Solvay and Ineos Submit Revised Remedy Package to European Commission
Further to the earlier decision of the European Commission to continue its evaluation of the proposed 50/50 Joint Venture between Solvay S.A., Brussels, Belgium, and Ineos Group AG, Rolle, Switzerland, in a Phase II investigation, the parties have jointly agreed to put forward a revised remedy package to address any competition concerns that have been raised by the European Commission.
The proposed remedy package, which was submitted to the European Commission yesterday, comprises the divestment of the PVC plants at Schkopau (Germany), Beek (The Netherlands) and Mazingarbe (France) along with the chlor-alkali, EDC and VCM assets at Tessenderlo (Belgium). These facilities are all currently operated by Ineos and are strategically important within the European chemicals sector. They have the ability to compete as successful stand-alone businesses under third party ownership.
The European Commission will now consider this remedy package alongside any further market testing it wishes to undertake ahead of making a final decision. Assuming such asset disposals are required to obtain Commission clearance this would be subject to full consultation with employee representatives.
Ineos and Solvay will continue to run their businesses separately until completion of the transaction, which is dependent on the above approvals and procedures.
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