Competition Commission Statement on Akzo/Metlac Probe
The Competition Commission (CC) has yesterday published an issues statement as part of its investigation into Akzo Nobel NV’s proposed acquisition of Metlac Holding S.r.l.
The Office of Fair Trading (OFT) referred the case last month, and the CC will decide whether the acquisition may be expected to result in a substantial lessening of competition in any market or markets for goods or services in the UK.
Akzo Nobel’s subsidiary (Akzo Nobel Coatings International B.V. (ANCI)) and Metlac Holding’s subsidiary (Metlac S.p.A. (Metlac)) both manufacture and supply metal packaging coatings. These are used, for example, in the production of beverage and food cans.
ANCI has an existing stake of 49 per cent in Metlac Holding. Akzo Nobel has an additional 44.4 per cent share in Metlac. ANCI has a call option to buy the remaining shares in Metlac Holding, which it has decided to exercise. Upon transfer of the shares Akzo Nobel’s shareholding in Metlac would increase to 100 per cent.
The CC is expected to publish its final report by 6 November 2012.
The issues statement identifies clearly for all interested parties the key questions which the inquiry is examining. The issues statement does not imply that the Inquiry Group has yet identified any competition concerns.