XRG has secured the final regulatory approvals for its purchase of German chemicals firm Covestro. In a 21 November announcement, XRG confirmed that it had received clearances from the German Federal Ministry for Economic Affairs and Energy under Germany’s Foreign Direct Investment regime, which followed clearance from the European Commission under the EU Foreign Subsidies Regulation on 14 November.
These were the only two outstanding regulatory approvals required, and now that they are complete, XRG will proceed to close the acquisition. Covestro will be the foundational piece for XRG’s performance materials and specialty chemicals business (MEES, 26 September). (CONTINUED – 307 WORDS)
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