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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Huntsman Corporation | NYSE:HUN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.49 | 1.98% | 25.22 | 25.315 | 24.92 | 24.92 | 1,395,611 | 00:39:51 |
BRUSSELS--The European Union's competition regulator on Wednesday said it had opened an in-depth investigation into Huntsman Corp.'s (HUN) acquisition of the titanium dioxide assets of chemical maker Rockwood Holdings Inc. (ROC).
Announced last year, the $1.1 billion cash deal would make Huntsman the second-largest global producer of titanium dioxide and inorganic color pigments for uses in paints and industrial coatings.
The European Commission said it has concerns that the transaction may reduce competition in the market for sulphate-based titanium dioxide in the European Economic Area, which comprises EU member states and the three EFTA states of Iceland, Liechtenstein, and Norway.
Rockwood's performance additives and titanium dioxide businesses include the manufacture and supply of sulphate process titanium dioxide, synthetic iron oxide and other organic pigments, timber treatment products and specialty automotive materials. These businesses had combined net sales of $1.45 billion in 2012, Rockwood said. These products are used in coatings, construction, concrete, plastics, papers, inks, food, cosmetics, pharmaceuticals, fibers and films.
The total size of Europe's titanium dioxide market is around 3 billion euros ($4.1 billion). The commission's preliminary investigation showed that the proposed transaction would raise competition concerns in this market.
"At this stage, the Commission has concerns that the remaining competitors may not be able to exert sufficiently strong competitive constraint on the merged entity in specialty markets using sulphate-based titanium dioxide," the commission said.
The commission will now investigate the effects of this transaction to determine whether its initial concerns are borne out.
Write to Frances Robinson at Frances.Robinson@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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