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UK rules against Akzo Nobel/Metlac deal
December 21, 2012 / 7:26 AM / 5 years ago

UK rules against Akzo Nobel/Metlac deal

LONDON, Dec 21 (Reuters) - Britain’s competition regulator has blocked the proposed acquisition by Akzo Nobel NV of Metlac Holding, ruling it would substantially reduce competition in the supply of metal packaging coatings for beer and beverage cans in the UK.

The ruling on Friday confirms the Competition Commission’s (CC) provisional finding in relation to this market, published in September.

In relation to the market for the supply of coatings for food, caps and closures and general line metal packaging the CC did not find that the merger may be expected to result in a substantial lessening of competition.

That was a departure from its provisional finding and followed more detailed analysis of competition in this market in the UK.

AkzoNobel has an existing stake of 49 percent in Metlac Holding. The remaining 51 percent is owned by members of the Bocchio family.

“The CC has found that the only remedy likely to be effective in addressing the substantial lessening of competition is prohibition of the transaction,” it said.

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