INEOS receives unconditional clearance from the European Commission

31-Jan-08

INEOS has received unconditional clearance from the European Commission for the purchase of the Hydro Polymers businesses in Norway, Sweden and the UK from Norsk Hydro ASA. INEOS expects the acquisition to be completed in the next week. The company has decided to acquire Norsk Hydro last year including the balance 50% interest in Noretyl ethylene cracker at Rafnes. Earlier, INEOS Group had acquired the other 50% from Borealis. This acquisition will be a significant step forward for the growth and development of INEOS. The Commission began an investigation on 12th December into the alleged early implementation of this transaction (which would be contrary to the applicable competition laws) by visiting the parties' premises in the UK. The Commission has confirmed that, following its assessment of the information gathered during the inspections, it has come to the conclusion that the allegations of early implementation were unjustified and it will not therefore be taking the matter any further.