EC Approves Mitsubishi, Union Carbide Joint Venture
BRUSSELS, Belgium (AP) _ The European Community Commission on Monday approved an agreement for Mitsubishi Corp. to take a 50 percent stake in Union Carbide Corp.’s worldwide carbon business.
The commission declared the accord compatible with EC competition rules.
Mitsubishi will buy half of UCAR Carbon Company and its 19 subsidiaries that are involved in carbon, graphite and related products, including graphite and carbon electrodes, graphite specialities and flexible graphite.
The commission said that under the deal, UCAR will constitute a joint venture, but neither of the parent companies will remain active in UCAR markets as a producer or a trader.
Under EC law, the commission is charged with clearing major business linkups in the member nations, including those between non-EC companuies, to assure they do not result in unfair trading in the 12-nation EC.