EU approves Borden buy of Germany's Bakelite
Tue Apr 12, 2005 04:07 AM ET
BRUSSELS, April 12 (Reuters) - The European Commission on Tuesday approved plans by U.S. chemical firm Borden to buy German thermoset plastics company Bakelite for between $215 million and $245 million subject to certain conditions.
Borden, owned by U.S. buyout house Apollo Management, is buying Bakelite from Ruetgers AG, a subsidiary of German chemicals and coal mining group RAG [RUHR.UL].
"The Commission found that the proposed transaction could give rise to competition concerns in the fields of phenolic resins for refractory materials and reactive diluents for epoxy systems," the Commission said in a statement.
"However, the parties have offered remedies that remove the concerns identified by the Commission," it added.
Bakelite, based in Iserlohn-Letmathe, Germany, is a leading source of phenolic and epoxy thermosetting resins and molding compounds with 13 manufacturing facilities in Europe and Asia.
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