FTC challenge scuttles merger…

Superior Plus has called off its $982 million purchase of fellow Canadian chemical firm Canexus after a U.S. Federal Trade Commission move to block the deal. FTC contends the deal would have put more than half of North American sodium chlorate capacity under one roof and led “to anticompetitive reductions in output and higher prices.” Sodium chlorate is used to bleach wood pulp for paper. Superior said it was willing to divest sodium chlorate capacity to lower the combined firms’ market share. However, it could not work out an extension to the June 29 deal closing deadline