Jurisdiction(s):
United Kingdom

Key definition

Abandonment definition

What does Abandonment mean? Abandonment describes, in pensions practice, steps by an employer to sever or materially reduce its ongoing support for an occupational pension scheme—typically a defined benefit (DB) scheme—so the scheme becomes effectively independent of its sponsor (for example, by removing or replacing the statutory employer with a weak vehicle, leaving no meaningful employer covenant). The term is not defined in legislation or case law; it is a descriptive expression used in regulatory guidance and practitioner discourse. Across England & Wales, Scotland and Northern Ireland, such activity engages The Pensions Regulator’s anti-avoidance regime and may warrant seeking clearance. TPR can issue...

European Commission Phase II merger investigation: Celanese/Blackstone acetate tow JV (M.8547) — abandoned 20 March 2018; 4-to-3 concerns, collusion risk, commitments offered

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED –this archived case hub reflects the position at the date of the abandonment of the transaction on 20 March 2018; it is no longer maintained. See further, timeline.

Case facts ARCHIVE 20/03/2018

Outline

European Commission merger review of the proposed joint venture between Celanese and Blackstone relating to acetate flake and acetate tow (Case M.8547). The deal presented horizontal overlaps in the acetate tow market.

Latest developments

On 20 March 2018, the Commission closed its inquiry after the parties pulled their filing, following their choice to discontinue the transaction.

Parties

Celanese Corporation is a US-based global technology and speciality materials company with its head office in Irving, Texas. Blackstone is a US-based private equity group. The joint venture would have included Celanese’s Cellulose Derivatives business (together with existing joint ventures with China National Tobacco Corporation) and Blackstone’s Rhodia Acetow business (recently bought from Solvay)...

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