The European Commission (EC) has granted the antitrust clearance for LyondellBasell’s proposed $2.25bn acquisition of A. Schulman.

The clearance satisfies one of the closing conditions for the acquisition, which is now subject to the receipt of other required regulatory clearances and approvals.

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Earlier this month, shareholders of A. Schulman approved the transaction, which has also been cleared by antitrust regulators in the US, Brazil, China, Serbia, Turkey and Mexico.

LyondellBasell reached an agreement in February to acquire A. Schulman, which supplies high-performance plastic compounds, resins, composites and powders.

“The combined business will create significant value for our shareholders and customers.”

With potential run-rate cost synergies of $150m within two years, the transaction will allow LyondellBasell to create an advanced polymer solutions business with a broad geographic reach, technologies and a diverse product portfolio.

Besides doubling the size of LyondellBasell’s existing compounding business, the transaction will offer an opportunity to enter additional high-growth markets.

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Schulman offers services to injection, extrusion, blown-film extrusion, rotational and blow moulding industries.

At the time of signing the transaction, LyondellBasell CEO Bob Patel said: “This combination will allow us to provide our customers with a wider range of innovative solutions while adding the ability to serve high-growth end markets beyond the automotive sector, such as packaging and consumer products, electronics and appliances, building and construction, and agriculture.

“By leveraging our proven approach to operational, commercial and business excellence, the combined business will create significant value for our shareholders and customers.”

The completion of the transaction is slated for the second half of this year.