EU: Total, Sasol Abort Planned Venture
Monday April 25, 8:42 am ET
EU: Total, Sasol Abort Planned Petroleum-Based Waxes Joint Venture
BRUSSELS, Belgium (AP) -- The European Commission on Monday said French oil giant Total SA and South Africa's Sasol Ltd. have abandoned plans for a joint venture in petroleum-based waxes.
The announcement came less than two weeks after the European Union's head office said its regulators had launched an in-depth investigation into the deal. EU regulators said the four-month investigation was necessary because they had "serious concerns that the transaction could significantly impede effective competition."
The regulators said Sasol is already the clear market leader in Europe for paraffin waxes and the joint venture would strengthen this position.
Such waxes can be used in the construction sector, and if further refined, in such applications as candles, rubber packages, adhesives and chewing gum.
Engineering News Archive