Diepgaand onderzoek naar voorgenomen overname van Canadees chemiebedrijf Acetex door Amerikaanse bank Blackstone (en)

The European Commission has opened an in-depth investigation under the EU Merger Regulation into the planned acquisition by the US-based merchant-banking firm Blackstone of the Canadian chemicals company Acetex. One of the companies controlled by Blackstone (Celanese) is active on the same markets as Acetex. The Commission's initial market investigation has found that the proposed acquisition may create significant competition problems given the parties' horizontal overlaps in the markets of acetic acid, vinyl acetate monomer (VAM) and acetic anhydride. The decision to open a detailed inquiry does not prejudge the final result of the investigation. The Commission now has four months to take a final decision on whether the concentration would significantly impede effective competition within the European Economic Area (EEA).

"This takeover is in a sector that is currently undergoing substantial developments in terms of both consolidation and shifting patterns of supply and demand", commented Competition Commissioner Neelie Kroes. "It is therefore crucial that the Commission verifies that effective competition will be preserved".

Both Celanese and Acetex are companies that produce commodity chemicals including acetic acid, VAM and acetic anhydride. These products are chemical intermediaries used in a wide variety of applications. The two firms are among the three major suppliers in Europe, where together they have very significant shares of the merchant market (the part of the market that is not captive). The Commission's preliminary investigation indicates that the relevant geographic markets for these products may be European in scope, due to high transport and storage costs, import duties, regional pricing by suppliers and the fact that a large majority of the imports are undertaken by the companies themselves. The preliminary investigation also indicates that there may be substantial horizontal overlaps on these markets. The Commission has therefore opened a second phase investigation in order to carry out an in-depth assessment of the proposed transaction. It now has four months to investigate whether the markets at stake are EEA in scope and whether the proposed acquisition will significantly impede effective competition in these markets.

Blackstone is a private merchant-banking firm based in the US, active mainly in financial advisory services, private equity investing and property investment.

Celanese is a worldwide chemicals company, controlled by Blackstone. It is active in four main sectors: chemical products, acetate products, technical polymers and food ingredients.

Acetex, headquartered in Vancouver, Canada is active in the acetyls and the plastic business.