The Competition Commission (CC) has provisionally found that the proposed acquisition by Akzo Nobel NV (AkzoNobel) of Metlac Holding Srl (Metlac Holding) would result in a substantial lessening of competition (SLC) in the supply of metal packaging coatings in the UK.
AkzoNobel has an existing stake of 49% in Metlac Holding through its subsidiary Akzo Nobel Coatings International BV (ANCI). Members of the Bocchio family own the remaining 51%. Metlac Holding owns 55.56% of Metlac SpA (Metlac), the operating company. AkzoNobel also owns the remaining 44.44% of Metlac. Notwithstanding these shareholdings, AkzoNobel does not currently have sole control of Metlac.
ANCI has a call option to buy the remaining shares in Metlac Holding, which it has decided to exercise. The merger would see AkzoNobel assume sole control of the company.