Europe’s largest polyvinyl chloride makers Ineos and Solvay have reportedly been approved to proceed with their proposed $6 billion joint venture.
According to reports, the European Commission will allow the project to go through after striking a deal with Ineos that sees the company divesting several PVC plants. Reports say Ineos will find a single buyer for the assets, allowing the acquirer the strength to compete with the joint venture.
Ineos and Solvay first announced plans last year that will allow them to streamline and more cheaply transport and market their products, the companies said, as the EU is faced with a PVC market that is over capacity as demand for the material drops.
Solvay said it will exit the venture at a later date.
Full content: Bloomberg
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