EC extends probe into INEOS' Kerling acquisition

10 September 2007 08:38  [Source: ICIS news]

MUMBAI (ICIS news)--The European Commission's (EC) competition agency has again extended its investigation into the proposed acquisition of Norsk Hydro's petrochemicals business, Kerling, by British chemicals company INEOS as part of a clearance process, the EC said.

The commission now had until 11 January to complete its probe, it added late on Friday.

"According to the original schedule, completion [of the acquisition] was to take place in the third quarter of this year," Norsk Hydro said.

The acquisition would now be finalised as soon as the EC gave the go-ahead, it added.

The EC's approval is the sole remaining requirement for the acquisition to be completed.

The commission had earlier extended the deadline for its enquiry into the proposed Norwegian kroner (Nkr) 5.5bn ($958m/€696m) deal from 24 August to 7 September.

($1 = Nkr5.74) ($1 =  €0.73)

By: Divya Chowdhury
+65 6780 4359

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