commission can veto acquisitions or mergers if it finds they are not in line with EU legislation on fair competition.