Imerys's Goonvean buyout approved
CHINA clay mining giant Imerys has bought out of one of its main competitors after it was given approval by the UK Competition Commission (UKCC).
The French firm announced it had acquired Goonvean Ltd, which operates six sites in the mid-Cornwall china clay area, last November.
But the acquisition was referred to the UKCC after an investigation by the Office of Fair Trading (OFT).
On Friday Imerys announced the review process was complete now it had entered into a legally binding Final Undertakings agreement, which marks the end of the referral process.
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The agreement details the pricing controls which will apply to UK customers.
The merger between the two firms will be completed by January 1, 2014.
Ashley Shopland, Imerys Minerals Ltd director, said: "This is good news for the mid-Cornwall china clay industry.
"It means that we can now proceed with the full integration of Goonvean Ltd into Imerys, including the completion of the legal merger of the two companies on January 1, 2014.
"The operational integration of the businesses will commence soon afterwards.
"The last 14 months have been very demanding, during which an enormous amount of work has been completed by a great number of people within both Imerys and Goonvean.
"We can now all look forward to developing a more sustainable and competitive china clay business in the years to come that will continue to provide high-performance, quality products."