CC rules against AkzoNobel merger

24 October 2012

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.

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