30 January 2008 11:42 [Source: ICIS news]
LONDON (ICIS news)--The European Commission has cleared INEOS Capital’s acquisition of Hydro Polymers’ business in Norway, Sweden and the UK from Norsk Hydro, according to an INEOS press release on Wednesday.
“We are delighted that we are now able to proceed towards completion of the deal, which is a significant step forward for the growth and developments of INEOS,” said INEOS chairman Jim Ratcliffe.
The acquisition of the Kerling polymers business was agreed in 2007 but was then investigated by the EC because of the alleged early implementation of the transaction, which has now been dismissed.
“The sale to INEOS represents a solid, long-term industrial solution for the polymer business and is in line with Hydro’s strategy to focus on aluminium production and divest non-core assets,” Norsk Hydro said in a statement.
Part of the deal includes the remaining 50% share in the Noretyl ethylene cracker in ?xml:namespace>
INEOS purchased the other 50% share from Borealis in the summer of 2007.
The cracker’s capacity was rated at 550,000 tonnes/year, according to ICIS plants and projects.
INEOS has olefins assets in
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