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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘summary of the operation’ below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- The direct acquirer: ‘BorsodChem Zrt.’
- The indirect acquirer: ‘Wanhua Chemical Group Co, Ltd’
- The target assets and production activities: The assets and production activities of HDI and IPDI derivatives from ‘Vencorex France SAS’ and ‘Vencorex TDI SAS’.
Nature of the operation
- Exclusive takeover.
Economic sectors concerned
- Market for hexamethylene diisocyanate (HDI) and isophorone diisocyanate (IPDI) chemical derivatives.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e., June 16, 2025.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration operation concerning the exclusive takeover by the company ‘BorsodChem Zrt.’ of the assets and production activities of HDI and IPDI derivatives from ‘Vencorex France SAS’ and ‘Vencorex TDI SAS’.
‘BorsodChem Zrt.’ is a Hungarian joint-stock company, headquartered at Kazincbarcika 3700, Bolyai tér 1, Hungary, registered with the Hungarian Commercial Register under number 05-10-00005. Its activities mainly focus on the production of chemical raw materials used in various sectors such as construction, automotive, household appliances, and chemistry.
‘Wanhua Chemical Group Co, Ltd’ is a Chinese limited liability company with its headquarters at No. 59 Chongqing street, YEDA, Yantai, in the Shandong province, China. It is registered with the Shandong Province Commerce Bureau under number 91370000163044841F. It specializes in the production of chemicals for sectors such as automotive, construction, electronics, and consumer goods.
The assets and production activities of HDI and IPDI derivatives from ‘Vencorex France SAS’ and ‘Vencorex TDI SAS’ include tangible assets located in Pont-de-Claix, France, employment contracts, intangible and real estate assets, as well as contracts related to the operation of the production activities of HDI and IPDI derivatives, and finally all intellectual and industrial property rights related to the HDI and IPDI derivatives activity.
‘Vencorex France SAS’ is a simplified joint-stock company under French law, headquartered at 196 Allée Alexandre Borodine, 69800 Saint-Priest, France, registered with the French Trade and Companies Register under number 444 187 884.
‘Vencorex TDI SAS’ is a simplified joint-stock company under French law, headquartered at 196 Allée Alexandre Borodine, 69800 Saint-Priest, France, registered with the French Trade and Companies Register under number 504 868 183.
‘Vencorex France SAS’ and ‘Vencorex TDI SAS’ are active in the manufacture of HDI and IPDI chemical components and their derivatives, used in the production of paints and industrial coatings in various industrial sectors such as automotive, construction, and adhesives.
Done in Rabat on June 5, 2025
