EC clears SABIC's proposed takeover of GE Plastics

03 August 2007 12:27  [Source: ICIS news]

LONDON (ICIS news)--The European Commission has cleared the proposed acquisition of GE Plastics by SABIC, concluding it would not impede competition in the European Economic Area (EEA), the EC said in a statement on Friday.

 

Under the merger regulation, the EC found that the product portfolios of the two companies were largely complimentary, with SABIC focusing on raw materials and commodity plastics and GE Plastics on more specialised engineering plastics.

 

It also ruled that vertical integration of the two businesses would not close off other competitors from access to important raw materials or deprive competitors of an important raw material customer.

 

In May, SABIC announced it would acquire the plastics arm of US conglomerate General Electric for $11.6bn (€8.5bn).

 

($1 = €0.73)

By: Mark Watts
+44 20 8652 3214

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