Thai polyester giant Indorama Ventures (IVL) and its two partners in the joint acquisition vehicle CC Polymers have received all regulatory clearance from the US Federal Trade Commission (FTC) for their proposed joint asset purchase of insolvent PET producer M&G USA and its affiliated debtors.

The consortium founded in March 2018, which also includes Taiwan’s Far Eastern New Century (FENC) and Mexico’s Alpek, offered a binding bid of $1.125 billion in cash and other capital contributions for the Italian company’s unfinished production complex at Corpus Christi Texas, USA. The facilities have nameplate capacity to produce 1.3 million t/y of PTA and 1.1 million t/y of PET.

Certain intellectual property and a desalination/boiler plant designed to supply energy and water to what will be the world’s largest single-line vertically integrated PTA-PET production line and the largest PTA plant in the Americas are also part of the deal.

Under the terms of the joint venture agreement, each of the three partners – who are believed to be M&G’s biggest creditors – will receive a third of the PTA and PET produced, with each securing its own raw materials separately  Each of the companies will also independently sell and distribute the finished PTA and PET.