Novozymes and Chr. Hansen obtains competition clearance in Phase I
The merger between Novozymes and Chr. Hansen has reached an important milestone towards completion by having obtained competition clearance by the European Commission. The clearance is subject to divestment of a part of the combined company's global lactase enzyme business.
On 12 December 2022, Novozymes and Chr. Hansen announced their agreement to merge with Novozymes as the continuing entity, thereby creating a leading global biosolutions partner.
On the anniversary of the deal announcement, the European Commission cleared the merger subject to divestment of a part of the combined company's global lactase enzyme business in line with the remedy offered by the parties. The clearance is subject to the European Commission's approval of a suitable purchaser which has been identified.
The clearance by the European Commission follows competition clearances in a number of other jurisdictions, and the only remaining approval process in South Korea is progressing.
The Plesner Competition Law team responsible for and advising Novozymes in relation to the notification to the European Commission has consisted of a number of individuals lead by Gitte Holtsø and the core team has included Peter E. Stassen, Rie Paving Mortensen, Anne-Marie Rosman Nielsen, Villiam Vellev, Krestian Lyngsie and Simon Hovmann Andresen. Plesner has worked on all competition law matters in close collaboration with Linklaters LLP and Oxera Consulting LLP.
With this approval by the European Commission, Novozymes and Chr. Hansen have achieved an important milestone towards completion of the transaction, which marks the biggest merger in Denmark to date. Plesner advises Novozymes as lead counsel and the Plesner team is led by Thomas Holst Laursen.
