Hydro and Orkla propose remedies to obtain EU competition clearance for aluminium extrusions JV
(Thomson Reuters ONE) -
Following the agreement between Norsk Hydro ASA and Orkla ASA to combine their
respective aluminium extrusion businesses, the European Commission has expressed
preliminary concerns regarding the possible competitive effects of the intended
merger in certain markets.
The concerns relate to multi-port extrusions (MPE) in Europe and soft-alloy
extrusions in the Nordic region, in this context defined as Norway and Sweden.
In response to the concerns expressed by the European Commission, Orkla and
Hydro propose, if required, to divest Sapa's MPE business at Harderwijk in the
Netherlands and Hydro's extrusion plant at Raufoss in Norway, including Hydro's
affiliated fabrication plant in Vetlanda, Sweden.
The European Commission's initial review period will be extended until 14 May
2013. Provided that it approves the joint venture transaction subject to these
conditions, a divestment process of the plants will be initiated.
The planned transaction between Hydro and Orkla has been approved by the U.S.
Department of Justice and relevant competition authorities in several other
jurisdictions. In addition to the clearance from the European Commission,
completion of the transaction is also subject to approval by Chinese
authorities.
Hydro and Orkla expect the planned joint venture transaction, retaining the
company name Sapa, to be completed in the first half of 2013.
Orkla ASA
Oslo, 18 April 2013
Ref.:
EVP Corporate Communications and Corporate Affairs
Håkon Mageli
Mobile +47 928 45 828
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Source: Orkla ASA via Thomson Reuters ONE
[HUG#1694172]
Unternehmensinformation / Kurzprofil:
Datum: 18.04.2013 - 17:23 Uhr
Sprache: Deutsch
News-ID 250614
Anzahl Zeichen: 2266
contact information:
Town:
Oslo
Kategorie:
Business News
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