Borealis completes sale of Norwegian polyolefins business to Ineos

08-Sep-07
Borealis has completed the sale of its Norwegian polyolefins business and share of the Noretyl gas cracker to Ineos. The deal, estimated at EUR 290 mln, encompasses a 175,000 tpa polypropylene (PP) unit and a 140,000 tpa low density polyethylene (LDPE) unit, as well as a 50% share of the 557,000 tpa Noretyl gas cracker. The acquisition has been cleared by the European Commission. The commission said the transaction would not significantly impede effective competition in the European Economic Area. The EU executive found that for the production of ethylene, polyethylene, propylene, polypropylene, as well as Crude C4 and pygas, the combined firm would not have any significant anti-competitive impact on the structure of the market and would continue to face several strong, effective competitors with significant market shares. The commission also studied the impact of the transaction on the upstream market for the purchase of liquid petroleum gas and ethane as feedstock for ethylene and propylene and concluded that there would be no risk of these markets being closed off.
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