EU Investigates Sasol-Total Joint Venture
Wednesday April 13, 5:18 am ET
EU Opens In-Depth Investigation Into Sasol-Total Wax Joint Venture
BRUSSELS, Belgium (AP) -- The European Union on Wednesday opened an in-depth investigation into the joint venture between French oil giant Total SA and South Africa's Sasol Ltd. in petroleum-based waxes.
The waxes can be used on the construction sector, and if further refined, in such applications as candles, rubber packages, adhesives and chewing gum.
EU regulators said the four-month investigation was necessary because the joint venture could create significant competition concerns because of the importance of the companies.
"This joint venture will be by far the largest player on these markets in Europe", said EU Antitrust Commissioner Neelie Kroes.
The regulators said Sasol is already the clear market leader in Europe for paraffin waxes and the joint venture would strengthen this position.
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