CELEX: 32014M7406
Language: en
Date: 2014-11-13 00:00:00
Title: Commission Decision of 13/11/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7406 - VERSALIS / LOTTE CHEMICAL CORPORATION / LOTTE VERSALIS ELASTOMERS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 13.11.2014
                                        C(2014) 8597 final

                                        [pic]

                                        [pic]

|To the notifying parties:                                              |                                                                       |
|                                                                       |                                                                       |

Dear Madam(s) and/or Sir(s),

Subject:    Case M.7406 - VERSALIS/ LOTTE CHEMICAL CORPORATION/ LOTTE VERSALIS ELASTOMERS
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

 1. On 20.10.2014, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger  Regulation  by
    which the undertakings Versalis S.p.A ('Versalis', Italy), controlled by Eni S.p.A. ("Eni", Italy), and Lotte Chemical  Corporation  ("LCC",
    South Korea), belonging to the Lotte Group ("Lotte", South Korea), through their existing joint venture, Lotte Versalis Elastomers  Co.  Ltd
    ("LVE", South Korea), acquire joint control over Eni’s South Korean thermoplastic elastomers business within the meaning of Article  3(1)(b)
    of the Merger Regulation.[2]

 2. The business activities of the undertakings concerned are:

      -     LCC is engaged in the production of  an  extensive  range  of  petrochemical  products,  including  plastics,  synthetics  and  basic
           chemicals, HDPE, PP and MEG;

      -     Lotte is a diversified holding group with interests in several sectors such as food,  retail,  hotels,  chemicals,  construction  and
           finance world-wide;

      -     Versalis is active in the production and marketing of a wide portfolio of petrochemical products, as well as  the  sale  of  licenses
           relating to its technologies and know-how;

      -     Eni is an integrated energy group active in the exploration,  producing  and  marketing  of  oil  and  gas,  electricity  generation,
           petrochemicals, oilfield services, construction and engineering industries world-wide;

      -     LVE is an existing joint venture controlled by LCC and Versalis and active in the manufacturing and sale  of  certain  elastomers  in
           Korea. Its activities are hereby being extended into thermoplastic elastomers.

 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) of the Commission Notice on a simplified procedure for treatment  of  certain  concentrations  under
    Council Regulation (EC) No 139/2004.[3]

 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.

                                        For the Commission
                                        (signed)
                                        Alexander ITALIANER
                                        Director-General

                                        -----------------------
[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]   Publication in the Official Journal of the European Union No C 381, 28.10.2014, p.17.

[3]   OJ C 366, 14.12.2013, p. 5.

-----------------------
                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE