EU dismisses challenge to Akzo ink resins takeover
09 July 2007 14:35 [Source: ICIS news]
LONDON (ICIS news)--The EU’s second highest court has upheld the decision by European Commission to allow the takeover of Akzo Nobel’s inks and resins business by Hexion Specialty Chemicals, the European Court of First Instance (CFI) said on Monday.
The proposed acquisition was challenged by Netherlands-based Sun Chemical and German groups Siegwerk Druckfarben and Flint Group, claiming it would give Hexion an unfairly strong position in rosin resin supply.
The CFI dismissed the claim, saying the EC had acted within the rules and had not made errors of fact and judgment when it originally approved the €88m ($120m) takeover in May last year.
Akzo Nobel’s inks and adhesive resins business mainly manufactures products based on rosin - a pine tree derivative - including rosin resins, hybrid resins and other rosin products, with a focus on printing inks and the adhesives industries.
It has production facilities in The Netherlands,
($1 = €0.73)
By: Mark Watts
+44 20 8652 3214
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