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CC Provisionally Rules Against Akzo Nobel NV-Metlac Merger

Thursday, 20 Sep 2012 02:00am EDT 

Akzo Nobel NV announced that the CC has provisionally found that the proposed acquisition by Akzo Nobel NV (AkzoNobel) of Metlac Holding S.r.l. (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 B.V. (ANCI). The remaining 51% is owned by members of the Bocchio family. Metlac Holding owns 55.56% of Metlac S.p.A. (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. AkzoNobel and Metlac both manufacture and supply metal packaging coatings. These are used, for example, in the production of beverage and food cans. The merging parties are two of the four main suppliers of metal packaging coatings in the European Economic Area (EEA) and between them supply between 40 and 55 per cent of metal packaging coatings for beer and beverage metal packaging in the EEA and between 35 and 50 per cent of metal packaging coatings for food, caps and closures and general line metal packaging in the EEA. 

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