INEOS committed to Kerling polymers acquisition

25 October 2007 12:36  [Source: ICIS news]

LONDON (ICIS news)--INEOS is working with the European Commission to complete its purchase of Norsk Hydro’s Kerling polymers business after a review of the purchase was suspended, the UK-based chemical company said on Thursday.

 

The commission suspended its competition review of the proposed Norwegian kroner (Nkr) 5.5bn ($1bn/€710m) acquisition because it needed further information from the companies concerned, INEOS said in a statement.

 

“This procedure, often referred to as ‘stopping the clock’, is common in complex clearance procedures such as this one and has the effect of extending the deadline for a clearance decision,” it added.

 

“We are continuing to work in co-operation with the commission to ensure that we provide all the information that they require as quickly as possible and we are hopeful that the suspension will be lifted soon,” it said.

 

($1 = Nkr5.43/$1 = €0.70)

 


By: Lucy Craymer
+44 20 8652 3214



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