FTC Says Quaker Chemical, Houghton to Divest Some Assets Ahead of Merger
July 23 2019 - 6:19PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
TOTAL (NYSE:TOT)
Historical Stock Chart
From Sep 2024 to Oct 2024
TOTAL (NYSE:TOT)
Historical Stock Chart
From Oct 2023 to Oct 2024