HOUSTON (ICIS)--LyondellBasell has received approval from the Chinese State Administration of Market Regulation (SAMR) for its proposed $2.25bn purchase of plastic compounder A Schulman, the polyolefins major said on Tuesday.
SAMR’s clearance satisfies one of the conditions for closing the acquisition, the company said, which remains subject to other customary closing conditions.
A Schulman shareholders will still have to approve the deal, and other regulatory clearances and approvals are still pending.
The company received US regulatory approval in March. Approval has also been cleared by regulators in Brazil, Serbia and Turkey.
Announced in mid-February, the acquisition is expected to be completed in the second half of 2018, LyondellBasell said.
Pictured: Plastic injection moulding, used to make components from thermoplastics.
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