Grupo KUO, S.A.B. de C.V., has successfully secured the approval of the antitrust authority in the European Union.
Grupo KUO will contribute to Dynasol, 50/50 joint venture with Repsol, its emulsion rubber and nitrile businesses located in Mexico and China, while Repsol will contribute its chemical accelerators business, located in Spain. This, in addition to the authorization received by the Federal Economic Competition Commission in Mexico (Comisión Federal de Competencia Económica or COFECE) in the past days. The official closing of the operation will be in the coming weeks, after which Grupo KUO will receive the positive net cash flow derived from the transaction. As previously mentioned, the new company’s results will be recorded in KUO’s financial statements under the equity method; and for a better understanding of the financial information, its results will be consolidated proportionately under pro forma basis