Sinochem's Stake Buy in DSM JV Cleared By EU

23.05.2011 -

Chinese state-owned oil and chemicals company Sinochem received EU regulatory approval on Thursday for its purchase of a 50% stake in Dutch chemicals firm DSM's anti-infectives business. Located in Hong Kong, the joint venture will reinforce Sinochem's presence in the biochemical industry.

The European Commission, the EU antitrust watchdog, said it had examined whether the Chinese authorities coordinate the market behavior of different state-owned firms, among other concerns.

"The (European) Commission concluded that even if all Chinese state-owned firms acted as one, there would still be a sufficient level of competition in the markets concerned," the EU executive said in a statement.