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EU clearance delay postpones Allnex takeover of NZ’s Nuplex Industries

( July 21, 2016, 04:39 GMT | Insight) -- Allnex’s A$1 billion ($749 million) planned takeover of New Zealand-based global resins-maker Nuplex Industries will be delayed beyond early August, pending European Union clearance, the National Business Review reports. Allnex’s A$1 billion ($749 million) planned takeover of New Zealand-based global resins-maker Nuplex Industries will be delayed beyond early August, pending European Union clearance, the National Business Review reports.  The proposed takeover was the first significant deal made under a scheme of arrangement since law changes in New Zealand in 2014. A hearing is being held today to obtain approval from the New Zealand High Court. Nuplex shareholders voted in favor of the deal earlier this month. Allnex originally expected to obtain EU antitrust clearance by Aug. 2, but instead the phase 1 European Commission application will likely be refiled next week. ...

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