19 June 2002 09:47 [Source: ICIS news]
Sabic, which agreed in April to pay Euro2.25bn ($2.13bn) for the assets, said transfer of the businesses involved is expected to take place by the end of this month and the transaction will take effect retroactively from 1 January 2002.
Mohamad Al-Mady, vice chairman and managing director of Sabic, said: "I am delighted that the EU have given their unconditional approval. This deal makes sound strategic sense for Sabic, providing a strong entry position in the European market, and a springboard for our ambitions to become a sector leader worldwide."
DSM chairman Peter Elverding commented: "Everything went exactly as planned, which is quite remarkable for a transaction of this magnitude. This has boosted our confidence in the quality of our future partnership with Sabic."
The transaction involves the transfer of all shares of the companies that together form DSM Petrochemicals (DPC), the associated DPC subsidiaries, participations and sales activities, and the related technology positions, patents and trade names. About 2300 DSM employees will be transferred to Sabic.
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