UpdateINEOS disappointed with Kerling deal delay

10 September 2007 11:47  [Source: ICIS news]

(Releads, adds quotes and detail from INEOS throughout)

 

INEOS disappointed over Kerling delayLONDON (ICIS news)--INEOS was disappointed over the European Commission’s (EC's) decision to extend its investigation into the company's proposed acquisition of Norsk Hydro’s Kerling petrochemicals business, the UK-based company said on Monday.

 

The deal was due to close in the third quarter, but the EC now has until 11 January to complete its probe.

 

“While this decision is disappointing, we are confident that we will be able to work through this process and provide the commission with the information it needs to ensure completion of the acquisition” said INEOS ChlorVinyls CEO Chris Tane.

INEOS said the focus of these further investigations was to consider the effects on competition in the UK suspension polyvinyl chloride (S-PVC) market and possible impacts on competition in other national markets for caustic soda, S-PVC compounds and PVC films.

 

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: Mark Watts
+44 20 8652 3214



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