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US's Apollo cleared to buy Swiss Taminco

February 15/2012

(europolitics) -- Apollo Global Management, a private equity fund, obtained the European Commission's green light to buy Taminco, a Belgian chemical firm, on 13 February.

The executive's decision clears the acquisition of the Belgian producer of alkylamines (chemicals used in a wide range of products, including detergents, insecticides, fertiliser and water purification) by the US-based equity fund active in various businesses worldwide, particularly in the chemicals sector. Apollo has offered EUR1.1 billion to CVC Capital Partners, which currently owns a controlling share in Taminco.

The Commission concluded that the transaction would not raise competition concerns because the parties do not operate on the same markets and will continue to face competition from other operators on related markets. The investigation confirmed the absence of overlap between Taminco's activities and those of other companies currently owned by Apollo, but explored potential vertical effects on markets for methylamine, used as an input by another chemical firm controlled by Apollo, Momentive Performance Holdings LLC.

The executive concluded that although Taminco is an important supplier of methylamine, there are a number of other suppliers of this product on the market. At the same time, the volumes of methylamine needed to produce polyurethane catalysts are not significant in comparison with its other applications. The merged entity would therefore be unable to shut out competing methylamine suppliers.

Author:Anna Larionova
Category:General News
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