EU approves Lubrizol deal

Billionaire Warren Buffett’s Berkshire Hathaway received approval from the European Commission for its US$9 billion purchase of Wickliffe, Ohio-based global additive maker Lubrizol Corp .The European Commission said its investigation of the deal had not revealed any major concerns. “The transaction would not raise competition concerns, because of the parties’ moderate market shares and the presence of a number of credible competitors in the markets concerned,” the Commission said in a statement. About 72% of Lubrizol’s revenue came from its petroleum additives business last year and about 65% of sales were from outside North America. (August 25, 2011)