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Brussels, 24th August 2007

Mergers: Commission approves acquisition of Borealis Norway by INEOS

The European Commission has cleared under the EU Merger Regulation the proposed transfer of Borealis AS (“Borealis”), the Norwegian subsidiary of the Borealis Group, to INEOS Group Limited (“INEOS”). After examining the operation carefully, the Commission concluded that the transaction would not significantly impede effective competition in the EEA or any substantial part of it and has therefore approved the concentration.

INEOS is a British company active in the production and distribution of speciality chemicals on a global level.

Borealis is a Norwegian chemical company, mainly active in the production of polyethylene and polypropylene, as well as in the production of intermediate products such as ethylene, propylene, Crude C4 and pygas.

The Commission’s examination of the proposed deal showed that for the production of ethylene, polyethylene, propylene, polypropylene as well as Crude C4 and pygas the combined firm would not have any significant anticompetitive impact on the structure of the market and would continue to face several strong, effective competitors with significant market shares.

The Commission also studied the impact of the transaction on the upstream market for the purchase of liquid petroleum gas and ethane as feedstock for ethylene and propylene and concluded that there would be no risk of these markets being closed off.

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