Australia seeks opinions on Sika’s proposed sale of MBCC assets

(Reuters) – Australia’s competitors regulator stated on Friday it was asking for market enter on a proposed sale of MBCC Group’s belongings within the nation by Swiss chemical compounds maker Sika AG.

The sale is a part of a world treatment provided by the Swiss firm to allay competitors authorities’ issues over the CHF5.5 billion ($5.94 billion) acquisition of MBCC Group, the Australian Competition and Consumer Commission stated in a press release ( ACCC).

ACCC fears the acquisition will “substantially” cut back competitors within the nation’s provide of chemical components by bringing collectively two of the biggest suppliers with a probable market share of round 80%, the regulator added.

“We are seeking the opinion of market participants on whether the proposed sale of the assets will create an effective, independent and long-term competitor to Sika,” stated ACCC Commissioner Stephen Ridgway.

The cope with MBCC was not too long ago authorized by the UK Competition Authority.

ACCC invitations submissions of gives to promote belongings till February 3, 2023.

(Reporting by Himanshi Akhand in Bangalore; enhancing by Subhranshu Sahu and Uttaresh. V.)

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