A PYMNTS Company

India: Lanxess-Saudi Aramco’s 2.75-Billion deal gets regulator nod

By  |  January 4, 2016

Fair trade regulator CCI on Tuesday approved chemical company Lanxess and Saudi Aramco deal to form a joint venture for synthetic rubber valued at 2.75 billion euro.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Germany-based Lanxess and Saudi Aramco subsidiary, Aramco Overseas Company (AOC), will each hold a 50 per cent interest in the joint venture.

    “CCI approves formation of a 50:50 joint venture for synthetic rubber between Lanxess and AOC,” the Competition Commission of India (CCI) today said in a tweet.

    According to the deal, Saudi Aramco will have to pay about 1.2-billion euro in cash for its 50 per cent share after deducting debt and other financial liabilities. “Lanxess will contribute its synthetic rubber business to the new joint venture.

    Full content: Albawaba

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.