EU Clears Total's Purchase of Polimeri Unit
European antitrust authorities approved the acquisition on Thursday of parts of Polimeri Europa Benelux, a chemicals group, by Total Petrochemicals Feluy, a division of French energy group Total. Polimeri Europa Benelux, which is ultimately controlled by Italian energy company Eni, makes specialty chemicals and commodity polymers.
Total Petrochemicals also makes commodity polymers, but the European Commission said the acquisition would not harm competition.
"The Commission's investigation showed that the transaction would lead to a relatively small overlap and the combined entity would continue to face several competitors," it said in a statement.
The transaction concerns Total Petrochemicals acquisition of Polimeri's polystyrene production lines and related polystyrene business in Feluy, Belgium. Polysytrene is used in packaging, consumer goods and electrical and electronic appliances.
