UK regulator blocks Akzo Nobel’s Metlac deal
Competition Commission says move would substantially reduce competition
By CFOWorld.co.uk staff | CFO UK | Published 11:38, 21 December 12
The UK Competition Commission has blocked the proposed acquisition of Metlac Holding by Akzo Nobel, on grounds of the deal having the potential to substantially reduce competition in the supply of metal packaging coatings for beer and beverage cans in the British market.
In a ruling on Friday, the Competition Commission said its decision was in line with provisional findings in relation to the market published in September.
"The Competition Commission has found that the only remedy likely to be effective in addressing the substantial lessening of competition is prohibition of the transaction," it said.
At present, Akzo Nobel has an existing stake of 49 percent in Metlac Holding. The remaining majority stake is held by members of the Bocchio family.
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