21 December 2012 18:59 [Source: ICIS news]
HOUSTON (ICIS)--Ecolab is still in discussions with US competition regulators to gain clearance for its planned acquisition of specialty chemicals producer Champion Technologies, the US-based firm said on Friday.
Ecolab and Champion announced the deal in October and amended it in December, but they have yet to receive clearance from the US Department of Justice's (DOJ) antitrust division.
"We have worked hard with the DOJ to resolve the remaining issues regarding our transaction,” Ecolab CEO Douglas Baker said.
“Unfortunately, given the short time remaining in the year, it has become clear we are unlikely to finalise the work with the DOJ by year-end,” Baker said.
While Ecolab remains confident that it can address the DOJ's remaining issues, it is possible that the transaction will not be completed by 28 February or at all, he added.
The original agreement from October valued the deal at $2.2bn. However, in December the firms agreed that Champion's downstream process and water solutions business would be spun off prior to the acquisition, reducing the deal's overall value slightly to $2.16bn (€1.64bn).
Additional reporting by Tracy Dang
($1 = €0.76)
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