By Laurence Norman
BRUSSELS--European Union antitrust authorities Monday approved
the creation of a joint venture between Norway's Norsk Hydro ASA
(NHY.OS) and Sapa Holding AB, a subsidiary of Orkla ASA (ORK.OS),
but set conditions on the plans.
The EU conditioned its approval of the joint venture on Sapa
selling its multiport extrusions business in the Netherlands and
Hydro selling its largest soft-alloy extrusions plant in
Norway.
The joint venture would create the world's leading aluminum
extrusions provider, with about 6 billion euros ($7.8 billion) in
annual revenues, the EU's antitrust authority said in a
statement.
"This case shows again that European merger control is able to
both protect customers from price rises fueled by undue market
power through effective remedies and allow companies to combine
their forces to become industry leaders at the global level," said
Joaquin Almunia, the EU's Competition Commissioner.
Write to Laurence Norman at laurence.norman@dowjones.com
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