INEOS Capital confirms that it has today received unconditional clearance from the European Commission for the purchase of the Hydro Polymers businesses in Norway, Sweden and the UK from Norsk Hydro ASA. The acquisition was agreed with Norsk Hydro last year and includes the remaining 50% interest in the Noretyl ethylene cracker at Rafnes, INEOS Group having acquired the other 50% from Borealis last summer.
INEOS expects the acquisition to be completed in the next week.
Comments Jim Ratcliffe, INEOS Chairman: "We are delighted that we are now able to proceed towards completion of the deal, which is a significant step forward for the growth and development of INEOS."
On 12th December the Commission began an investigation into the alleged early implementation of this transaction (which would be contrary to the applicable competition laws) by visiting the parties' premises in the UK. The Commission has now confirmed that, following its assessment of the information gathered during the inspections, it has come to the conclusion that the allegations of early implementation were unjustified and it will not therefore be taking the matter any further.
Comments Chris Tane, CEO INEOS ChlorVinyls: "We were confident that we had fully complied with the relevant laws, and we are pleased that the Commission has confirmed that it has completed its investigation and will not be taking any further action."