OMVKY Omv Ag Bearer (PK)

By Adria Calatayud

The European Union said Monday that it has approved Agrofert Group's acquisition of Borealis AG's nitrogen business after concluding that the deal wouldn't raise competition concerns.

The European Commission, the EU's executive arm, said its market investigation looked into the overlap between the companies' operations in the markets for nitrogen fertilizers, technical nitrogen products and fuel additive AdBlue, as well as the links between Borealis's nitrogen business and Agrofert as a retailer in the Czech Republic and Slovakia.

Agrofert is a Czech conglomerate, while Austrian chemical and fertilizer company Borealis is 75%-owned by OMV AG with the remaining 25% held by Abu Dhabi National Oil Co.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

March 13, 2023 12:18 ET (16:18 GMT)

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