The European Commission on Friday cleared BASF’s acquisition of Solvay’s nylon assets after the two parties promised a remedy package addressing anti-trust concerns.
The transaction is expected to close in the second half of 2019. The German chemical major announced its intention to acquire the assets in 2017 for €1.6bn.
However, the EU antitrust authorities had asked the company for divestments to stop it taking a dominant position in the market.
“During the approval process in Europe BASF made commitments to address the competition concerns of the EU Commission,” it said.
“They require divesting parts of the original transaction scope to a third-party buyer, namely manufacturing assets and innovation capabilities of Solvay’s polyamide business in Europe. The divestment process started in Q4 2018.”
Full Content: Reuters
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