The European Commission has recently approved, under the EU Merger Regulation, the acquisition of Mytex of Thailand by IRPC Public Company Limited (“IRPC”) of Thailand and Japan Polypropylene Corporation (“JPP”) of Japan.
Mytex manufactures compounded polypropylene, polypropylene for automotive parts, out-line compounded polypropylene for home appliances, and long fibre reinforced polypropylene. IRPC manufactures and sells petrochemical and petroleum-based products including compounded polypropylene and polypropylene resins. JPP, the current owner of Mytex, manufactures and sells compounded polypropylene and polypropylene resins.
The Commission concluded that the proposed acquisition would raise no competition concerns, because it found out that the joint venture has no actual activities within the European Economic Area. In this case the transaction was examined under the simplified merger review procedure.
