EU: LyondellBasell gets clearance to acquire A. Schulman

Plastics, chemicals and refining company LyondellBasell has secured permission from the European Commission to acquire A. Schulman.

The European Commission’s clearance for the transaction satisfies one of the conditions for the closing of the pending acquisition, which remains subject to other customary closing conditions, including the receipt of other required regulatory clearances and approvals. Shareholders of A. Schulman voted in favor of the transaction on June 14.

As previously announced on February 15, 2018, LyondellBasell and A. Schulman, a leading global supplier of high-performance plastic compounds, composites and powders, entered into a definitive agreement under which LyondellBasell will acquire A. Schulman for a total consideration of US$2.25 billion. The acquisition builds upon LyondellBasell’s existing platform to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio.

The pending acquisition has already been by antitrust regulators in the United States, Brazil, China, Serbia, Turkey and Mexico. The transaction is expected to close in the second half of 2018.

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