CCP approves Lotte Chemical's stake in Engro Polymer
The Lotte Chemical Pakistan Engro Polymer acquisition has cleared Pakistan's competition review, with the regulator saying the deal is unlikely to weaken rivalry in key chemical markets.
The CCP, Pakistan's competition regulator, approved Lotte Chemical Pakistan (LCPL) buying a shareholding in Engro Polymer & Chemicals (EPCL) from Engro Corporation.
The approval was announced in a statement on Tuesday, after a first-phase review.
LCPL makes PTA, a raw material for polyester and PET; EPCL makes PVC, caustic soda and hydrogen peroxide.
The regulator found no likely harm to competition in the markets it reviewed.
The deal changes ownership and control of EPCL but does not add to its output, sales or capacity.