Eu Enquiry Sets Deadline For Joint Venture

The EC has said the deadline for its inquiry into the proposed joint venture between France's Compagnie de Saint-Gobain & US building materials company Owens-Corning has been set for 26 April 2007. No financial details were disclosed. The two companies plan to merge Owens Corning's reinforcements business and Saint-Gobain's reinforcements and composites arm into a new company called OCV Reinforcements. Owens Corning will hold a majority stake of 60%, while Saint-Gobain will own the rest. The US firm, however, will retain an option to buy Saint-Gobain's stake in the joint venture. OCV will have a revenue of around USD 1.8BN & 10,000 employees. The deal is expected to be finalised by mid-2007.