BASF Concessions Lead EU To OK €3.1B Cognis Deal

Law360, New York (November 30, 2010, 3:38 PM EST) -- The European Commission on Tuesday gave the green light to BASF SE's proposed €3.1 billion ($3.8 billion) acquisition of specialty chemicals manufacturer Cognis Holding Luxembourg Sarl, following BASF's offer to divest Cognis' entire hydroxy monomers production business to resolve competition concerns.

Due to this concession, the commission agreed to clear the proposed deal under the EU’s merger regulations, concluding that “the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it,” according to an agency press release....
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