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Dec 15 (Reuters) – The UK competition watchdog on Thursday cleared the 4.5 billion pound ($5.57 billion) merger of Swiss chemical firm Sika AG ( SIKA.S ) and Germany-based MBCC Group after they agreed to sell part of the business to address competition concerns. . .
The Competition and Markets Authority (CMA) said the companies had proposed selling MBCC’s chemical admixture business in Europe, the UK and several other countries, ensuring that the deal would not harm the UK construction industry by reducing quality and raising prices.
An investigation by the CMA into Sika’s acquisition of MBCC, the former BASF construction chemicals business, in November last year delayed the completion of the deal to the first half of 2023.
In October, the parties asked the CMA to fast-track the case.
Regulators in Australia, Britain, Europe, New Zealand and North America have asked Sika to sell part of the admixture business to address competition concerns.
($1 = 0.8073 pounds)
Editing by Vinay Dwivedi Reporting by Yadarisa Shabong and AB Jose Koilparambil in Bengaluru
Our Standards: The Thomson Reuters Trust Principles.
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