CELEX: 32015M7691
Language: en
Date: 2015-09-24 00:00:00
Title: Commission Decision of 24/09/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7691 - APOLLO / OMG) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

Brussels, 24.9.2015

C(2015) 6702

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|To the notifying party:                                                |                                                                       |
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Dear Sir/Madam,

Subject:    Case M.7691 - APOLLO / OMG
Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/2004[1] and Article 57 of the Agreement  on  the  European  Economic
Area[2]

 1) On 24 August 2015, the European Commission received a notification of a proposed concentration pursuant to Article 4 of  Council  Regulation
    (EC) No 139/2004 by which funds managed by affiliates of Apollo Management, L.P. ("Apollo", USA)  acquire  within  the  meaning  of  Article
    3(1)(b) of the Merger Regulation control of OM Group, Inc. ("OMG", USA), by way of purchase of shares.

 2) For the purpose of this decision, Apollo and OMG are together referred to as the "Parties".

       THE PARTIES

 3) Apollo is a private equity company, active in various businesses throughout the world, which include, inter alia, companies in the chemical,
    cruise line, financial services, paper, and television  production  businesses.  Amongst  other  portfolio  companies,  Apollo  owns  Hexion
    Specialty Chemicals, Inc. ("Hexion", USA) active in the chemical sector.

 4) OMG is a publicly traded company, active in five distinct businesses: (i) Vacuumschmelze / magnetic technologies; (ii) battery technologies;
    (iii) advanced organics; (iv) electronic chemicals; and (v) photomasks. Immediately upon the completion of Apollo’s purchase of OMG,  Apollo
    will cause the sale of the electronic chemicals and photomasks business units to Platform Specialty Products Corp. ("Platform", USA).[3]

 5) Apollo will retain and operate the first three business units (Vacuumschmelze / magnetic technologies,  battery  technologies  and  advanced
    organics). Therefore, only these areas of activity are considered in the present decision.

       THE CONCENTRATION

 6) On 31 May 2015, Apollo entered into the Agreement and Plan of Merger whereby Apollo indirectly acquires, through its wholly-owned subsidiary
    Duke Acquisition Holdings, LLC, the entire share capital of OMG.

 7) Therefore, Apollo will acquire sole control over OMG and the proposed transaction constitutes a concentration within the meaning of  Article
    3(1)(b) of the Merger Regulation.

       UNION DIMENSION

 8) The undertakings concerned have a combined aggregate worldwide turnover of more than EUR 5 000 million (Apollo: EUR […]  million,  OMG:  EUR
    […] million). Each of them has an EU-wide turnover in excess of EUR 250 million (Apollo: EUR […] million, OMG: EUR […] million), but they do
    not achieve more than two-thirds of their aggregate EU-wide turnover within one and the same Member State.

 9) The notified operation therefore has Union dimension pursuant to Article 1(2) of the Merger Regulation.

       MARKET DEFINITION

10) The proposed transaction gives rises to vertical relationships  between the Parties concerning to the production and supply  of  neodecanoic
    acid, which is upstream of the production and supply of (i) rubber adhesion promoters (tire adhesives), (ii) lubricant and  fuel  additives,
    (iii) catalysts and (iv) paint driers. Hexion produces and markets neodecanoic acid under the brand name  Versatic  Acid  10,[4]  which  OMG
    purchases to manufacture the aforementioned downstream chemical products.

11) The proposed transaction will not give rise to any horizontal overlaps with respect to the Parties' activities.

1 Upstream market: neodecanoic acid

1 Relevant product market

12) Neodecanoic acid is a synthetic, highly branched-C10 tertiary carboxylic acid. It contains a total number of 10 carbon atoms. It is a water-
    white product that is liquid at ambient temperature and has a strong odour.

13) Neodecanoic acid is an intermediate used in the manufacture of a variety of products. Metal salts (such as cobalt, copper or zinc salts)  of
    neodecanoic acid are used in applications such as tire adhesives,  paint  driers,  PVC  heat  stabilisers,  chemical  processing  catalysts,
    unsaturated polyester cure catalysts, wood preservatives and fuel additives. Neodecanoic acid is also an effective metal  extraction  agent,
    can be used as a corrosion inhibitor in synthetic lubricants, and its ester derivatives are used in surface coatings and cement additives.

14) In previous decisions, the Commission has examined ester derivatives of neodecanoic acid but has not previously  examined  neodecanoic  acid
    itself or neodecanoic acid used in metal salts.[5]

15) Apollo submits that the Versatic Acid 10 sold by Hexion has the same chemical characteristics as neodecanoic acid and that Versatic Acid  10
    is merely a brand name. Moreover, Apollo contends that the two products are used in the same applications and are therefore part of the same
    relevant product market.

16) The market investigation has not provided any clear indications that neodecanoic acid could be part of a wider relevant  product  market  or
    that a further sub-segmentation of the relevant product market is warranted. The market investigation did, however, indicate  that  Versatic
    Acid 10 and neodecanoic acid are the same chemical used for the same applications, and that switching from one product to  the  other  would
    neither imply a change in the manufacturing process or facilities, nor result in significant financial or time-related costs.[6]

17) Considering the results of the market investigation and on the basis of  the  information  submitted  by  Apollo,  while  the  exact  market
    definition can be left open as the proposed transaction does not give rise to serious doubts as  to  its  compatibility  with  the  internal
    market under any plausible alternative market definition, for the purposes of  the  present  decision  the  Commission  considers  that  the
    appropriate product market to be assessed is that for the production and the supply of neodecanoic acid.

    2 Relevant geographic market

18) Apollo contends that neodecanoic acid is shipped globally. Indeed, Hexion delivers significant amounts of neodecanoic acid to  customers  in
    the USA from its plant in the Netherlands (the EEA represents only […]% of total merchant sales). Its competitor Exxon,  which  manufactures
    neodecanoic acid only in the USA, ships significant quantities to Europe. According to Apollo, transportation costs account  for  less  than
    […]% of the total costs within the EEA and between […]% for transportation between Europe to the USA.

19) On that basis, the Apollo submits that the geographic scope for the neodecanoic acid market is worldwide in scope.

20) The results of the market investigation indicate that neodecanoic acid is indeed shipped between the USA and the  EEA,  but  that  for  some
    customers transport costs still play a role in the decision as to whether to purchase from a supplier in the  USA  or  in  the  EEA.[7]  The
    Commission therefore based its assessment of the effects of the proposed transaction on a worldwide and on an EEA-wide  relevant  geographic
    market.

21) For the purposes of the present decision, the Commission considers that the exact scope of the relevant geographic  market  for  neodecanoic
    acid can be left open as the transaction does not raise serious doubts as to its compatibility with  the  internal  market  in  relation  to
    neodecanoic acid irrespective of whether the  relevant geographic market is defined as EEA-wide or worldwide in scope.

2  Downstream market: rubber adhesion promoters (tire adhesives)

1 Relevant product market

22) Neodecanoic acid is used as an input for the production of rubber adhesion promoters. Rubber adhesion promoters, including  tire  adhesives,
    improve the bonding of rubber to steel in steel-belted radial tires and steel-reinforced conveyor  belts  and  hoses.  Specifically,  cobalt
    carboxylates are widely used in the tire industry for this purpose.

23) Cobalt carboxylates provide a highly rubber-soluble form of cobalt that serves as a chemical adhesive, bonding  with  sulphur  in  both  the
    vulcanized rubber and the sulphided brass coating of the steel cord. OMG offers a number of rubber adhesion promoters: (i) cobalt abietates;
    (ii) cobalt resinates; (ii) cobalt stearates; (iv) cobalt naphthenates; (v)  cobalt  neodecanoates;  (vi)  cobalt  boroacylates;  and  (vii)
    manobond adhesion promoters.

24) The Commission considered adhesion promoters in the context of assessing a broader market of additives. The  Commission  further  considered
    separate product markets for additives according to the function of the additive.[8] Specifically, the Commission considered whether wetting
    agents, matting agents, dispersing agents, defoamers, waxes,  surfactants,  adhesion  promoters,  extenders  and  rheology  modifiers  could
    constitute distinct product markets given their different functionalities. In each of its previous decisions, however,  the  Commission  has
    left the exact product definition open.[9]

25) The market investigation has not provided any indications that the Commission would have to depart  from  the  approach  taken  in  previous
    decision. The Commission therefore based its assessment of the effects of the proposed transaction on a relevant product market according to
    the function of the additive.

26) For the purposes of the present decision, however, the Commission considers that the exact product market  definition  for  rubber  adhesion
    promoters, including tire adhesives, can be left open. This is because the proposed transaction does not raise  serious  doubts  as  to  its
    compatibility with the internal market in relation to rubber adhesion promoters, including tire adhesives, irrespective of whether additives
    form one relevant product market or whether a segmentation according to the function of the additive is applied.

2 Relevant geographic market

27) In previous decisions the Commission has defined the relevant geographic market for additives was as at least EEA-wide based on prices being
    broadly uniform across the EEA and transport costs accounting for less than 5% of overall production costs.[10] The replies from the  market
    participants consulted in the present case did not provide a clear indication as to whether the relevant geographic market  is  EEA-wide  or
    worldwide in scope. The Commission therefore based its assessment of the effects of the proposed transaction on an EEA-wide and a  worldwide
    relevant geographic market.

28) For the purposes of the present decision, the Commission considers that the exact market definition of the relevant  geographic  market  for
    rubber adhesion promoters, including tire adhesives, can be left open as the proposed transaction does not raise serious doubts  as  to  its
    compatibility with the internal market in relation to rubber adhesion promoters, including  tire  adhesives,  irrespective  of  whether  the
    relevant geographic market is defined as EEA-wide or worldwide in scope.

3 Downstream market: lubricants and fuel additives

1 Relevant product market

29) Neodecanoic acid is used as an input for the production of lubricants and fuel additives. OMG manufactures lubricant oils and  greases,  and
    hydrocarbon-soluble metal carboxylates for use as fuel additives. These products are used to improve viscosity for engine and gear box  oils
    and adherence in oils and chain lubricants.

30) An oil lubricant consists of base oil and additives. There are two principal categories  of  additives:  DI  packages  (Detergent  Inhibitor
    packages) and VI improvers (Viscosity Index improvers). DI packages serve to suspend oil contaminants and combustion by-products as well  as
    to prevent oxidation of the oil with the  resultant  formation  of  varnish  and  sludge  deposits.  VI  improvers  modify  the  viscometric
    characteristics of lubricants by reducing the rate of thinning with increasing temperature and the rate of thickening with low temperatures.

31) In a previous decision,[11] the Commission considered that base oils, DI packages and VI improvers constitute separate product markets.

32)  The market investigation carried out in the present case has not provided any indication that it would be warranted for the  Commission  to
    depart from its previous practice of regarding base oils, DI packages and VI improvers  as belonging to separate product markets. Therefore,
    while the exact market definition can be left open in the present decision as the proposed transaction does not give rise to serious  doubts
    as to its compatibility with the internal market under any plausible alternative  market  definition,  Commission  has,  in  line  with  its
    previous decisional practice, based its assessment of the effects of the proposed transaction on the premise that base oils, DI packages and
    VI improvers constitute separate relevant product markets.

2 Relevant geographic market

33) The Commission has considered in a previous decision that the relevant geographic market for DI packages and VI improvers could be  the  EEA
    as these products are readily sold across the borders of the EEA countries. The exact scope of the relevant geographic market was,  however,
    left open.[12] The market investigation has not provided any indication that it would be warranted for the Commission  to  depart  from  its
    previous geographic market definition for lubricants and fuel additives. Therefore, while the exact market definition can be  left  open  in
    the present decision, as the proposed transaction does not give rise to serious doubts as to its  compatibility  with  the  internal  market
    under any plausible alternative market definition, the Commission has based its assessment of the effects of the proposed transaction on  an
    EEA-wide relevant geographic market.

4 Downstream market: catalysts

1 Relevant product market

34) OMG manufactures various types of catalysts such as polymerization catalysts, resin and composite  catalysts  and  urethane  catalysts,  for
    which neodecanoic acid is used as an input. OMG custom-designs these catalysts for a wide variety of applications.

35) Polymerization catalysts are produced as solutions in a variety of organic solvents, as solvent-free liquids  or  as  solids  in  powder  or
    pastille form. The choice of the product is determined by the customer and its application.

36) Resin and composite catalysts include accelerators, controllers and enhancers used in conjunction with initiators such as  organic  peroxide
    catalysts to accelerate the curing of polyester resins.

37) Urethane catalysts are used for the manufacture of rigid foam, flexible foam and elastomers.  Urethane catalysts bring strength,  power  and
    speed to a broad array of urethane applications and one-component systems.

38) In previous cases, the Commission has considered different  product  markets  for  catalysts  based  on  their  specific  applications,  but
    ultimately left the market definition open.[13] The market investigation has not provided any indication that it would be warranted for  the
    Commission to depart from its previous product market definition for catalysts. Therefore, while the exact market  definition  can  be  left
    open in the present decision as the proposed transaction does not give rise to serious doubts as to  its  compatibility  with  the  internal
    market under any plausible alternative market definition, Commission  has,  in  line  with  its  previous  decisional  practice,  based  its
    assessment of the effects of the proposed transaction on a relevant product market according to the specific  applications  as  outlined  at
    recitals (35) to (37) above.

2 Relevant geographic market

39) In past cases the Commission has considered that the relevant geographic market for catalysts could be global, but ultimately left the exact
    definition open.[14] The market investigation has not provided any indication that it would be warranted for the Commission to  depart  from
    its previous geographic market definition for catalysts. The Commission therefore based its  assessment  of  the  effects  of  the  proposed
    transaction on a worldwide relevant geographic market.

5 Downstream market: paint driers

1 Relevant product market

40) Neodecanoic acid is used as an input for the production of cobalt paint driers. Paint driers have  the  function  of  shortening  the  total
    drying time of paint. OMG manufactures paint driers with the following drier metals: aluminum, barium, bismuth, calcium,  chromium,  cobalt,
    copper, iron, lithium, manganese, nickel, potassium, rare earth, sodium, strontium, tin, titanium, vanadium, yttrium, zinc and zirconium.

41) The Commission has considered in a previous decision that the relevant product market  for  paint  driers  includes  natural  and  synthetic
    octoates of barium, calcium, cerium, cobalt, manganese, lead, strontium, zinc and zirconium,  used  alone  or  in  various  combinations  to
    promote the oxidative drying of solvent/alkyd resin-based paints.[15] The market investigation has not provided any indication that it would
    be warranted for the Commission to depart from its previous product market definition for paint driers. Therefore, while  the  exact  market
    definition can be left open in the present decision as the proposed transaction does not give rise to serious doubts as to its compatibility
    with the internal market under any plausible alternative market definition, Commission has followed its previous product  market  definition
    for paint driers for the purposes of assessing the proposed transaction.

2 Relevant geographic market

42) In past cases the Commission has considered that the relevant geographic market for paint driers was EEA-wide.[16]  In  Apollo's  view,  the
    scope of the relevant geographic market could even be worldwide as paint driers are generally shipped globally.   The  Commission  therefore
    based its assessment of the effects of the proposed transaction on a worldwide and on an EEA-wide relevant geographic market.

43) For the purposes of the present decision, the Commission considers that the exact market definition of the relevant  geographic  market  for
    paint driers can be left open as the proposed transaction does not raise serious doubts as to its compatibility with the internal market  in
    relation to paint driers irrespective of whether the relevant product market is defined as EEA-wide or worldwide in scope.

       Competitive assessment

1 Introduction

44) The proposed transaction gives rises to vertically affected markets relating to the production and supply of  neodecanoic  acid,  (upstream)
    and to the production and supply of (i) rubber adhesion promoters (tire adhesives); (ii) lubricant and fuel additives; (iii) catalysts;  and
    (iv) paint driers (downstream). In the  following,  the  Commission  assesses  the  vertical  relationships  between  the  upstream  product
    neodecanoic acid and each of the downstream products.

45) Vertical mergers may potentially give rise to two types of competition effects: input foreclosure and customer foreclosure.

46) Input foreclosure arises where, post-merger, the new entity would be likely to restrict access to the products or  services  that  it  would
    have otherwise supplied absent the merger, thereby raising its downstream rivals' costs by making it harder for them to obtain  supplies  of
    the input under similar prices and conditions as absent the merger.

47) Customer foreclosure may occur when a supplier integrates with an important customer in the downstream market. Because  of  this  downstream
    presence, the merged entity may foreclose access to a sufficient customer base to its actual or potential rivals in the upstream market (the
    input market) and reduce their ability or incentive to compete.

48) In the present case, only a possible input foreclosure scenario needs to be assessed as Hexion's market shares in the  upstream  market  for
    neodecanoic acid exceeds 30%, while OMG's market share on any of the downstream markets is below [10-20]%. Therefore,  the  combined  entity
    would not have sufficient market power on any of the downstream market segments to engage in customer foreclosure strategies.

49) In order for input foreclosure to be a concern, three conditions need to be met post-transaction: (i) the merged entity needs  to  have  the
    ability to foreclose its rivals from access to inputs; (ii) the merged entity needs to have the  incentive  to  foreclose  its  rivals  from
    inputs; and (iii) the foreclosure strategy needs to have a significant detrimental effect on competition on the downstream market.

2 Ability to foreclose rivals from access to inputs

50) The ability to foreclose access to inputs requires, first, that the combined entity has a significant degree of market power in the upstream
    market, leading to significant influence on the conditions of competition in the upstream market and thus, possibly, on  prices  and  supply
    conditions in the downstream market.

51) In 2014, the total worldwide merchant sales of neodecanoic acid amounted to approximately 27  ktons  (3  ktons  in  the  EEA),  with  Hexion
    accounting for […] ktons ([…] ktons in the EEA). The total worldwide merchant market represents approximately 23%  of  the  total  worldwide
    consumption of neodecanoic acid (which includes captive consumption).

52) On this basis, Hexion’s market share on the merchant market for the production and supply of neodecanoic acid is around  [40-50]%  worldwide
    and [50-60]% in the EEA (based on volume). The only alternative supplier of this chemical product is Exxon, with a market share of  [50-60]%
    worldwide and [40-50]% in the EEA (based on volume and value).[17] Considering Hexion's share in the  market  for  the  production  and  the
    supply of neodacanoic acid, it cannot be excluded that it has significant influence on the conditions of competition in the upstream market.

53) However, an ability to foreclose downstream competitors would also require that,  by  reducing  access  to  its  own  upstream  products  or
    services, Hexion could negatively affect the overall availability of inputs for the downstream market in terms of price or quality.

54) In 2014, OMG purchased […] ktons (€[…]) of neodecanoic acid in total, […] ktons (€[…]) of  which  it  purchased  from  Hexion.  OMG's  total
    consumption of neodecanoic acid therefore accounted for approximately […]% of Hexion's total worldwide sales of  neodecanoic  acid.  OMG  is
    therefore only a small purchaser of neodecanoic acid.

55) In 2014, Hexion sold approximately […] ktons of neodecanoic acid to companies competing with OMG in relation to  downstream  products  using
    neodecanoic acid as an input. […] ktons were sold to companies for different applications than those used for by OMG, and the remaining  […]
    ktons were sold to distributors, where it cannot be clearly established whether the product was sold to competitors of OMG.

56) A competitor of OMG in the area of metal  carboxylates  expressed  concerns  about  possible  supply  disruptions  or  price  increases  for
    neodecanoic acid following the proposed transaction.[18] However, the market investigation has shown that Exxon  has  spare  capacity  which
    could be used to satisfy increasing demand for neodecanoic acid in a scenario in  which  Hexion  attempts  to  adopt  an  input  foreclosure
    strategy.[19] It is unlikely, therefore, that the combined  entity  would  be  in  a  position  to  increase  prices  as  a  result  of  the
    transaction.[20]

57) On this basis, it can be established that Hexion is unlikely to have the ability to foreclose rivals from access to neodecanoic  acid  post-
    transaction.

3 Incentive to foreclose rivals from access to inputs

58) Apollo submits that an input foreclosure strategy would not be profitable as the combined entity would be unable to recoup foregone  profits
    following the lower sales of neodecanoic acid by increasing the profits on the downstream markets. As outlined above at  recital  57,  OMG's
    total consumption of neodecanoic acid accounted for approximately […]% of Hexion's total worldwide sales of neodecanoic acid.  Against  this
    background, it can be concluded that OMG would have to increase its demand for neodecanoic acid to a very significant extent to be  able  to
    offset lost sales to other customers and thereby rendering a foreclosure strategy profitable for Apollo. There are no indications  that  OMG
    would have the ability to increase its purchases to such a significant extent.

59) On this basis, it can be established that Hexion is unlikely to have an incentive to foreclose rivals from access to neodecanoic acid  post-
    transaction.

4 Conclusion

60) It is unlikely that the combined entity would have the ability and/or an incentive to engage in input foreclosure strategies  following  the
    proposed transaction.

61) It follows the proposed transaction does not raise serious doubts as to its compatibility with the internal market  regarding  the  vertical
    relationships  between the production and supply of neodecanoic acid and (i) rubber adhesion promoters (tire adhesives), (ii) lubricants and
    fuel additives, (iii) catalysts and (iv) paint driers under any product and geographic market definitions.

       CONCLUSION

62) For the above reasons, the European Commission has decided not to oppose the notified operation  and  to  declare  it  compatible  with  the
    internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and  Article
    57 of the EEA Agreement.

For the Commission
(Signed)
Margrethe VESTAGER
Member of the Commission

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[1]   OJ L 24, 29.1.2004, p. 1 (the "Merger Regulation"). With effect from 1 December 2009, the Treaty on the Functioning of the  European  Union
('TFEU') has introduced certain changes, such as the replacement of 'Community'  by  'Union'  and  'common  market'  by  'internal  market'.  The
terminology of the TFEU will be used throughout this decision.

[2]   OJ L 1, 3.1.1994, p.3 ("the EEA Agreement").

[3]   The sale of OMG to Apollo is conditional upon the sale of OMG's electronic chemicals and photomasks businesses to Platform. The  agreements
concerning the two transactions are conditional upon one another and they have been signed on the same date (31 May 2015). The  two  transactions
will close simultaneously. The Apollo/Platform transaction was cleared by the German Federal Cartel Office on 10 July 2015.

[4]   Hexion also manufactures and sells Versatic Acid 5 (known as neopentanoic acid) and Versatic Acid 913, including  to  OMG.  Their  chemical
formula is different from that of Versatic Acid 10, and they are used for different applications. Versatic Acid 913 is a  by-product  (or  waste-
stream product) of Versatic Acid 5 and is used by OMG for the production of coatings and composites. Versatic Acid 5 is used by OMG for  a  rigid
foam catalyst (polyurethane) for insulation in the construction market. No affected markets arise in relation to these products,  and  they  will
therefore not be discussed further.

[5]   See cases M.3593 – Apollo/Bakelite and case M.4835 – Hexion/Huntsman.

[6]   Agreed minutes of telephone conferences on 18 August 2015 and 20 August 2015 with two competitors of OMG.

[7]   Agreed minutes of a telephone conference on 18 August 2015 with a customer of Hexion.

[8]   See cases M.310 – Harrisons & Crosfield/Akzo, para. 22 and case M.1467 – Rohm and Haas/Morton, para. 11.

[9]   See case M.5243 – CVC / RAG / EVONIK, para. 24.

[10]  See case M.5243 – CVC / RAG / EVONIK, para. 58 and case M.1467 – Rohm+Haas/Morton, para. 21.

[11]  See case M.1137 – Exxon / Shell, para. 11.

[12]  See case M.1137 – Exxon / Shell, paras. 17 and 18.

[13]  See cases M.4102 – BASF / ENGELHARD, paras. 9, 10; M.5927 – BASF / COGNIS, para 165, 166.

[14]  See case M.3213 – Umicore/OMG Precious Metals, paras. 40-42;  M.3125  –  Huntsman/Matlinpatterson/Vaticano,  para.  15;  M.4102  –  BASF  /
ENGELHARD, para 12; M.5927 –   BASF / COGNIS, para 166.

[15]  See case M.310 – Harrisons & Crosfield/AKZO, para 24.

[16]  See case M.310 – Harrisons & Crosfield/AKZO, para 26.

[17]  Apollo further claims it is likely that these figures are overstating Hexion’s market position given that Chinese  companies  may  be  more
active on the merchant market than envisaged. However, there is no need to conclude on the scale of Chinese competitors regarding the market  for
neodecanoic acid as no serious doubts arise even with Exxon as sole competitor to Hexion.

[18]  Agreed minutes of a telephone conference on 18 August 2015 with a competitor of OMG.

[19]  Agreed minutes of a telephone conference on 27 August 2015 with a competitor of Hexion in relation to neodecanoic acid.

[20]  During the market investigation competitors of OMG also expressed concerns about  the  availability  of  certain  side-stream  products  of
neodecanoic acid and about the availability of some derivates of neodecanoic acid which are also produced by  Hexion.  However,  as  no  vertical
relationship exists between Hexion and OMG in respect of these products, no further investigation was carried out.

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 In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC)  No  139/2004
 concerning non-disclosure of business secrets and other confidential information.  The  omissions  are  shown  thus  […].  Where  possible  the
 information omitted has been replaced by ranges of figures or a general description.

                                                                  PUBLIC VERSION

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