Solvay and INEOS have today obtained European Commission clearance for their proposed 50-50 chlorvinyls Joint Venture.
Commission clearance is subject to implementation of an agreed remedy package comprising divestment of the following INEOS owned assets:
- the membrane chlorine plant and EDC/ VCM plants at Tessenderlo, Belgium;
- the PVC plant at Mazingarbe, France;
- the PVC plant at Beek, the Netherlands;
- the PVC and VCM plants at Wilhelmshaven, Germany; and
- the EDC plants at Runcorn, UK.
In addition, the Commission requires the membrane chlorine plant at Runcorn to be placed in a Joint Venture between the INEOS/ Solvay Joint Venture and the new owner of the aforementioned assets.
The required remedy package must be implemented before the Joint Venture can be formed.
INEOS and Solvay will continue to run their businesses separately until completion of the transaction, which is expected in Q4 2014.