US competition authorities clear deal for TPC Group

25 September 2012 12:44  [Source: ICIS news]

HOUSTON (ICIS)--US competition authorities have terminated the regulatory waiting period for the pending sale of chemicals firm TPC Group to two investment funds, bringing the $850m (€655m) deal closer to completion, officials said on Tuesday.

TPC said that it received early termination of the required waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its planned sale to First Reserve Corporation and SK Capital Partners.

The deal, which was announced last month, still needs approval from TPC's shareholders. TPC expects to close the deal in the fourth quarter of 2012, it said.

By: Stefan Baumgarten
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