BASF awaits EU nod for acquisition of Solvay's polyamide business

BASF has said that it will address concerns of EU Commission as it awaits approval for the previously announced deal to acquire Solvay’s polyamide business. In September 2017, BASF had announced plans to acquire the business subject to approval of relevant merger control authorities. The transaction has obtained merger clearance from eight of ten jurisdictions globally, BASF said. “To meet the concerns of the EU Commission, BASF has offered to refrain from acquiring certain parts of Solvay’s European polyamide business including innovation capabilities and manufacturing assets of Solvay’s intermediate and engineering plastics business. The EU Commission is now examining this offer and submitting it for market testing before completing its review procedure,” BASF informed in a press note. The EU Commission is expected to make a decision in early 2019.