TOT TOTAL SE

   By Stephen Nakrosis 
 

The U.S. Federal Trade Commission on Tuesday said Quaker Chemical Corp. (KWR) and Houghton International Inc. will sell assets to a subsidiary of France's Total SA (TOT) as a condition of their merger to alleviate antitrust concerns.

The FTC said the proposed acquisition of Houghton by Quaker would harm competition in the North American market for aluminum hot rolling oil and steel cold rolling oil and associated technical support services.

Quaker is required to divest Houghton's North American aluminum hot rolling oil and steel cold rolling oil product lines and related assets to Total, the FTC said. Certain product lines used in conjunction with those product lines will also be divested.

In April of 2017, Quaker Chemical said it would acquire Houghton International. The two companies both have their headquarters in the Philadelphia area.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

July 23, 2019 18:04 ET (22:04 GMT)

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