Brussels -- The European Commission has allowed PTT Chemical Group to buy the 49% of Vencorex it did not already own from JV partner Perstorp Holding. No completion date is available.
The Commission has approved the takeover because there are no competition concerns.
The Commission said: "The proposed acquisition would not raise competition concerns, in particular because the parties' activities do not overlap and the vertical links are limited."
Vencorex was formed as a 51:49 jv between PTT Chemical Group and Perstorp Holding, a Swedish company controlled by private equity firm PAI Partners, on 31 May 2012.
At the time, PTT paid EUR 121m for the stake, according to its 2012 annual report. The stake was bought by PTT Chemical Group's subsidiary based in the Netherlands, PTTGC NL. The report continues: "during the year from the acquisition to 31 December 2012, the business contributed revenue of EUR275m and net loss of EUR 16m to the group's results.
According to the annual report the sale agreement included "put options given to previous shareholders to sell an additional 49% holding in Vencorex Holding and PPTGC NL has obtained a call option to buy the remaining 49% if the previous shareholders do not exercise their right with conditions and exercise prices stipulated in the agreement."
The Vencorex was originally part of Rhodia, itself spun out of Rhone-Poulenc in the late 1990s.
Neither PTT Chemical Group nor Perstorp Holding were able to comment.