The Polish Office of Competition and Consumer Protection (UOKiK) has raised concerns about Air Products’ proposed takeover of Europe’s largest independent carbon dioxide (CO₂) producer, ACP Europe.

UOKiK said it has referred the deal to the second stage of its review process in order to determine whether the takeover would restrict competition.

According to the regulator, the results of a market study showed that if the transaction went ahead, Air Products would control more than half of the CO₂ market’s production and marketing, and its share would be more than twice the size of its largest competitor.

This advantage might also grow in the coming years due to the planned start-up of new facilities, said UOKiK. As a result, the authority said the deal might lead to increased prices for liquid CO2.

UOKiK has given Air Products 14 days to respond to its reservations, although this period may be extended by a further two weeks.