- UK's competition watchdog on Thursday cleared Swiss chemicals firm Sika AG and Germany-based MBCC Group's 4.5 billion pound ($5.57 billion) merger after they agreed to sell a part of the business to address competition concerns.
ADVERTISEMENT
ADVERTISEMENT
The companies proposed to sell MBCC's chemical admixtures business in Europe, UK and several other countries, ensuring that the deal would not harm the UK construction industry by reducing quality and increasing prices, the Competition and Markets Authority (CMA) said.
The CMA's inquiry into Sika's acquisition of MBCC, the former BASF Construction Chemicals business, in November last year had delayed the completion of the deal to the first half of 2023.
In October, the parties asked the CMA to fast-track the case.
Regulators in Australia, Britain, Europe, New Zealand and North America have asked Sika to sell part of the admixtures business to meet competition concerns.
($1 = 0.8073 pounds)