CELEX: 32019M9563
Language: en
Date: 2019-10-29 00:00:00
Title: Commission Decision of 29/10/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9563 - PIC / SKC / SKCCD) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 29.10.2019
                                                                C(2019) 7926 final
                                                                                PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9563 – PIC / SKC / SKCCD
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 02 October 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Kuwait
        Petroleum Corporation (Kuwait) (through its affiliate Petrochemical Industries
        Company K.S.C. (“PIC”, Kuwait)) and SKC Co., Ltd (“SKC”, South Korea),
        controlled by SK Holdings Co., Ltd (South Korea) acquire within the meaning of
        Article 3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created
        company constituting a joint venture (the “JV”) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     PIC is a global manufacturer and marketer of petrochemicals based in Kuwait.
        −     SKC is a Korean chemical company listed on the Korean Stock Exchange and is
              active in chemicals, films and others (Semiconductor & Benzene Hexachloride
              material).
        −     the JV will comprise SKC’s current Chemicals business and will manufacture,
              market and sell chemicals, primarily propylene oxide, propylene glycol,
              propylene glycol ether, and styrene monomer.
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       Publication in the Official Journal of the European Union No C 342, 10.10.2019, p. 35.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak--- 3. After examination of the notification, the European Commission has concluded that
   the notified operation falls within the scope of the Merger Regulation and of
   paragraph 5(a) and (b) of the Commission Notice on a simplified procedure for
   treatment of certain concentrations under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, 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)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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