Canadian chemicals maker Superior Plus scraps deal with Canexus

Thu Jun 30, 2016 7:52am EDT
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June 30 (Reuters) - Superior Plus Corp said it had terminated a C$324 million ($251 million) deal to buy fellow Canadian chemical company Canexus Corp after failing to agree on terms.

The scrapping of the deal comes three days after the U.S. Federal Trade Commission opposed the merger, saying the companies were two of the three manufacturers of a chemical needed to whiten wood pulp for paper production.

The companies, however, had received approval from Canada's antitrust regulator on Tuesday. The deal was announced last October. ($1 = 1.2931 Canadian dollars) (Reporting by Vishaka George in Bengaluru; Editing by Saumyadeb Chakrabarty)