EC Approves IPIC's Acquisition of Cepsa, But Notes Overlaps in Phenol, Acetone

摘要

Brussels-The European Commission (EC) has approved the acquisition by International Petroleum Investment Co. (IPIC) of a controlling interest in Spanish oil and petrochemical firm Cepsa, despite overlaps in the phenol and acetone markets (PCN, 21 Feb 2011, p 4). Total earlier this year signed an agreement to sell its 48.83% interest in Cepsa to IPIC, which currently holds a 47.06% stake in Cepsa.