Regulatory approval process for the intended acquisition of Solvay’s polyamide business moves forward: BASF offered commitments to meet concerns of the EU Commission; Transaction to complement BASF’s engineering plastics portfolio and ensure backward integration into key raw materials. This press release is published today, Oct. 16th., 2018.
In September 2017, BASF and Solvay agreed that BASF would acquire Solvay’s polyamide business subject to approval of the relevant merger control authorities. The approval process of the EU Commission is ongoing. To meet the concerns of the EU Commission, BASF has offered to refrain from acquiring certain parts of Solvay’s European polyamide business including innovation capabilities and manufacturing assets of Solvay’s intermediate and engineering plastics business. The EU Commission is now examining this offer and submitting it for market testing before completing its review procedure.
By complementing the engineering plastics portfolio, enhancing the access to key growth markets in Asia and South America as well as strengthening the value chain through backward integration into key raw materials such as ADN (adipodinitrile), BASF would still achieve its key strategic objectives.
BASF will continue to work closely with the EU Commission which is expected to make a decision in early 2019. As of now, the transaction has obtained merger clearance from eight of ten jurisdictions globally.
About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The more than 115,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of €64.5 billion in 2017. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (BAS). Further information at www.basf.com.
************************
Why Should Be “A Paid-Subscriber” and “Advertiser”
Keeping an independent media in countries that impose limitations on self supporting media, will help to support the humankind’s freedom. If you believe it, please act to be a PRO-MEMBER by clicking “HERE“, or:
Please send your PR’s directly to my email address to be published in the world via ” https://pimi.ir ” my address is: aasaatnia@live.com
