EC clear proposed acquisition of Saint-Gobain Vetrotex by Owens Corning, subject to conditions
On 26 October, the European Commission cleared the proposed acquisition of Saint-Gobain Vetrotex by Owens Corning in Phase I, subject to divestments of European plants. Both companies are large worldwide manufacturers of glass fibre reinforcement and composite fabrics products. The Commission found that the merger would raise competition concerns in three out of seven European product markets due to high levels of concentration. The parties offered to divest the Battice and Birkeland plants in order to remove these concerns.
The transaction has been (or is currently being) investigated by a number of competition authorities including the FTC in the US as well the Korean, Japanese, Mexican and Brazilian national competition authorities. CRA International assisted the parties throughout all proceedings. The European team was led by Dr Andrea Coscelli and included Vicki Mertzanidou and Pascale Dechamps. The US-based team was led by Dr Andrew Dick and included Dr Peter Boberg. The US-based team provided assistance in front of the FTC and on the rest of the world filings.
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