On February 7, 2018, CCI approved the acquisition of all shares of Signode Industrial Group Holdings (Bermuda) Limited (‘Signode’) by Crown Holdings, Inc. (‘Crown’) (‘Proposed Combination’) through Cobra Merger Sub, Limited (‘Merger Sub’), whereby Merger Sub will cease to exist and Signode will become a wholly owned subsidiary of Crown.[1]Crown, a company incorporated in United States and listed on the New York Stock Exchange, is engaged in design, manufacture and sale of packaging products, for consumer goods, like steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products, etc. It exports these products into India. Signode, a company incorporated in Bermuda, is engaged in providing transit and protective packaging systems and solutions, which consist of strap, protective, and stretch packaging consumables and equipment. Its products are used to contain, unitize, and protect goods during manufacturing, transport, and warehousing. In India, Signode is present through its wholly owned subsidiaries, namely: (i) Signode India Limited, which is engaged in transit and protective packaging sector, manufacture and sell products such as steel strap, plastic strap, specialty tape, etc.; and (ii) Stopak India Private Limited, a 100% export oriented unit, which is engaged in manufacture of cargo securing products.In its competition assessment, CCI observed that although Crown and Signode are engaged in overall packaging industry, their activities pertain to different areas of operations. CCI further noted that while Crown purchases some transit and protective packaging consumables of the type supplied by Signode as an end consumer and uses them for logistics purposes, however, the total value of purchase made by Crown worldwide from Signode is insignificant. CCI also added that Signode has no purchase from Crown either in India or worldwide. Having regard to absence of any horizontal overlap and insignificant vertical relationship between the Crown and Signode, CCI held the proposed combination was not likely to raise any substantial competition concerns, and approved it under Section 31(1) of the Competition Act.[1] Combination Registration No. C-2018/01/549.