EU Court Clears sale Of Akzo Unit

The European Union's Court of First Instance has dismissed a case brought by ink maker Sun Chemical to overturn the sale of Akzo Nobel's inks and adhesives resins business to Hexion Specialty Chemicals. Sun brought the case last year because it believed that antitrust authorities at the European Commission had ignored vital information when they considered the transaction. The commission approved the deal in May 2006 after deciding that even though Hexion would have a large market share, the presence of a number of strong rivals would ensure effective competition. Sun says the commission ignored its complaints and based the decision on information supplied only by Akzo and Hexion.