KASSEL (dpa-AFX) - German chemical company K+S Group (SDFG) Monday said it received allowance from the U.S. Justice Department for the sale of the Americas operating unit. The company no longer anticipates any antitrust hurdles to the closing of the sale.
Last October, K+S said it has agreed to sell its Americas salt business bundled together as the Americas Operating Unit to Stone Canyon Industries Holdings LLC, Mark Demetree and affiliates. The sales price amounts to $3.2 billion enterprise value.
The Americas operating unit mainly comprises K+S Chile, formerly known as the Chilean company SPL, acquired in 2006, as well as Morton Salt (USA) and K+S Windsor Salt (Canada), acquired in 2009.
The purchase price payment of around 2.5 billion euros will be made in cash.
Meanwhiel, Stone Canyon Industry Holdings LLC will have to divest their entire evaporated salt business in order to proceed with the acquisition of Morton Salt Inc. among other assets.
The Justice Department said that without the divestiture, the proposed acquisition would substantially lessen competition in the sale of several types of evaporated salt, including round-can table salt, pharmaceutical-grade salt, and bulk evaporated salt.
Copyright RTT News/dpa-AFX
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