Solvay and INEOS submit application to European Commission for clearance of proposed joint venture
(Thomson Reuters ONE) -
Brussels, September 17(th,) 2013 --- Further to the signing of a letter of
intent to form a 50/50 Joint Venture, INEOS and Solvay have submitted their
application for competition clearance to the European Commission.
The Commission will now consider the application and determine whether the Joint
Venture can proceed as proposed.
In addition to competition clearance from the European Commission and other
relevant authorities, the proposed transaction is subject to the applicable
information/ consultation procedures with employee representatives in the
countries involved. These processes are currently under way.
After completion of such procedures, the parties intend to enter into legally-
binding agreements to form the Joint Venture subject to customary closing
conditions.
INEOS and Solvay will continue to run their PVC businesses separately until
completion of the transaction, which is dependent on the above approvals and
procedures.
+------------------------------------------------------------------------------+
|As an international chemical group, SOLVAY assists industries in finding and|
|implementing ever more responsible and value-creating solutions. The Group is|
|firmly committed to sustainable development and focused on innovation and|
|operational excellence. Solvay serves diversified markets, generating 90% of|
|its turnover in activities where it is one of the top three worldwide. The|
|group is headquartered in Brussels, employs about 29,000 people in 55 |
|countries and generated 12.4 billion euros in net sales in 2012. Solvay SA|
|SOLB.BE) is listed on Nyse Euronext in Brussels and Paris (Bloomberg: SOLB.BB|
|- Reuters: SOLBt.BR). |
| |
|INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil|
|products. It comprises 15 businesses each with a major chemical company|
|heritage. Its production network spans 51 manufacturing facilities in 11 |
|countries throughout the world. INEOS products make a significant|
|contribution to saving life, improving health and enhancing standards of|
|living for people around the world. Its businesses produce the raw materials|
|that are essential in the manufacture of a wide variety of goods: from paints|
|to plastics, textiles to technology, medicines to mobile phones - chemicals|
|manufactured by INEOS enhance almost every aspect of modern life. |
+------------------------------------------------------------------------------+
CONTACTS AT SOLVAY
Lamia Narcisse Caroline Jacobs Maria Alcon-Hidalgo Edward Mackay
Media Relations Media Relations Investor Relations Investor Relations
+ 33 1 53 56 59 62 + 32 2 264 1530 + 32 2 264 1984 + 32 2 264 36 87
CONTACTS AT INEOS
RICHARD LONGDEN CRAIG WELSH LOUISE CALVIOU
Media Relations Media Relations Investor Relations
+ 41 216 277 063 + 44 19 28 511 528 + 44 1928 516 644
You can find here the press release in PDF:
http://hugin.info/133981/R/1729481/577822.pdf
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Source: Solvay S.A. via Thomson Reuters ONE
[HUG#1729481]
Unternehmensinformation / Kurzprofil:
Datum: 17.09.2013 - 10:44 Uhr
Sprache: Deutsch
News-ID 297235
Anzahl Zeichen: 4226
contact information:
Town:
Brussels
Kategorie:
Business News
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"Solvay and INEOS submit application to European Commission for clearance of proposed joint venture"
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