Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves Dow Chemical’s acquisition of sole control over Dow Corning, (Apr 22, 2016)
Organizations Mentioned:Apax Partners | Apax Partners, LP | Corning | Dow Chemical Company | Dow Corning Corp. | Dow Corning Corporation | Garda | Rhone Capital
By Michael Menzhuber, J.D., LL.M.
The European Commission (EC) has approved under the European Union (EU) merger regulation the proposed acquisition of sole control of the Dow Corning Corporation (DCC) by Dow Chemical Company (Dow), the EC announced yesterday.
DCC is a joint venture that is currently equally controlled by Dow and Corning, Inc. (Corning). DCC is active in silicone chemistry. Dow is a leading chemicals producer. DCC, Dow, and Corning are all headquartered in the United States.
The EC concluded that the proposed acquisition would raise no competition concerns because it would not significantly change the market structure.
Garda. The EC also has approved under the EU merger regulation the proposed acquisition of joint control over Garda of Canada by Rhone Capital (Rhone) and Apax Partners (Apax).
Garda, currently a subsidiary of Apax, provides domestic and international protective services and cash security services. Rhone is a private equity firm headquartered in the United States. Apax is a provider of investment advisory services and is headquartered in the United Kingdom.
Because none of Rhone’s or Apax’s controlled portfolio companies operate on the same market as Garda or on related markets in the European Economic Area, the EC concluded that the proposed acquisition would raise no competition concerns.
Companies: Apax Partners; Dow Chemical Company; Dow Corning Corporation; Garda; Rhone Capital
News: AcquisitionsMergers Antitrust