BUSINESS IN SHORT

Go ahead given on purchase of NCHZ

THE SALE of Novácke Chemické Závody (NCHZ), a bankrupt chemical firm, will not restrict competition, according to Slovakia’s Anti-Monopoly Office (PMÚ). This means that the purchase of NCHZ by Via Chem Slovakia, controlled by the Czech Via Chem Group, can move forward. The approval by the PMÚ was effective on July 20, the SITA newswire reported.

THE SALE of Novácke Chemické Závody (NCHZ), a bankrupt chemical firm, will not restrict competition, according to Slovakia’s Anti-Monopoly Office (PMÚ). This means that the purchase of NCHZ by Via Chem Slovakia, controlled by the Czech Via Chem Group, can move forward. The approval by the PMÚ was effective on July 20, the SITA newswire reported.

The authority investigated whether the purchase of NCHZ by Via Chem would have restricted effective competition in the production and sale of technical hydrochloric acid, sodium hypochlorite, and liquid sodium hydroxide. Via Chem Slovakia purchased the assets of NCHZ for €2.2 million.
NCHZ ran into serious financial problems last year after the European Commission fined the firm and its parent company €19.6 million for engaging in cartel activities together with other European chemical companies.

The EC found that from 2004 to 2007 NCHZ and the other firms engaged in price-setting and divided markets for the sale of powder and granulated calcium carbide and granulated magnesium throughout a large part of the European Economic Area.

After being fined, NCHZ filed a proposal to enter bankruptcy and a court approved its request.

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