Australian Competition Regulator Seeks Views On Sika-MBCC Group Acquisition
(RTTNews) - The Australian Competition & Consumer Commission or ACCC, announced Friday that it is seeking views on a proposed court-enforceable divestiture undertaking offered by Sika AG (SXYAY.PK, SKFOF.PK) in relation to its proposed acquisition of MBCC Group.
Sika and MBCC Group supply construction chemicals and materials including chemical admixtures, fibres and concrete works.
The ACCC has preliminary concerns that the transaction would substantially lessen competition in Australia in the supply of chemical admixtures by combining the two largest suppliers resulting in a likely market share of approximately 80 percent.
To address the ACCC's concerns, Sika is offering a court-enforceable undertaking to divest MBCC Group's entire business including its subsidiary, Bluey Technologies in Australia and New Zealand.
This is part of a global remedy being proposed by the parties which would also commit Sika to divest MBCC Group's admixture business in the European Economic Area, Switzerland, United Kingdom, United States and Canada including several research and development facilities.
The MBCC Group businesses would be sold to a single purchaser approved by the ACCC and relevant international competition agencies. The ACCC has liaised closely with other competition agencies in relation to the merger review and remedy proposal.
The ACCC invites submissions on the proposed undertaking by 3 February 2023.
Sensex, Nifty End Choppy Session Little Changed
European Shares Inch Higher In Cautious Trade
Asian Shares Modestly Higher Before Pivotal US Jobs Report
European Shares Set For Steady Open Before US Jobs Report
Sensex, Nifty Open Higher On Fed Rate Cut Hopes
Australian Market Trims Early Gains In Mid-market
Asian Markets Track Wall Street Higher
