The European Commission Wednesday cleared U.K. chemicals company Ineos Group Ltd. to buyNorwegian polymers producer Kerling ASA, belonging to Norsk Hydro ASA (NHY.OS), in a deal worth 5.5 billion kroner (EUR680 million).
The European Commission Wednesday cleared U.K. chemicals company Ineos Group Ltd. to buyNorwegian polymers producer Kerling ASA, belonging to Norsk Hydro ASA (NHY.OS), in a deal worth 5.5 billion kroner (EUR680 million).
The commission cleared the deal after an in-depth investigation, saying it wouldn't significantly hamper competition in Europe.
The sale is part of Norsk Hydro's plans to concentrate on aluminum and power production.
The polymers unit, recently renamed Kerling ASA, employs about 1,200 people and has production facilities in Norway, Sweden and the U.K. It is mainly active in the production of polyvinyl chloride, or PVC, and caustic soda.
Ineos employs about 15,000 people and has annual sales of around $36 billion. Ineos said the acquisition is a good fit and will boost the company's long-term growth.
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