Versalis, a chemical subsidiary of Italian oil giant Eni, can go ahead with its acquisition of Italian bioplastics manufacturer Novamont, the European Commission said on September 29.
The acquisition of 100% of Novamont’s shares was approved under the EU Merger Regulation. The European Commission concluded that the transaction would not raise competition concerns, ‘given the companies’ limited combined market position’, it said in a news briefing.
Versalis and Novamont entered exclusive negotiations to finalise the acquisition in April this year. Until then, Versalis held a 36% stake in the bioplastics manufacturer. It is acquiring the remaining 64% of the shares from Novamont’s parent organisation, Mater-Bi. Mater-Bi is controlled by the private equity funds NB Renaissance, Investitori Associati and other private investors. The financial details of the acquisition were not disclosed.
Back in March 2022, Versalis increased its stake in Novamont from 25% to 36%. The companies collaboration dates to 2011, with the launch of Matrìca, a joint venture at Porto Torres, Sardinia, specialising in manufacturing bioproducts from renewable sources.
Founded in Novara in 1989, Novamont is a leading player in the bioplastics sector and in the development of biochemicals. Comprising four production sites, four research centres, sales offices in Germany, France, Spain and the United States, and a representative office in Brussels, Belgium, Novamont currently boasts a portfolio of around 1,800 patents and patent applications. In 2021, the company acquired BioBag International, a leading global group in the development, production and marketing of certified biodegradable and compostable applications, headquartered in Askim (Norway), with a production plant in Dagö (Estonia) and a presence in 9 other countries worldwide. Novamont is a certified B Corp.