Commission clears Evonik-CVC merger

09 September 2008 09:35  [Source: ICIS news]

PARIS (ICIS news)--The European Commission has cleared the 25.01% acquisition of German chemicals, energy and real estate company Evonik by CVC Capital Partners, it confirmed on Tuesday.

The executive arm of the EU cleared the transaction under the EU merger regulations late on Monday.

It concluded that the €2.4bn ($3.4bn) purchase by the Luxembourg group CVC from majority stakeholder Germany’s RAG-Stiftung would “not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it”.

Evonik and CVC's portfolio companies are active in the market for thermoplastic methacrylate resins - specialty chemicals used notably in printing inks - and involved in the production of input materials for print inks and other specialty chemicals as well as distribution of commodity and specialty chemicals.

However, the Commission ruled that the “horizontal and vertical overlaps between the activities of Evonik and some of the CVC portfolio companies were limited", adding they would “continue to face several strong, effective competitors with significant market shares”.

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By: Philippa Jones
+44 20 8652 3214

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