29 September 2002 14:36 [Source: ICIS news]BERLIN (CNI)—Plans by Degussa and Celanese to merge their European oxo alcohols businesses into a 50:50 joint venture are on track for completion at the end of this year, CNI was told here on Sunday.
Reinhard Gradl, who heads Celanese’s oxo business, said he was confident of securing European Commission (EC) approval for the deal without having to dispose of any assets.
The two companies signed a letter of intent in March to combine Celanese’s C3-based oxo activities in Oberhausen, Germany with those of Degussa’s Oxeno subsidiary in Marl, also in Germany.
Although Gradl declined to comment on progress with the approval process, he said preparations for submissions to the competition authorities needed to be very thorough.
The planned joint venture would have had pro-forma sales of about Euro410m (about $403m) last year.
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