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Saudi Aramco's $2.65 billion play for Valvoline's global products business receives India approval

( February 22, 2023, 19:48 GMT | Official Statement) -- MLex Summary: Saudi Arabian Oil Company's $2.65 billion acquisition of Valvoline's global products business has received merger clearance from India’s antitrust watchdog. The Competition Commission of India approved the proposed acquisition of 100 percent of the issued and outstanding share capital and sole control of VGP Holdings by Gateway Velocity Holding Corp, the competition authority said in a statement on Wednesday. The merger application filed under Form II in January this year was cleared under the doctrine of necessity, which allows CCI to bypass the required quorum of three commissioners. Statement issued by the Competition Commission of India follows:...

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