BRUSSELS, Sept. 9 (UPI) — European Union antitrust regulators delayed review of a proposed $130 billion merger between the Dow Chemical Co. and DuPont because the chemical manufacturing giants did not submit proper documentation.
The European Commission, the EU’s antitrust regulatory body, said it needed further details about the landmark deal between the two companies and its possible impact on competition in Europe. It is unclear exactly what information the EU is seeking.
“This procedure in merger investigations is activated if the parties do not provide an important piece of information that the commission has requested,” Ricardo Cardoso, spokesman for the European Commission, said.
“To comply with merger deadlines, parties must supply the necessary information for the investigation in a timely fashion. Failure to do so will lead the commission to stop the clock.”
The companies said the delay should not change the deal’s anticipated closing in early 2017.
In August, the EU opened a probe of the merger over concerns of reduced competition in areas that include crop protection, seeds and some petrochemicals. The EU will restart its investigation once the proper documentation is submitted.