Ashland gets European Commission clearance to acquire International Specialty Products

US speciality chemicals maker Ashland has received European Commission approval for its $3.2bn purchase of International Specialty Products.

Ashland, a producer of Valvoline oil, expects the acquisition to boost its annual earnings by 50% to $1.1bn before interest, taxes and depreciation and amortisation, Reuters reports.

The European Union competition watchdog said the transaction would not raise competition concerns because the companies' activities are largely complementary, and the deal will not significantly modify the structure of the market.