CALGARY, AB, June 28, 2016 (Marketwired) -Canexus Corporation announced today that the Canadian Competition Bureau approved the proposed acquisition of Canexus by Superior Plus Corp. and issued a no-action letter under the Competition Act.
As previously announced, the Federal Trade Commission ("FTC") filed an administrative complaint charging that the proposed acquisition of would violate U.S. antitrust laws. The FTC has authorized staff to seek in federal court a temporary restraining order and a preliminary injunction to prevent Superior from closing the deal pending the administrative proceeding.
Canexus and Superior are engaged in discussions to potentially extend the outside date of the arrangement agreement of June 29, 2016 to allow time for Superior to litigate the FTC action.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus' common shares (CUS) and debentures Series IV -- CUS.DB.B; Series V -- CUS.DB.C; Series VI -- CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.