P.M. BRIEFING : EC OKs Mitsubishi-UCAR Deal
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BRUSSELS — The European Community Commission today approved an agreement for Mitsubishi Corp. to take a 50% stake in Union Carbide Corp.’s worldwide carbon business.
Mitsubishi will buy half of UCAR Carbon Co. and its 19 subsidiaries that are involved in carbon, graphite and related products, including graphite and carbon electrodes, graphite specialties and flexible graphite.
The commission said that under the deal UCAR will constitute a joint venture but that neither of the parent companies will remain active in UCAR markets as a producer or a trader. Under EC law, the commission must clear linkups in the member nations to assure they do not result in unfair trading in the 12-nation EC.
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