EU Commission clears acquisition of joint control of Bayport Polymers by Borealis, Nova and Total

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over the joint venture Bayport Polymers LLC, by NOVA Chemicals Inc, Total Petrochemicals & Refining, all three of the US, and Borealis AGof Austria. The joint venture will be active in the production and marketing of polyethylene. NOVA Chemicals produces and sells ethylene, polyethylene, styrene and co-products thereof. Total is engaged in the oil and gas industry, as well as other energy sectors. Borealis is active in the production and commercialisation of polyolefin, base chemicals and fertilisers. The Commission concluded that the proposed transaction would raise no competition concerns because the envisaged joint venture will have negligible actual or foreseen activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.