SABIC secures approval to buy Huntsman unit

20 December 2006 16:09  [Source: ICIS news]

BRUSSELS (ICIS news)--The European Commission has given the go-ahead for SABIC UK Petrochemicals Holdings Limited to purchase Huntsman Petrochemicals Limited in a deal worth $700m (€531), the EC said on Wednesday.

 

It said it had concluded that the operation would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

 

Saudia Arabia-owned SABIC is a major producer of hydrocarbons and basic chemicals, intermediates, polymers, fertilizers and metals.

 

Huntsman Petrochemicals, the European arm of the US-based Huntsman Corp, produces basic chemicals and by-products. Its principal production assets include its ethylene, propylene and aromatics production facilities.

 

The EC said that overlaps between the activities of the two companies were only in markets where their EU market share would remain limited and they would continue to face several effective competitors.

 

($1 = €0.76)

 

 

 

 

By: Philippa Jones
+44 20 8652 3214

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