Promo - published on 31 October 2019
Press release European Commission
The European Commission has approved, under the EU Merger regulation, the creation of a joint venture between Petrochemical Industries Company K.S.C. (PIC) of Kuwait and SKC Co.,
Ltd. of South Korea.
The joint venture will comprise SKC’s current chemicals business, which PIC will jointly control. The joint venture will focus its activities predominantly in the Asia-Pacific region.
PIC is a global manufacturer and marketer of petrochemicals.
SKC is active primarily in the manufacture of chemicals, films, semiconductors and benzene hexachloride materials.
The Commission concluded that the proposed transaction would raise no competition concerns because the joint venture will have negligible activities in the European Economic Area, and because of
the very limited vertical and horizontal overlaps between the activities of the companies.
The transaction was examined under the simplified merger review procedure.
