The European Commission has approved the joint acquisition of F2 Chemicals Ltd., a wholly owned subsidiary of British Nuclear Fuels PLC, by Japan's Asahi Glass Co. and Mitsubishi Corp., European Union officials said Thursday.
The executive body of the 15-member EU approved the deal earlier this week after determining that the transfer of ownership would not restrict competition in any of the markets concerned, the officials said.
The three concerned parties hold modest shares in their active markets, with respect to inert fluids and fluorinated intermediate chemicals -- F2 Chemicals' primary product line -- the commission said.
Commission officials also noted that the acquisition would not create a dominant position among the three parties.
Asahi Glass, Japan's largest glass manufacturer, is active in the development, manufacture, marketing and sales of glass, chemicals, electronics components and ceramics.
Mitsubishi Corp. is a major Japanese trading company dealing in information systems and services, fuels, metals, machinery, chemicals, textiles and materials.
F2 Chemicals is primarily active in the manufacture of perfluorocarbons, part of a chemical group commonly described as inert fluids.
BNFL, which is trying to re-establish itself in the wake of an embarrassing data falsification scandal concerning shipments of plutonium-uranium mixed oxide fuel to Japan, has been seeking a purchaser for F2 Chemicals.