European Commission Expected To Proceed To Phase II With Huntsman's Proposed Acquisition Of Rockwood's Performance Additives And Titanium Dioxide Businesses
THE WOODLANDS, Texas, Feb. 28, 2014 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it expects the European Commission to proceed with an in-depth investigation (phase II) into Huntsman's proposed acquisition of Rockwood's Performance Additives and Titanium Dioxide businesses. The Commission would have up to 125 working days to make a final decision on whether the proposed transaction would significantly impede effective competition in the European economic area.
Peter R. Huntsman, President and CEO of Huntsman Corporation, commented:
"Phase II is not out of the ordinary. We remain actively engaged with representatives of the European Commission as they continue their analysis and deliberation over our pending transaction with Rockwood. We believe the proposed combination will position us better to serve our customers and will provide a unique opportunity to unlock value within our Pigments business. We are working to satisfy the European Commission as soon as possible."
On December 18, 2013 antitrust review in the United States was completed, clearing the proposed acquisition to proceed.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over $11 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 80 manufacturing and R&D facilities in 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
SOURCE Huntsman Corporation
Released February 28, 2014