(Source: EU Commission)
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over PQ Performance Chemicals of the Netherlands and Hong Kong, by Cerberus Capital Management L.P. (‘Cerberus’) and Koch Industries, both of the U.S. PQ Performance Chemicals is a producer of sodium silicas, downstream specialty silicas, zeolites and other derivatives. Cerberus is active in investments, among others in financial services, manufacturing, building materials and real estate. Koch Industries controls a diverse portfolio of companies involved, among others, in refining and chemicals, minerals, fertilizers, commodity trading and services, polymers and fibers, glass, printing and packing, enterprise software and investments. The Commission concluded that the proposed acquisition would raise no competition concerns, given the absence of horizontal overlaps or vertical links between the activities of the companies. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10219.