Under the EU Merger Regulation, the European Commission has clear a proposed joint venture between the British group BP and the Canadian company Nova Chemicals. This JV combines the polystyrene and expandable polystyrene interests of the two companies.
The joint venture will be active in the production of polystyrene ("PS") and expandable polystyrene ("EPS"). The two parent companies will contribute their European PS and EPS activities to the joint venture. The European Commission concluded that the transaction would not significantly hamper effective competition in the EEA or any substantial part of it. The Commission's examination of the transaction showed that the proposed operation does not raise horizontal or vertical competition concerns. The Commission, therefore, concluded that the transaction would not have any significant impact on the markets of PS and EPS in the EEA.
BP - a multinational oil and petrochemical group is involved in 4 core businesses in the field of oil and gas exploration and production:
* Refining
* Marketing and transportation
* Manufacturing and marketing petrochemicals and related products
* Developing gas-fired power generating facilities.
Nova Chemicals is a chemical commodity manufacturer, with two divisions. Through its olefins/polyolefins business it produces ethylene, polyethylene and chemical and energy products while through its styrenics business it is active in the production of styrene and polymers.
04-Jul-05 
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