European Union regulators approved on Friday the acquisition of the British resin maker Artenius by KP Chemical, a subsidiary of South Korean conglomerate Lotte Group. The European Commission, competition watchdog of the 27-nation EU, said the transaction would raise no competition concerns.

"The combined market share of the parties would remain moderate ... and the combined entity would face competitive pressure from other chemical companies," the EU executive said in a statement.

KP Chemical produces chemical products, including purified terephthalic acid (PTA) and polyethylene terephthalate (PET) resin, mainly used to make bottles.

Artenius UK, which was placed under administration in 2009, also produces PET resin and PTA chemicals.