Sector News

EU to investigate BASF's Solvay nylon deal

June 27, 2018
Energy & Chemical Value Chain

The European Commission on Tuesday opened an in-depth investigation into the proposed purchase by Germany’s BASF of Solvay’s nylon business, saying such a deal could reduce competition in the supply of the nylon production chain.

BASF agreed to buy Solvay’s global polyamide business in September for 1.6 billion euros (1.41 billion pounds), aiming to enhance its access to key growth markets in Asia and South America.

“We need to carefully assess whether the proposed acquisition would lead to higher prices or less choice for European businesses and, ultimately, consumers,” European Competition Commissioner Margrethe Vestager.

The Commission, which oversees competition in the European Union, said it has until Oct. 31 to decide on whether it would let the deal go ahead.

By Robert-Jan Bartunek

Source: Reuters

comments closed

Related News

May 26, 2024

Borealis signs first Austrian wind and solar PPA with Burgenland Energie

Energy & Chemical Value Chain

Borealis has partnered with Austria-based wind and solar power producer and green tech solution provider Burgenland Energie on a power purchase agreement (PPA). Under the ten-year agreement, renewable electricity will be provided by a hybrid renewable energy park located in Nickelsdorf, Austria, which is owned by Burgenland Energie’s subsidiaries Nick Alpha and Wind PV Operation.

May 26, 2024

DuPont to split into three companies

Energy & Chemical Value Chain

DuPont de Nemours Inc. announced plans to split into three separate, publicly traded companies. The electronic materials and water business will become independent companies, with the remainder of the company to comprise New DuPont. The splits will be complete within 18 to 24 months, and do not require shareholder approval.

May 26, 2024

Olin hires new leader for chlor-alkali and vinyls business

Energy & Chemical Value Chain

Olin Corp. has hired Deon Carter as vice president and president/chlor-alkali products and vinyls, effective June 17. Carter was previously COO at Continental Industries Group, a position he took April 2023 after serving as president and CEO of Scientific Design Company.

How can we help you?

We're easy to reach