Basell's acquisition of Lyondell okayed by EU

27-Oct-07
Luxembourg's Basell AF SCA proposed US12.1 bln acquisition by of USA based Lyondell Chemical Company has been cleared by the European Commission. In its investigation, the commission found that the proposed transaction would not impede effective competition in the European Economic Area (EEA) or any substantial part of it. Basell produces polyolefins, Lyondell produces propylene oxide - hence the different production focuses keep the two companies' activities in Europe largely complementary. The proposed transaction is reported to create very limited horizontal overlaps in the production and sale of polyolefins and olefins; and also create a vertical link between Basell's production and sales of olefins (ethylene and propylene) and Lyondell's production of propylene oxide and related products.
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