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The European Commission has approved Solvay’s $6.4 billion acquisition of Cytec Industries, provided Solvay divests a phosphor-based mining chemical business. The commission notes little overlap between the two companies other than Solvay’s Ionquest 290 and Cytec’s Cyanex 272 products. Both are based on bis-(2,4,4-trimethylpentyl)phosphinic acid and used by miners and metal refiners to separate cobalt from nickel. The commission says Solvay and Cytec are the two major competitors in the market. Separately, Cytec shareholders have approved the merger.
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