Ineos, Solvay offer sell-off to gain JV approval

PRW

Published: March 4, 2014 9:55 am ET
Updated: March 4, 2014 9:58 am ET

Related to this story

Topics Mergers & Acquisitions, Materials Suppliers, Europe
Companies & Associations Solvay SA

Chemical giants Solvay SA and Ineos Group AG have offered to sell off a number of plants across Europe as the price for European Commission (EC) approval of their proposed chorvinyls joint venture.

Last November the EC launched an in-depth probe into the proposed 50-50 deal, which Solvay and Ineos had set about creating in May 2013, and which they said would create the world's third largest chorvinyls business.

In what the two companies described as a "remedy package" they have committed to selling off PVC plants at Schkopau in Germany, Beek in the Netherlands and Mazingarbe in France.

Also to be sold off are the chlor-alkali, EDC and VCM assets at Tessenderlo, Belgium.

In a statement the pair said these facilities were all currently operated by Ineos and "strategically important within the European chemicals sector".

The companies said they had "the ability to compete as successful stand-alone businesses under third party ownership."

Ineos of Rolle, Switzerland, and Brussels-based Solvay said the EC would consider its proposals "alongside any further market testing it wishes to undertake ahead of making a final decision.

"Assuming such asset disposals are required to obtain Commission clearance this would be subject to full consultation with employee representatives."

Both firms said they would continue to run their businesses separately until completion of the deal, which they noted was dependent on the revised approvals and procedures.

When it announced its in-depth investigation last November the EC said that it would report on its findings no later than March 21.


Comments

Ineos, Solvay offer sell-off to gain JV approval

PRW

Published: March 4, 2014 9:55 am ET
Updated: March 4, 2014 9:58 am ET

Post Your Comments


Back to story


More stories

Image

RPC Group buying Iceland's Promens

November 27, 2014 8:46 am ET

In a major acquisition that combines two rigid packaging companies with international footprints, RPC Group plc has signed a 399 million euro ($497...    More

RheTech to commercialize hemp fibers to replace glass in PP

November 27, 2014 6:00 am ET

RheTech Inc. plan to commercialize its first hemp fiber compounds in January.    More

Image

Market growing, but compounders say customers remain 'cautious'

November 27, 2014 6:00 am ET

Everywhere they've looked, North American compounders and concentrate makers have seen numbers on the rise in 2014.    More

Image

Huhtamäki selling film division

November 26, 2014 2:10 pm ET

Private equity firm Deutsche Beteiligungs AG (DBAG) will acquire the film business of Finland-based plastics packaging group Huhtamäki Oyj for 141...    More

Image

Americhem beats weather woes at start of 2014 for good fiscal year

November 26, 2014 9:45 am ET

Gains from the automotive and construction markets provided a strong fiscal 2014 for Americhem Inc.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events