Merger control: Commission approves proposed acquisition of Evonik by CVC and RAG-Stiftung
- Germany
- 09/10/2008
- Roschier, Attorneys Ltd. - Sweden
The Commission has cleared the acquisition of joint control in Evonik industries AG (“Evonik”), of Germany, by CVC Capital Partners Group SARL (“CVC”), of Luxembourg, and RAG-Stiftung, of Germany. Evonik is active in the market for specialty chemicals, energy and real estate. CVC is active in providing investment advice and in managing investments. It also controls several companies, including Flint, which is active in printing inks, and Taminco, which is active in chemicals. Both Evonik and CVC are active in the market for thermoplastic metacrylate resins, a specialty chemical with many applications, including printing inks. The RAG-Stiftung is a German civil law foundation established to promote the restructuring of the RAG group, which consists of the coal mining activities in the German states of North-Rhine Westphalia and Saarland. The RAG-Stiftung is the ultimate parent entity of both the RAG group and the Evonik Group. The Commission concluded that the proposed transaction will not create or strengthen such a dominant market position that would significantly impede effective competition in the EEA or in any substantial part thereof.
Source: Commission Press Release 8/9/2008
