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Grupo KUO Secures Approval of Antitrust Authority in European Union for its JV

Published on 2015-08-11. Author : SpecialChem

Mexico City -- Grupo KUO, S.A.B. de C.V. (BMV: KUO), hereinafter Grupo KUO, informs that it has successfully obtained the approval of the Antitrust authority in the European Union, regarding the transaction in which 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.

KUO and Repsol complete antitrust authorization process
Fig. 1: KUO and Repsol complete antitrust authorization process)

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.

About Grupo KUO

Grupo KUO is a leading industrial conglomerate in Mexico, with annual sales amounting more than US $2 billion as of December 31st, 2014, exports to around 70 countries and approximately 17,000 employees. Its current business portfolio includes six Strategic Business Units: Synthetic Rubber, Herdez Del Fuerte JV (brand processed foods), Plastics, Pork Meat, Aftermarket and Transmissions, organized in the Consumer, Chemical and Automotive sectors.

Forward-Looking Statements
This press release contains forward-looking statements that reflect the current opinions of Grupo KUO’s management regarding future events. The words or phrases “predict”, “believe”, “estimate” “expect”, “have the intention of”, “may”, “plan” and “should” and similar expressions generally indicate comments about expectations. These comments are subject to risks, uncertainties and changing circumstances. Final results may be materially different from current expectations because of various factors, which include but are not limited to global and local changes in politics, the economy, business, competition and market and regulatory factors, cyclical trends in the automotive and chemical sectors, as well as other factors that are highlighted under the heading "Risk Factors" in the annual report submitted by Grupo KUO to the Mexican National Banking and Securities Commission (CNBV). Grupo KUO has no obligation whatsoever to update these comments on expectations. Any comment on expectation is valid only on the date on which it is made.

Source: Grupo KUO

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