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EU clears CVC purchase of majority stake in DSM chemical units

Reuters - UK Focus

July 23 (Reuters) - European antitrust regulators said on Thursday it approved CVC Capital Partners' acquisition of a majority stake in two chemicals subsidiaries of Dutch food and dietary supplements maker DSM.

The European Commission, which rules on antitrust issues in the European Union, concluded that the proposed acquisition would raise no competition concerns as the parties' market shares on the upstream and downstream markets are moderate and other suppliers would continue to be active on both levels.

Under the deal, DSM will place its polymer intermediates and composite resins businesses into a new company, with CVC (Taiwan OTC: 4744.TWO - news) taking a 65 percent stake and DSM retaining 35 percent.

The Dutch company expects to receive at least 300 million euros ($329.7 million) in cash from CVC for the sale, and may receive up to an additional 175 million euros later if the new company meets undisclosed performance goals.

DSM said the disposal will make its earnings less cyclical and allow it to focus on its nutrition and high-performance materials business. ($1 = 0.9099 euros) (Reporting by Alexander Saeedy; editing by Philip Blenkinsop)