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Sika’s MBCC acquisition delayed after UK inquiry launched

The business’s logo of Swiss chemicals group Sika sometimes appears at an workplace in Zurich January 26, 2015. REUTERS/Arnd Wiegmann

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ZURICH, Aug 10 (Reuters) – Sika (SIKA.S) said its acquisition of MBCC Group, the former BASF Construction Chemicals business, is likely to be completed later than expected after Britain’s Competition and Markets Authority made a decision to conduct an in-depth study of the marketplace.

The closing of the 5.5 billion Swiss franc ($5.77 billion)deal is currently targeted for the initial 1 / 2 of 2023, as opposed to the previously expected end of 2022, Sika said on Wednesday.

“The adapted timeline won’t impact the strategic attractiveness of the transaction,” Sika CEO Thomas Hasler said in a statement.

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“It remains highly accretive, and our expectation that it’ll generate annual synergies of 160180 million francs is unchanged.”

The Swiss construction chemicals company decided to buy MBCC from a joint venture partner of private equity firm Lone Star Funds last November to improve its position in sustainable building. read more

The business has recently received unconditional regulatory approval for the offer from a amount of countries, including Japan, China, Brazil, South Africa, Saudi Arabia, Turkey, and Thailand, Hasler said.

“For a transaction of the magnitude an in depth analysis isn’t unusual,” he said.

($1 = 0.9533 Swiss francs)

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Reporting by John Revill; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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