Bertelsmann, Arvato, Gruner Jahr and Axel Springer AG note today's announcement by the European Commission that it has decided to review their proposed gravure joint venture on the European level and to open a Phase II investigation. The companies look forward to working with the Commission and its case team during this period of review. They welcome the decision by the European Commission to handle the case in Brussels, which they believe is appropriate given the pan-European nature of the high volume illustration printing market in which the companies operate. This market includes the printing of catalogues, magazines and advertising brochures on rotogravure and heatset web offset presses.
The Bertelsmann corporate divisions Arvato and Gruner Jahr together with the Axel Springer AG had submitted the proposal for a joint venture of their gravure operations to the European Commission in Brussels for merger review on November 4, 2004. The companies are creating the joint venture to gain long-term security in the highly competitive European illustration printing market. | 
