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European Commission approves JV combining Solenis and BASF's chemicals business
The European Commission has approved the acquisition of joint control over a newly created joint venture combining Solenis and BASF's global paper and water chemicals business by BASF SE of Germany and Clayton, Dubilier & Rice, Inc. of the US.
BASF DOM supplies wet-end paper chemicals and water treatment chemicals. Solenis, a portfolio company of CD&R, is a specialty chemical company providing process and water solutions. The joint venture will also be active in these sectors.
Following its market investigation, the Commission concluded that, although the proposed transaction may lead to horizontal and vertical overlaps, it would not give rise to competition concerns. This is because of the number of rivals remaining in the market, the differences in the business models of Solenis and BASF DOM, the existing vertical relationships between BASF and Solenis, and the fact that Solenis represents only a minimal share of the demand for BASF's products. The transaction was examined under the normal merger review.
Source: Lesprom Network