commiss decis juli declar concentr compat common market function eea agreement case comp basf eurodiol pantochim notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis march initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr februari commiss receiv notif pursuant articl regul eec quot merger regul quot propos concentr german undertak basf ag basf acquir control belgian undertak pantochim sa pantochim eurodiol sa eurodiol bind purchas agreement date decemb examin notif commiss conclud notifi oper fell scope merger regul commit offer initi phase commiss investig pursuant articl merger regul purpos phase clearanc decis commit suffici remov competit concern rais merger commiss consid oper rais doubt compat common market march commiss decid initi proceed pursuant articl merger regul parti basf compani world wide activ product distribut special chemic chemic product health nutrit product oil ga eurodiol pantochim belgian compani subsidiari sisa group base itali luxembourg pantochim activ product number chemic phthalic anhydrid pa phthalat eurodiol activ product butanediol bdo bdo relat chemic gamma butyrolacton gbl methylpyrrolidon nmp tetrahydrofuran thf septemb eurodiol pantochim pre bankruptci regim concordat judiciair court charleroi court commerc tribun de commerc belgium judgment court nomin court commission commissair au sursi supervis manag eurodiol pantochim period pre bankruptci proceed addit italian parent compani sisa spa milano bankruptci proceed ii oper concentr oper consist acquisit eurodiol pantochim basf bind purchas agreement conclud decemb basf antwerpen nv wholli own affili basf commission act pantochim eurodiol notifi oper constitut acquisit sole control basf eurodiol pantochim concentr mean articl merger regul iii commun dimens undertak concern combin aggreg worldwid turnov eur billion basf achiev world wide turnov eur billion eurodiol pantochim combin turnov eur million basf eurodiol pantochim achiev aggreg turnov excess eur million member state addit basf pantochim eurodiol achiev turnov excess eur million member state belgium germani itali undertak concern achiev third aggreg commun wide turnov member state notifi oper commun dimens mean articl merger regul tabl tabl turnov basf pantochim eurodiol gt tabl gt iv competit assess relev product market phthalic anhydrid pa pa raw materi product phthalat alkyd resin unsatur polyest resin pa sold flake molten form parti submit pa form relev product market provid data basi market definit broadli confirm market investig commiss phthalat phthalat diester respect alcohol pa characterist phthalat subdivid standard phthalat short chain phthalat notifi parti submit relev product market part european produc switch product process standard short chain phthalat parti argu extent adjust depend respect plant design esterif unit design product standard phthalat adapt alcohol remov purif section purif section requir minor modif pipe parti submit adjust perform esterf unit produc type phthalat shut period dai cost adjust amount cost plant repli market investig carri commiss suggest market definit includ standard short chain phthalat wide competitor basf submit abil switch product standard short chain phthalat limit due invest requir produc short chain phthalat plant addit standard phthalat short chain phthalat total applic parti submit depend balanc polaris polar segment molecul length alkyl chain respect phthalat solubl compat polym conclud phthalat short chain length suitabl applic product nitrocellulos phlegmatis peroxid due chemic structur standard short chain phthalat applic standard phthalat defin phthalat basi longer alcohol refer plasticis total consumpt plasticis pvc remain standard phthalat plasticis glue coat colour inhibitor peroxid product nitrocellulosi short chain phthalat dmp dep phthalat basi alcohol plasticis product cellulos ester inhibitor stabilis peroxid fix agent cosmet articl diluent fragranc purpos present case left open standard phthalat short chain phthalat form separ product market singl product market competit concern aris case butanediol bdo basf submit bdo raw materi product bdo base chemic solvent gamma butyrolacton gbl methylpyrrolidon nmp tetrahydrofuran thf vinylpyrrolidon nvp poli vinylpyrrolidon pvp polytetramethylen etherglycol ptmeg polybutylenterephthalat pbt polyurethan pur basf present bdo commerci produc process basi acetylen butadien propylen oxid butan opinion basf bdo form singl product market parti confirm market definit suggest basf bdo chemic properti characterist product substitut product altern process produc bdo influenc basic properti product final product stai basi forego commiss consid bdo relev product market bdo relat product gbl nmp thf basf submit notif product gbl nmp thf belong wider market special solvent market definit includ oxygen solvent propylen glycol monomethyl ether acet pgmea dimethylformamid dmf dimethylacetamid dmac propylenecarbon pc dimethyl sulphoxid dmso methylenechlorid special solvent repres small part total organ solvent market european union market special solvent basf state broadli split compani market offer complet rang respect product product basf constitut market signific competit aris solvent depend applic applic special solvent list basf electron paint strip process chemic purif clean agrochem pharmaceut industri basf list substitut possibl major applic identifi electron sector nmp base photo resist stripper compet heavili altern stripper base dmso hydroxylamin ethyllact pgmea addit basf argu technolog develop lead futur substitut gbl nmp thf coat paint strip applic basf explain nmp paint strip purpos compet process chemic applic basf consid nmp substitut wide rang altern system product clean applic basf state base natur materi clean wide rang product life scienc applic competit technolog ongo reformul basf highlight thf substitut basf exampl solvent categori mention special solvent oxygen solvent organ solvent organ solvent interchang degre regard relev product market basf assum subsect term quot special solvent quot form separ relev product market purpos notif notif concern bdo relat solvent gbl nmp thf product produc eurodiol basf hand compani activ product bdo relat solvent produc product basf eurodiol compani activ product bdo relat product product process product product bdo joint product process chart chart repres simplifi outlin product process oper technolog produc technolog shown basf identifi technolog notif gener technolog produc full rang product figur basf process gt pic file quot en tif quot gt figur eurodiol process gt pic file quot en tif quot gt basf process quot repp quot process matur technolog base acetylen formaldehyd eurodiol process basi recent invent technolog butan ma raw materi parti state product process consid quot low cost quot technolog figur basf process gbl thf deriv bdo eurodiol process bdo deriv gbl term quot bdo relat product quot decis refer gbl nmp thf commiss examin bdo relat product consid bdo relat special solvent suggest basf separ bdo relat special solvent individu separ product market market investig carri commiss confirm market definit suggest basf parti product group bdo relat product distinct special solvent form separ product market vast major custom support claim substitut regard gbl nmp thf product concern solvent specif technic properti applic practic permit replac product involv chemic parti highlight substitut possibl restrict pharmaceut agrochem busi larg proport merchant market bdo relat product pharmaceut agrochem busi europ product merchant market busi sector account approxim gbl thf nmp gbl primarili manufactur nmp process substitut gbl manufactur pharmaceut agrochem solvent applic parti gbl obviou choic superior perform compar solvent lower cost nmp power solvent commerci resin due high boil point excel solvent power nmp exce improv properti high temperatur bake coat nmp electron market strip clean reaction solvent wide varieti chemistri agrochem electron petrochem process princip applic nmp product wire enamel nmp produc worldwid wire enamel solvent potenti substitut nmp applic identifi parti cresol cresol wire enamel applic anticip decreas consider futur result environment pressur gener nmp expens substitut perform substitut health safeti issu import amp gt thf product product ptmeg elastom elasthan stretch fibr applic thf parti substitut product remain thf amp lt solvent pvc cement coat reaction solvent pharmaceut applic parti thf superior perform solvent lower cost obviou choic consum demand side factor suggest substitut possibl gbl nmp thf parti substitut gener chemic point view time consum cost intens substitut field requir expens research find test suitabl product involv industri trial modifi process undertaken long time obtain authoris administr bodi bdo relat product gener order individu demand structur product major custom consult market investig consum bdo relat product price charg basf bdo relat product gbl nmp expens thf price differ narrow period price bdo relat product declin substanti eea price declin extent product price charg basf thf fell nmp price fell specif properti perform individu substanc parti point regulatori requir impos nation commun health author make reformul substitut cumbersom parti consult market investig awar ongo develop technolog futur substitut gbl thf nmp conclud gbl nmp thf form separ distinct product market relev geograph market pa notifi parti submit relev geograph market pa eea wide adjac east european countri poland hungari slovenia czech slovak republ form part relev geograph market countri barrier trade eea price tend follow eea price definit larg confirm commiss investig delin relev geograph market altern geograph market definit consid effect competit significantli imped eea substanti part thereof phthalat notifi parti submit relev geograph market phthalat eea wide adjac east european countri poland hungari slovenia czech slovak republ form part relev geograph market countri barrier trade eea price tend follow eea price definit larg confirm commiss investig delin relev geograph market altern geograph market definit consid effect competit significantli imped eea substanti part thereof bdo bdo relat product gbl nmp thf basf consid relev geograph market manufactur sale bdo special solvent includ western europ eea switzerland custom purchas bdo special solvent supplier locat member state addit transport cost consid repres materi barrier trade basf believ relev geograph market broader western europ includ eastern europ ow absenc trade barrier western europ limit transport cost storag bdo special solvent due unlimit durabl repres obstacl trade european market final basf state price compar quantiti relev market compar small differ parti confirm submiss basf special custom prefer geograph origin product qualiti compar supplier east european supplier durabl problem concern market main produc trade flow sisa produc bdo gbl nmp thf belgium eurodiol basf produc product germani unit state produc bdo japan korea thf japan competitor locat europ unit state intern special product quot isp quot produc product unit state produc bdo thf germani lyondel chemic compani quot lyondel quot produc product unit state addit dupont de nemour intern sa quot dupont quot facil spain thf gbl captiv unit state bdo thf basf signific export bdo unit state kt kt limit import kt kt signific import gbl kt kt nmp kt kt europ unit state export neglig europ unit state thf trade flow kt kt direct import good sold merchant market captiv intra compani transfer export europ asia estim basf kt kt bdo kt kt gbl kt kt nmp kt kt thf period addit parti product asia competit price suggest produc constitut competit restraint asian produc consid analysi absenc obviou import barrier eastern europ eea limit import identifi basf market investig carri commiss eastern europ produc custom state market investig product produc eastern europ inferior qualiti manufactur suppli reliabl basi custom eastern european supplier approach supplier minim import gbl nmp basf claim quantiti thf eastern europ sold eea market market investig reveal singl thf custom thf eastern europ whilst technic barrier trade commiss evid suggest eastern european produc restrain influenc eea market bdo gbl nmp thf commiss eastern europ part relev market ow high level trade flow unit state eea commiss consid market wider eea extent condit competit appreci unit state compar eea consid detail eea market bdo gbl nmp thf characteris player basf sisa isp lyondel player present unit state market gbl nmp substanti proport eea market amp gt produc unit state bdo thf origin unit state eurodiol plant felui fulli oper produc product bdo gbl nmp thf price eea fell sharpli import unabl meet sharp declin price product competit sale unit state produc fell gbl import price higher basf thf price higher nmp higher bdo signific price differ european produc import found substanti freight cost duti import unit state asia limit import commun present duti bdo gbl nmp thf market investig shown addit cost result transport duti reach final product price proport increas price declin addit eur usd exchang rate move make import europ expens recent year price differ import good level import recov custom prefer dual sourc suppli greater flexibl secur suppli event produc unabl suppli regular basi present shortag bdo bdo relat product addit sticki switch supplier caus long term contract suppli relationship product market prevent sharp decreas import expect price declin price level eea mirror extent unit state tabl highlight percentag term price bdo gbl nmp thf locat tabl rel chang price eea unit state gt tabl gt shown tabl price unit state limit extent influenc price eea strong indic price eea bdo relat product restrain price charg unit state price bdo relat product began fall eea neglig price differenti eea unit state product market nmp gbl thf price differ rang price differenti wider largest price differenti observ gbl market smallest price differenti bdo thf market commiss consid evid sharp price declin eea mirror unit state substanti degre market geograph scope market subject condit competit suffici homogen unit state eea unit state market distinguish eea market consid analysi conclus support widen price differenti product barrier import unit state eea market conclus conclud eea relev geograph market bdo gbl nmp thf assess purpos decis data assess competit situat pantochim eurodiol experienc financi difficulti half sever limit output shown tabl tabl eurodiol product tonn gt tabl gt declin output half half extrem nmp product gbl thf decreas significantli mislead year sale figur fulli reflect market posit eurodiol pa activ parti overlap product pa product phthalat satur unsatur polyest resin big produc pa vertic integr downstream market approxim product eea captiv basf pa product raw materi product sisa output product downstream product free market pa parti hold post merger market share basf pantochim notifi parti face competit atofina atmosa lonza view low market share basf oper exist substanti competit number major manufactur conclud oper rise competit concern compat common market market pa phthalat market phthalat basf produc short chain phthalat standard phthalat pantochim produc standard phthalat overlap activ parti area standard phthalat market compris standard short chain phthalat basf eea wide market share basf pantochim merger face competit exxon oxeno degussa number manufactur atofina bp lonza nest market share merger basf market share roughli equal exxon market phthalat addition number larg intern compani atofina degussa lonza nest activ market ensur competit merger view forego conclud competit concern aris market phthalat market standard phthalat activ parti overlap area standard phthalat phthalat standard phthalat market situat similar situat broader market phthalat narrow market standard phthalat basf eea wide market share basf pantochim merger face competit exxon oxeno degussa number manufactur atofina bp lonza nest market share strength exxon oxeno degussa basf face strong competit merger view forego conclud competit concern aris market standard phthalat market short chain phthalat narrow market short chain phthalat basf market share addit parti submit activ overlap felui standard phthalat produc basi forego conclud competit concern exist narrow market short chain phthalat bdo oper parti attain market share eea basf sisa market leader highest market share remain isp lyondel du pont amp lt activ market strength isp oper lead singl domin basf oper lead creation collect domin posit basf isp aggreg market share amp gt merger takeov sisa reduc number kei player market featur bdo market milit likelihood collect domin basf isp market price significantli year due strong price competit market entri sisa market share basf isp chang continu show declin share isp high volatil basf price competit margin bdo market depress significantli sisa exit market face heavi loss parti submit commiss price depend strongli quantiti market market expect grow consider difficult produc adapt short term demand bdo minimum size plant consider product capac concentr product plant intermedi shut capac case accid induc enorm effect price hand parti expect creation capac market lead strong price competit parti confirm parti submiss product plant built lyondel netherland capac kt oper half market investig shown custom expect continu price competit induc increas capac invest lyondel bdo commerci produc process isp basf ludwigshafen appli condens acetylen formaldehyd hydrogen felui bdo produc basi forego conclud notifi merger lead competit concern market bdo bdo relat product gbl nmp thf basf eurodiol activ product gbl nmp thf signific sale merchant market prior propos concentr basf strongest player eea market gbl nmp thf bdo market short suppli ow grow demand coincid lower level product expect eurodiol shortag influenc product gbl nmp thf signific extent gbl deriv bdo process indic bdo intend gbl thf product divert bdo merchant market gbl nmp solvent toxic recover recycl solvent offer broad solubl resin good chemic thermal stabil combin complet water solubl thf solvent high solvenc pvc polyurethan gbl nmp recover recycl gbl basf estim main gbl applic worldwid basi agrochem pharmaceut electron europ import gbl specif segment pharmaceut account main applic electron market heavili concentr asia unit state product specif pharmaceut agrochem europ gbl primarili manufactur pyrrolidon vp pvp nmp notif basf estim merchant market eea gbl worth eur million account kt kt basf worldwid gbl capac merchant sale eea market share volum base shown tabl tabl world gbl capac eea sale market share merchant market basf estim gt tabl gt basf estim market share term volum term eurodiol market share account term volum term base estim merger combin lead compani market gbl achiev market share term volum market investig carri commiss broadli confirm gbl capac figur outlin tabl capac stabl increas past year respect market share basf slightli overst sale eurodiol combin market share estim commiss volum term figur slight fall market share bring combin share closer largest competitor sell half amount gbl merchant market inform sale time basf eurodiol gain market share expens basf competitor market investig broadli confirm trend propos merger entiti produc eea sell gbl merchant market basf control world gbl capac main competitor produc merchant market locat unit state whilst small capac eastern europ commiss receiv evid gbl import eea basf identifi sale eastern europ eea extent gbl produc captiv nmp product custom consult market investig claim bui gbl eastern european produc custom state east european product inferior qualiti produc provid time reliabl suppli market investig produc eurodiol produc full capac addit indic capac built europ gbl forese futur due start bdo product begin publicli state lyondel postpon plan extend plant product bdo relat product lyondel estim decis enter signific time enter real commerci product lyondel potenti entri reli repres competit restraint merg entiti basf expect mitsubishi plant japan undertak de bottleneck gbl capac begin basf increas capac mitsubishi plant import asia period europ america net export asia extent capac captiv intend sale asian merchant market final basf suggest dupont enter gbl market dupont produc gbl merchant market evid support dupont enter gbl merchant market futur market investig produc state quickli rais product incur substanti addit capit cost extent produc switch captiv product merchant market examin produc state switch captiv product sale merchant market respons increas perman rel price chang product mix extent limit lack excess capac reason conclud product present captiv product sale merchant market captiv product repres competit restraint price gbl merchant market februari march eurodiol capac gbl product basf predict produc kt kt annum felui plant equival full capac product kt kt annum captiv nmp remaind ludwigshafen captiv pyrrolidon product expect captiv commiss investig explor extent basf chang product mix plant post merger product process eurodiol oper effici produc gbl cheapli basf plant similarli bdo product expens eurodiol process ludwigshafen merger basf concentr bdo relat product felui plant bdo product ludwigshafen irrespect futur plan basf acquir technolog flexibl respond demand bdo bdo relat product market investig carri commiss shown except eastern european produc consum prefer origin gbl eea market short gbl basf estim import europ aros america amount kt kt basf respons kt kt import captiv product nmp pyrrolidon ludwigshafen plant basf sale merchant market kt kt import unit state asia subject signific duti import parti transport duti account actual product price price data provid import product expens basf price gbl price differ virtual elimin parti state market entri difficult riski construct product facil requir consider invest subject proven technolog cost effect make product facil profit high capac utilis need kei custom requir certif supplier build custom base time consum process year eurodiol market entrant eea parti eurodiol troubl caus failur gain market share enabl cover cost basf state custom special solvent broadli split import custom larg intern player segment custom type custom type custom activ global basi product site europ worldwid requir larg bulk deliveri special solvent type custom consum type custom repres basf custom base type custom region activ requir bulk deliveri product site special solvent type custom consum repres basf custom structur remain custom type purchas nation activ product site requir bulk drum deliveri gbl custom structur appear similar larg custom type repres total sale custom market investig consid buyer power gbl short suppli time choic bui suppli abund kei custom bargain power custom purchas relat product basf gbl expenditur small relat expenditur product commiss market investig forecast market growth year manufactur produc full capac econom incent sell capac captiv merchant market growth demand satisfi basf competitor recit entiti posit competitor meet demand growth basf intend basf divert volum merchant market product increas eurodiol plant addit gbl merchant market small compar capac small proport capac divert merchant market meet demand growth difficult competitor increas sale present captiv demand econom incent switch captiv product sale merchant market case basf flexibl obtain acquir capac technolog conclus gbl propos oper combin eea wide produc sell gbl merchant market result strong market posit custom choic bui futur increas gbl requir conclud propos oper result creation domin posit parti market gbl eea nmp worldwid basi basf estim nmp electron coat process chemic clean agrochem europ main area applic slightli coat account process chemic agrochem account differ aros electron market heavili concentr asia unit state wire coat market domin european produc nmp produc gbl process basf estim tonn gbl produc approxim nmp basf estim notif merchant market nmp worth eur million eur million eea account kt kt basf worldwid nmp capac merchant sale eea market share volum base shown tabl tabl world nmp capac eea sale market share merchant market basf estim gt tabl gt basf estim market share term volum term eurodiol market share estim account term volum term base estim oper result combin market share market nmp term volum figur quot quot includ nmp recycl purchas nmp custom recycl materi run distil step recycl nmp basf sold nmp merchant market market investig carri commiss broadli confirm capac figur outlin capac stabl increas past year respect market share basf slightli overst size market sale eurodiol addit commiss believ signific recycl overst market investig shown relev sale recycl nmp merchant market europ recycl firm treat nmp compani return back merchant market commiss consid base figur market share basf combin market share volum term latest figur show slight declin market share combin share largest competitor half sale merchant market inform sale time basf eurodiol gain market share market investig broadli confirm trend propos merger entiti eea wide produc sell merchant market basf control world nmp capac main competitor produc merchant market locat unit state whilst small capac eastern europ evid signific amount nmp import eea basf estim approxim amp lt kt import eea eastern europ custom claim bui nmp eastern european produc state eastern european product inferior qualiti expens altern suppli produc provid time reliabl suppli market investig produc eurodiol produc full capac addit indic capac built europ nmp forese futur due start bdo product begin publicli state lyondel postpon plan extend plant product bdo relat product lyondel estim decis enter signific time enter real commerci product lyondel potenti entri reli repres competit constraint merg entiti basf state mitsubishi plant japan build nmp capac stream begin basf increas capac mitsubishi plant import asia europ unit state net export asia extent capac captiv intend sale asian merchant market produc market investig state quickli rais product incur substanti addit capit cost extent produc chang product mix examin produc state chang product mix respons increas perman rel price nmp eea extent chang product mix limit lack excess capac product intend unit state market switch eea market price differenti februari march eurodiol capac nmp product basf predict produc kt kt felui plant equival full capac product process eurodiol oper effici basf produc nmp cheapli eurodiol merger plant basf concentr bdo relat product felui plant bdo product ludwigshafen irrespect futur plan basf acquir technolog flexibl respond demand bdo bdo relat product market investig carri commiss shown except east european produc consum prefer origin nmp eea market short nmp basf estim import europ amount kt kt unit state basf respons amp lt kt sold merchant market import unit state asia subject signific duti parti transport duti account actual product price price data provid import product expens nmp sold basf parti state market entri difficult riski construct product facil requir consider invest subject proven technolog cost effect make product facil profit high capac utilis need kei custom requir certif supplier build custom base time consum process year eurodiol market entrant eea parti eurodiol troubl caus failur gain market share enabl cover cost basf state custom special solvent broadli split import custom larg intern player segment custom type custom type custom activ global basi product site europ worldwid requir larg bulk deliveri special solvent type custom consum type custom repres basf custom base type custom region activ requir bulk deliveri product site special solvent type custom consum repres basf custom structur remain custom type purchas nation activ product site requir bulk drum deliveri nmp custom structur appear special solvent custom wide dispers repres small proport basf sale evid buyer power custom market investig buyer power nmp short suppli choic bui suppli abund kei custom bargain power custom purchas relat product basf nmp expenditur small relat expenditur product commiss market investig forecast market growth nmp year produc produc full capac growth demand satisfi basf competitor basi entiti posit competitor meet demand growth expect volum sold merchant market futur increas capac destin merchant market conclus nmp propos oper combin produc eea sell nmp merchant market result strong market posit custom choic bui increas nmp requir conclud propos oper result creation domin posit parti market nmp eea market thf basf estim main thf sold merchant market pharmaceut industri solvent pvc coat electron amp lt vast major thf captiv produc product ptmeg basf estim notif merchant market eea thf worth eur million million account kt kt basf worldwid thf capac merchant sale eea market share volum base shown tabl tabl world thf capac eea sale market share merchant market basf estim gt tabl gt basf estim market share term volum term eurodiol market share account term volum term base estim oper result combin market share market thf term volum market investig carri commiss broadli confirm capac figur outlin tabl capac stabl increas past year market share confirm market investig commiss investig parti market share eea account basf eurodiol result post merger market share basf appear underestim posit strongest competitor market isp slightli market share dupont lyondel broadli confirm level estim basf basf identifi origin remain kt kt sold eea merchant market market investig identifi sourc volum concentr result market leader merg largest produc increas gap largest remain competitor substanti situat significantli chang market thf parti combin market share increas basf eurodiol period signific sale eurodiol basf total kt kt account calcul market share result inflat post merger posit sale enabl basf increas sale merchant market increas kt kt kt kt market share largest competitor isp slightli declin basf improv market posit consider posit merger largest competitor propos merger number produc eea sell thf merchant market declin basf slightli eea wide product capac thf worldwid capac main competitor isp lyondel dupont whilst activ merchant market product captiv sell small quantiti merchant market small capac eastern europ russian feder approxim kt evid thf import eea basf estim sale eastern europ eea account kt kt amp lt kt thf produc eastern europ captiv custom consult market investig claim bui thf east european produc custom state eastern european product inferior qualiti produc provid time reliabl suppli market investig produc eurodiol produc full capac addit indic capac built europ thf forese futur due start bdo product begin publicli state lyondel postpon plan extend plant product bdo relat product lyondel estim decis enter signific time enter real commerci product lyondel potenti entri reli repres competit constraint merg entiti basf state thf capac present construct mitsubishi japan capac come onlin tcc taiwan capac expect start dairen taiwan capac expect start nan ya taiwan capac start final quihar qianjin china capac start import asia europ net export asia extent capac captiv intend sale asian merchant market market investig carri commiss shown consum prefer origin thf high product volum low price europ import europ limit basf estim import europ amount kt kt includ kt kt basf unit state import report region world export kt kt europ net export thf produc state market investig quickli rais product incur substanti addit capit cost commiss examin extent produc switch captiv product merchant market produc state switch captiv product sale merchant market respons increas perman rel price chang product mix extent limit lack excess capac reason assum product present captiv product sale merchant market captiv product repres competit restraint price thf merchant market eurodiol februari march capac thf product basf predict produc kt kt felui plant current capac product process eurodiol oper effici basf produc thf cheapli eurodiol merger ludwigshafen parti state market entri difficult riski construct product facil requir consider invest subject proven technolog cost effect make product facil profit high capac utilis need kei custom requir certif supplier build custom base time consum process year eurodiol market entrant eea parti eurodiol troubl caus failur gain market share enabl cover cost basf state custom special solvent broadli split import custom larg intern player segment custom type custom type custom activ global basi product site europ worldwid requir larg bulk deliveri special solvent type custom consum type custom repres basf custom base type custom region activ requir bulk deliveri major product site special solvent type custom consum repres basf custom structur remain custom type purchas nation activ product site requir bulk drum deliveri thf custom structur appear special solvent type custom type custom small type custom evid buyer power custom market investig buyer power thf short suppli time choic bui suppli abund kei custom bargain power custom purchas relat product basf thf expenditur small relat expenditur product commiss market investig forecast market growth thf year manufactur produc full capac growth demand satisfi basf competitor conclus thf propos oper combin thf produc eea sell signific quantiti merchant market result strong market posit custom choic bui increas thf requir conclud propos merger result creation domin posit parti eea market thf applic concept quot rescu merger quot repli commiss statement object basf argu condit fail compani defenc met case basf gain compar posit absenc merger event asset busi question exit definit market commiss decis case kali salz commiss base merger decis concept rescu merger commonli refer quot fail compani defenc quot decis case kali salz mdk treuhand hereinaft quot kali salz quot commiss state creation domin posit consequ merger acquir undertak gain domin posit absenc merger lack causal merger creation domin posit mean result disappear fail compani unavoid event concentr prohibit concentr creat strengthen domin posit result competit significantli imped decis commiss appli concept rescu merger basi criteria acquir undertak futur forc market undertak anti competit altern purchas acquir undertak market share acquir undertak forc market court justic confirm commiss approach rescu merger concept judgment march quot kali salz judgment quot gener framework concept quot rescu merger quot approach court justic wider criteria set commiss decis kali salz court justic merger regard rescu merger competit structur result concentr deterior similar fashion concentr proce concentr prohibit gener term concept quot rescu merger quot requir undertak acquir regard quot fail firm quot merger deterior competit structur applic rescu merger condit satisfi acquir undertak futur forc market undertak anti competit altern purchas applic criteria complet rule possibl takeov parti asset undertak concern event bankruptci asset competitor bankruptci proceed econom effect similar takeov fail firm altern purchas establish addit criteria asset purchas inevit disappear market absenc merger gener framework commiss criteria relev applic concept quot rescu merger quot acquir undertak futur forc market undertak anti competit altern purchas asset acquir inevit exit market undertak event applic concept quot rescu merger quot requir deterior competit structur merger wors absenc merger concept quot rescu merger quot appli present case eurodiol pantochim forc market undertak basf argu eurodiol pantochim forc market acquir compani heavili indebt italian parent compani sisa spa milano bankruptci proceed eurodiol pantochim subject pre bankruptci regim belgian law administr court commission commissair au sursi observ period périod observ pre bankruptci regim concordat judiciair court commerc tribun de commerc order provision postpon debt sursi provisoir preliminari suspens right creditor end june due lack liquid signific amount compani debt restructur plan plan de redress theoret allow charleroi tribun de commerc prolong concordat judiciair suspens right creditor mean sursi définitif propos case danger bankruptci eurodiol pantochim clear cut tribun de commerc charleroi respons pre bankruptci proceed confirm commiss undertak declar bankrupt buyer eurodiol pantochim approv expiri deadlin june basf termin financi support inevit forc market condit identifi kali salz decis met anti competit altern purchas option eurodiol pantochim basf argu altern buyer compani restructur plan exclud realist option present case tribun de commerc charleroi authoris commissair au sursi charg administr plant find suitabl buyer asset eurodiol pantochim immedi decis open pre bankruptci proceed subsequ number competitor contact whilst compani close busi includ due dilig basf compani approach court commission readi submit viabl offer compani basi conclud altern purchas exclud doubt exist altern purchas commiss decid inquir possibl acquisit altern purchas fact south african compani sasol chemic industri belong sasol limit group quot sasol quot initi shown interest acquir eurodiol pantochim carri full due dilig procedur sasol inform commiss letter decid pursu plan financi invest rais consid limit intern strategi compani basi forego conclud time framework set belgian pre bankruptci regim anti competit solut condit identifi kali salz decis met inevit exit market asset acquir basf argu condit kali salz decis accrual acquir compani entir market share acquir undertak recognis court justic prerequisit applic fail compani defenc theori argu suffici part market share accru acquir compani commiss recal circumst kali salz case commiss approach establish acquir undertak market share acquir undertak forc market obviou method prove concept quot rescu merger quot appli case note kali salz case specif econom featur compani acquir fail firm activ market situat duopoli clear acquir absorb market share acquir firm independ merger place present case monopoli situat creat eurodiol exit market expect basf absorb eurodiol market share main competitor gain signific part share commiss recognis asset fail firm exit market case exit lead consider deterior market condit disadvantag custom commiss consid element equal relev applic rescu merger concept commiss examin likelihood eurodiol capac relev product market bankruptci commiss investig establish econom condit link special featur chemic plant type featur belgian bankruptci proceed firstli takeov eurodiol pantochim bankruptci parti oper plant involv high cost consider environment risk result sensit product process eurodiol pantochim obstacl restart plant fact compani take busi month bankruptci legal oblig entir workforc restart plant stage expiri month expens compar takeov mainten work year due dens econom situat sisa larg neglect shutdown product addit cost catalyst plant restart basf report toll manufactur agreement pantochim eurodiol meet agre quantiti due frequent shutdown caus technic problem oper plant involv high cost consider environment risk result sensit product process avail qualifi workforc crucial oper chemic plant type part qualifi workforc left bankruptci declar incent investor busi bankruptci eurodiol fairli low final parti bui specif asset compani shutdown bankruptci judgment plant eurodiol pantochim econom oper highli integr product process make purchas isol asset basi forego conclud asset eurodiol pantochim includ capac bdo relat product gbl nmp thf exit market assess competit structur result concentr commiss note exit asset product capac eurodiol pantochim signific capac shortag product offer market tight capac constraint consider period time compens capac reduct imposs basf lyondel commiss build plant europ manufactur bdo relat product lyondel commit detail proce extens bdo project netherland bdo relat product basf state immedi expand plant ludwigshafen germani geismar usa succe acquir eurodiol pantochim event addit capac oper reduct capac consider transit period time market condit advers affect direct consequ exit eurodiol capac quantiti merchant market immedi reduc nmp gbl thf basf competitor isp lyondel dupont todai face capac constraint posit satisfi increas demand market medium term commiss market investig shown price increas creat incent current market player place addit quantiti product concern eea merchant market sell quantiti todai captiv merchant market increas import countri price level product gener consider higher eea signific price decreas evid demand gbl nmp thf significantli increas long term market growth approxim lead conclus demand product consid inelast inelast demand capac constraint consider price increas assum consequ loss eurodiol product capac bdo relat product contrast commiss consid market condit favour custom merger appear sharp shortfal capac benefici avail product question respons commiss market investig parti made clear worst case scenario custom exit market eurodiol capac inevit suppli problem price increas situat price competit ceas replac massiv increas price hand econom case suggest basf enforc major price increas merger eurodiol kei econom problem led financi difficulti underus capac bdo bdo relat product basf busi plan time eurodiol pantochim plant oper full capac order achiev profit make full cost reduct potenti technolog assum basf attempt decreas cost merger increas effort market thf gbl nmp circumst custom expect suppli condit price market merger bankruptci scenario asset eurodiol market commiss consid deterior competit structur merger specif circumst signific absenc merger conclus except circumst case specif moment time characteris immin bankruptci fail compani absenc merger absenc time altern offer belgian bankruptci proceed inevit exit market asset acquir combin tight capac constraint industri demand inelast commiss conclud deterior competit structur result notifi oper signific absenc merger condit consid cumul circumst specif case market condit expect favour case market exit asset acquir conclus reason set conclud propos concentr creat strengthen domin posit result effect competit significantli imped common market substanti part concentr declar compat common market function eea agreement pursuant articl articl merger regul articl eea agreement adopt decis articl notifi oper basf aktiengesellschaft acquir sole control undertak eurodiol sa pantochim sa declar compat common market eea agreement articl decis address basf aktiengesellschaft carl bosch straße ludwigshafen brussel juli commiss mario monti member commiss oj correct version oj oj corrigendum oj oj turnov calcul accord articl merger regul commiss notic calcul turnov oj extent figur includ turnov period januari calcul basi averag ecu exchang rate translat eur basi council direct eec approxim provis laid law regul administr action relat proprietari medicin product oj direct amend direct ec oj dupont produc thf plant asturia spain sole except thf produc russian manufactur gener accept west european standard qualiti suppli reliabl met dupont produc thf plant asturia spain captiv sale merchant market limit commiss decis ec case iv kali salz mdk treuhand oj recit join case french republ commiss scpa commiss ecr kali salz judgment recit kali salz judgment recit recit loi rel au concordat judiciair wet betreffend het gerechtelijk akkoord juli moniteur belg belgisch staatsblad judgment charleroi tribun de commerc case februari articl loi rel au concordat judiciair wet betreffend het gerechtelijk akkoord observ period concordat judiciair extend maximum month prolong month date court altern transform concordat judiciair bankruptci case observ period start septemb end june pantochim manufactur gbl nmp thf recit pre bankruptci period eurodiol enter toll manufactur agreement basf basf agre bui part product sold parti note plant involv fall scope council direct ec decemb control major accid hazard involv danger substanc oj includ common energi system central boiler steam system wast water treatment plant logist unit note basf expand capac ludwigshafen acquir felui plant pantochim manufactur gbl nmp thf recit