Tatra Trucks Seeks EU Review of STV’s Ownership Entry
The CSG Group warns that STV INVEST’s planned indirect entry into the ownership structure of Tatra Trucks through Promet Tools could pose a significant risk to competition, the protection of trade secrets, and the future of one of the most important Czech industrial companies. Tatra Trucks has therefore approached not only the Czech Office for the Protection of Competition but also the European Commission directly, requesting a standard review of STV’s planned entry into Promet Tools.
In April 2025, Promet Group and STV Invest announced the signing of an agreement under which STV Invest is to acquire a 50% stake in Promet Tools, which holds a 35% stake in Tatra Trucks. The transaction has not yet been completed and is subject to approval by the European Commission under the rules governing mergers. The European Commission is currently assessing the transaction’s impact on competition. The CSG Group is convinced that, given Tatra Trucks’ specific position and the STV Group’s activities in the defense procurement market, the transaction warrants a standard in-depth review.
Tatra had already notified the Czech Office for the Protection of Competition (ÚOHS) of the transaction in May 2025. Following the initiation of proceedings before the European Commission, the CSG Group has now also submitted its objections directly to the Commission and requested that it not assess the transaction under the simplified procedure, but rather conduct a standard competition review, including a targeted market investigation and consultations with the Czech and Slovak competition authorities.
“Virtually immediately after STV’s intention to acquire a stake in Promet Tools was announced, Promet began demanding that Tatra provide extensive sensitive commercial and technical information. Given that STV operates in the defense procurement market as an intermediary for foreign military vehicle manufacturers and, in a number of projects, opposes solutions based on the Tatra platform, we do not consider this timing to be a coincidence. That is precisely why we are convinced that the entire transaction must undergo a thorough antitrust review,” said David Chour, Vice Chairman of the Board of Directors of Tatra Trucks and a member of the CSG Board of Directors.
This is not a change in ownership, but rather access to strategic know-how
Tatra Trucks is one of Europe’s leading manufacturers of military chassis platforms and is a strategic component of the Czech defense industry. The company’s value lies not only in its production capacities but also in its extensive technological know-how, R&D, business relationships, manufacturing processes, cost calculations, supply chain, and other non-public information, which constitute its most valuable competitive advantage.
Tatra Trucks supplies its chassis platforms not only to companies within the CSG Group but also to a number of other defense system manufacturers and integrators in Europe. If doubts were to arise that sensitive commercial or technical information could be leaked to competitors through the shareholder structure, this could undermine the trust of these partners and negatively affect their willingness to use Tatra platforms in future projects. Such an impact would harm not only Tatra but also competition in the European defense technology market.
“This is not a dispute among shareholders. It is about protecting a strategic Czech industrial enterprise and maintaining fair competition. If an entity actively operating in the defense procurement market gains access to Tatra’s sensitive commercial and technical information through shareholder rights, an objective competitive risk arises that warrants a thorough review,” said David Chour.
STV is not a financial investor, but an intermediary for foreign competitors
STV cannot be considered a passive financial investor. Companies within the STV Group have long been active in the defense industry, participate in public procurement tenders issued by the Ministry of Defense of the Czech Republic, and in many cases compete directly with companies within the CSG Group.
At the same time, they do not act as manufacturers of their own military vehicles, but rather as intermediaries for foreign manufacturers of military platforms. In defense contracts, they therefore offer solutions based on foreign vehicles that directly compete with Tatra Trucks’ platforms.
One example is a public contract by the Ministry of Defense of the Czech Republic for a pontoon bridge set, in which the STV Group and Tatra Defence Systems competed against each other. While the CSG Group companies offered a solution based on the Tatra chassis platform, STV offered vehicles from another manufacturer. In similar contracts, information about prices, production capacities, technical parameters, or the cost structure of vehicles represents a significant competitive advantage.
This is by no means an isolated case. STV has long acted as a business partner and intermediary for foreign manufacturers of military vehicles and publicly presents their solutions as offerings for both Czech and foreign customers. One example is the Golem 4×4 (Mbombe 4) vehicle manufactured by Quantum Dynamics, which STV actively promotes for future projects of the Czech Army. If such an entity were to gain access, through its shareholder rights, to non-public information regarding Tatra Trucks’ pricing structure, production costs, technological solutions, development capabilities, or supply chain, it would gain a significant competitive advantage in preparing future business proposals.
At the same time, STV represents the Finnish manufacturer Patria in the Czech Republic, whose armored vehicles directly compete on the European market with solutions utilizing Tatra chassis platforms.
Moreover, this goes beyond mere pricing information. Data on Tatra’s production capacities, planned investments, technological processes, upcoming design solutions, the cost structure of individual platforms, the network of subcontractors, or the company’s development priorities can also be of extraordinary value to a competitor. Taken together, this information constitutes strategic know-how, the protection of which is essential not only for Tatra Trucks but also for the Czech defense industry as a whole.
Evidence of collusion between STV and Promet
At the same time, CSG points out that there have long been indications suggesting that the STV and Promet groups have been acting in concert even before the entire transaction was completed. Following the announcement of STV’s entry into Promet Tools, Promet began systematically requesting from Tatra extensive sets of non-public commercial and technical information that it had never requested in the past. These requests are being made not only through requests addressed to the company’s board of directors but also through legal proceedings.
“The timing of the transaction announcement and the significant change in Promet Tools’ behavior raises a legitimate question as to whether the two groups are already acting in a coordinated manner. This is precisely why we consider it essential that the competitive impacts of the entire transaction be thoroughly examined,” said David Chour.
Tatra Trucks requests a standard review of the transaction
Tatra Trucks has therefore not only filed a complaint with the Czech Office for the Protection of Competition, but has also lodged objections with the European Commission. In particular, it is asking the European Commission to:
- the merger was not reviewed under the simplified procedure; rather, a standard review of the entire transaction was conducted,
- conducted a targeted market survey focusing on the impacts on the Czech and European defense industries and ongoing defense contracts,
- assessed the possibility of applying the procedure under Article 9 of the Merger Regulation,
- verified whether, prior to the approval of the transaction, the STV Group was already exercising de facto influence over Promet Tools or, indirectly, over Tatra Trucks.
“We do not deny anyone the right to invest in Czech industry. However, if an investor is simultaneously involved in defense contracts as a business partner or intermediary for foreign competitors of Tatra Trucks, it is entirely legitimate for regulatory authorities to thoroughly investigate whether that investor could gain access to information that might undermine fair competition. That is precisely what is at stake in this case,” concludes David Chour.
