The Chinese competition authorities (MOFCOM) have approved the closing of the transaction whereby Hydro and Orkla will have 50/50 ownership of the planned Sapa joint venture, reports Norwegian Hydro in a press release.
The approval from the Chinese competition authorities marks the conclusion of the competition law assessment of the agreement, necessary for closure. The transaction has already been approved by the EU Commission, the U.S. Department of Justice and relevant competition authorities in several other countries. The parties intend to close the transaction as soon as possible and with accounting effect from September.
