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17:23, 03-Aug-2017
EU greenlights joint venture between ChemChina, Japan's AKC
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European Union (EU) regulators approved the creation of a joint venture between China National Chemical Corporation (ChemChina) and Japan-based Asahi Kasei Corporation (AKC) on Wednesday, saying the case raised no competition concerns.
A European Commission press release by the bloc's executive arm which oversees competition policy, stated that the joint venture has no actual or foreseen activities in the European Economic Area as it is designed to be active in China.
ChemChina is active worldwide in the production of a wide range of chemical products, while AKC is active globally in the production of fibers, chemical products, electronic materials, pharmaceutical products, medical devices and housing.
The two companies concluded the joint venture agreement in February in a bid to facilitate the production and sale of their flagship plastic goods in China, said ChemChina on its website.
The EU, as well as other major economies, screens mergers, acquisitions and joint ventures between multinationals under antitrust regulations.
(Source: Xinhua)
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