By Liz White, UT editor
Kazincbarcika, Hungary-BorsodChem Nyrt says that on 8 Nov the European Commission approved First Chemical Holding Kft.'s proposed acquisition of BorsodChem.
In a statement, Kay Gugler, chief executive officer of Hungarian isocyanates producer BorsodChem, said, "This means that the Competition Clearance as defined in the offer document for the public purchase offer launched by First Chemical Holding Kft. on 19 September 2006 and approved by the Hungarian Financial Supervisory Authority on 6 November 2006 has been obtained."
First Chemical Holding consists of Kikkolux Group and Vienna Capital Partners (VCP) Group. Kikkolux is part of major private equity group Permira.
The bid received approval from the Hungarian financial authorities earlier this week.