European Commission announcement on proposed acquisition of Kerling ASA
The European Commission has today announced that it is to conduct further investigations into the planned INEOS acquisition of Norsk Hydro’s polymers business, Kerling ASA, as part of the competition clearance process.
The focus of these further investigations is to consider the implications of the proposed acquisition, specifically the effects on competition in the UK S-PVC market, and also possible impacts on competition in other national markets for caustic soda, S-PVC compounds and PVC films.
Competition clearance is the only remaining condition to which the acquisition of Kerling ASA is subject, and the deal will be completed once clearance has been received. INEOS will continue to work with the Commission to assist them in their investigation and to help progress clearance as quickly as possible.
Chris Tane, CEO INEOS ChlorVinyls, commented: “Whilst this decision is disappointing we are confident that we will be able to work through this process and provide the Commission with the information it needs to ensure completion of the acquisition.”
INEOS understands that the Commission now has until 11 January 2008 to complete its investigations.
For further information please contact:
Craig Welsh, INEOS ChlorVinyls Press Office
Phone: + 44 (0) 1928 511528
Email: craig.welsh@ineoschlor.com